U.S. markets closed
  • S&P 500

    3,693.23
    -64.76 (-1.72%)
     
  • Dow 30

    29,590.41
    -486.27 (-1.62%)
     
  • Nasdaq

    10,867.93
    -198.88 (-1.80%)
     
  • Russell 2000

    1,679.59
    -42.72 (-2.48%)
     
  • Crude Oil

    79.43
    -4.06 (-4.86%)
     
  • Gold

    1,651.70
    -29.40 (-1.75%)
     
  • Silver

    18.83
    -0.78 (-3.99%)
     
  • EUR/USD

    0.9693
    -0.0145 (-1.47%)
     
  • 10-Yr Bond

    3.6970
    -0.0110 (-0.30%)
     
  • GBP/USD

    1.0857
    -0.0398 (-3.54%)
     
  • USD/JPY

    143.3300
    +0.9950 (+0.70%)
     
  • BTC-USD

    19,090.04
    +96.70 (+0.51%)
     
  • CMC Crypto 200

    434.61
    -9.92 (-2.23%)
     
  • FTSE 100

    7,018.60
    -140.92 (-1.97%)
     
  • Nikkei 225

    27,153.83
    -159.30 (-0.58%)
     

Otonomy Shares Sink After Stopping Mid-Stage Tinnitus Study

·1 min read
  • Otonomy Inc (NASDAQ: OTIC) has announced that the OTO-313 Phase 2 trial in tinnitus demonstrated no clinically meaningful benefit versus placebo for primary and secondary endpoints across all time points.

  • The 153-subject study did show a higher response rate than placebo in a prospectively defined patient subgroup with tinnitus duration of fewer than six months (population studied in Phase 1/2 trial).

  • The overall results do not support further development of OTO-313.

  • Also Read: Otonomy Hearing Loss Candidate Shows Clinical Benefit On Multiple Efficacy Endpoints.

  • "These results were unexpected with a much higher placebo response than observed in the prior Phase 1/2 study," said David Weber, president & CEO of Otonomy.

  • In addition to this trial, the company also reviewed preliminary top-line results for the one-month safety evaluation of higher and bilateral dosing of OTO-313. It did not observe a clear treatment benefit in light of the Phase 2 results.

  • Hence, Otonomy will discontinue working on OTIC-313 and shift its focus to OTO-413 for hearing loss.

  • Enrollment is complete for evaluating higher dosing with top-line results expected in Q4 of 2022.

  • Price Action: OTIC shares are down 60.8% at $0.56 during the premarket session on the last check Monday.

See more from Benzinga

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.