Surprise: Did Otonomy bring its lead ear drug back from the dead?
Shares of Otonomy $OTIC went into blastoff mode after the market closed on Wednesday, as researchers for the biotech reported positive Phase III data for their lead drug for Ménière’s disease. And that comes just two months after the first Phase III went belly up in an ugly flop that crushed the stock price and forced the biotech to reorganize and cut staff.
The second Phase III, following failures for the Phase IIb as well as the first late-stage trial, evidently backed up the company’s belief that it could mine positive data with their drug if they focused on the average number of vertigo days at month 3.
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