Otonomy shares sink on Otividex failure
US ear disorders specialist Otonomy (Nasdaq: OTIC) lost 83% of its market value on Wednesday after reporting disastrous results from its AVERTS-1 Phase III clinical trial of Otividex, an experimental sustained-exposure formulation of dexamethasone, in patients with Ménière’s disease.
The AVERTS-1 trial, a 16-week, prospective, randomized, double-blind, placebo-controlled trial that enrolled a total of 165 US patients with unilateral Ménière’s disease missed its primary endpoint based on the count of definitive vertigo days.
"We are immediately suspending all development activities for Otividex"
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