Otonomy Shares Drop 54% After Hearing-Loss-Therapy-Study Results

Dow Jones

2022/10/14

By Kathryn Hardison

Shares of Otonomy Inc. plummeted 54%, to 12 cents, on Thursday after it said higher doses of its hearing-loss therapy didn't demonstrate meaningful improvement for patients across multiple speech-in-noise hearing tests.

The biopharmaceutical company said the clinical evaluation was of higher doses for OTO-413. The results compare with the positive clinical results observed with lower doses of the therapy versus a placebo in prior studies.

The company said the lack of activity may be due to a complex dose-response relationship that has been observed with neurotrophins.

Otonomy said it intends to explore strategic options to advance and realize value from its pipeline, including OTO-413 and OTO-825, its gene-therapy program for congenital hearing loss.

Shares were 94% lower for the year.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

(END) Dow Jones Newswires

October 13, 2022 13:20 ET (17:20 GMT)

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