Otonomy shares plunged 50.1 percent at news that the company’s drug to treat Meniere’s disease failed to hit the primary endpoint in a Phase III trial.
Otonomy, which develops innovative therapeutics for diseases and disorders of the ear, is initiating more job cuts as well as planning to divest one of its assets.
Otonomy announced the success of its AVERTS-2 Phase III clinical trial of Otividex in patients with Meniere’s disease.
Otonomy is cutting jobs and slashing operations in order to stay in business.
Otonomy Inc. suspended developing its drug for Meniere’s disease, a chronic disorder of the inner ear, after it failed a late-stage trial.
The U.S. Food and Drug Administration approved Medicines Co.’s antibacterial drug for patients with complicated urinary tract infections (cUTI).