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 The company's shares, listed on the Nasdaq in August last year, fell
16 percent to $26.00 in extended trading on Thursday.
Ménière's disease is a disorder of the inner ear causing progressive
deafness, vertigo and ringing in the ears.
The company, however, said it plans to go ahead with two parallel
late-stage trials. The first trial is expected to start by the end
of the year.
Cowen and Co said last week that the drug could be a worldwide
market opportunity of $1 billion.
The drug, OTO-104, reduced the incidence of vertigo by 61 percent in
the third month of the mid-stage study but it was not statistically
significant. A placebo reduced vertigo frequency by 43 percent.
The treatment did not have any effect on tinnitus, or ringing in the
ears.
Otonomy is also developing a drug, OTO-311, to treat ringing in the
ears and another one, AuriPro, to treat middle-ear effusion.
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The company's shares closed at $31.05 on the Nasdaq.
(Reporting by Anjali Rao Koppala in Bengaluru; Editing by Don
Sebastian)
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