Auris Medical's tinnitus failure sends stock plummeting
Nearly 60% was wiped off the share price of Swiss biopharma Auris Medical Holding (Nasdaq: EARS) on Thursday after it announced the failure of a Phase III trial of Keyzilen (AM-101) in acute inner ear tinnitus.
The otolaryngology specialist's product did not meet the co-primary efficacy endpoints in the TACTT2 trial of statistically-significant changes in tinnitus loudness and tinnitus burden, compared to placebo.
Auris Medical’s chief executive Thomas Meyer said the company was disappointed at this outcome, which led its share price to fall from $5.35 at the end of Wednesday’s trading, to $2.15 by Thursday’s close.
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