Preliminary top-line data from the TACTT3 trial showed patients taking Keyzilen failed to register a “statistically significant improvement” when compared to those taking a placebo.
“The company is investigating the outcomes, including those in the previously conducted sister trial TACTT2, and will provide an update in due course,” read a statement late on Tuesday.
Had it have been successful, the in-ear injection could have been the first drug to gain approval for treating acute inner ear tinnitus.
Alongside news of the failure, Auris announced a share consolidation which sees one new share issued to investors for every ten of the old shares.
Allowing for the consolidation, shares were down 38.3% to US$1.55 shortly after midday on Monday.