Auris Medical Stock Slumps 54% Premarket As Company Says Tinnitus Trial Missed Goals

Auris Medical Holding AG shares slumped 54% Thursday, after the company said a trial of a treatment for inner ear tinnitus failed to meet its goals. The Zug, Switzerland-based company said the TACTT2 trial with Keyzilen(TM) for acute inner ear tinnitus missed its primary efficacy endpoints. The company is still reviewing the data. "We plan to complete this analysis and meet with the regulatory agencies prior to the TACTT3 readout, which is expected in the fourth quarter," Chief Executive Thomas Meyer said in a statement. The company is on track with a separate late-stage trial of AM-111 for the treatment of acute sensorineural hearing loss, which is in the enrollment stage. The company said it has enough cash and cash equivalents to fund operations through year-end 2017. Shares have gained 9% in the year through Wednesday's close, while the S&P 500 has gained about 7%.