Otonomy tanks, as hearing loss drug fails at higher dose
US neurology company Otonomy (Nasdaq: OTIC) saw its shares plunge nearly 54% to $0.12, a far cry from its height of more than $39 in mid-2015, after releasing disappointing data for its hearing loss candidate OTO-413.
The San Diego-based company announced that the clinical evaluation of higher doses for its lead candidate OTO-413 (0.75mg and 1.50mg) in patients with hearing loss demonstrated no clinically meaningful improvement for patients from baseline across multiple speech-in-noise (SIN) hearing tests.
Two months ago, OTO-413 failed a Phase II study looking at its efficacy in hearing disorder tinnitus, also sparking a run on its shares.
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