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Auris Medical's hearing disorder drug fails to meet main goal in phase 3 study

Auris Medical Holding AG said its phase 3 study of Keyzilen in tinnitus, or a buzzing sound in the ear, did not meet its main goal.

The therapy is being evaluated in acute inner ear tinnitus following an infection of the middle ear or injury to the cochlea, a part of the inner ear.

Preliminary top-line data from the study, named TACTT3, showed that use of Keyzilen did not lead to statistically significant improvement in the tinnitus functional index score, compared to placebo. The index measures responsiveness to tinnitus treatments.

The Zug, Switzerland-based company said it is investigating the outcomes and will give an update in due course.

Previously, another Auris Medical drug, AM-111, which is being developed to treat severe to profound sudden deafness, failed to meet its main goal in a phase 3 trial.

Separately, shareholders approved the company's merger with one of its units. The merger, which took effect March 13, resulted in a 1-for-10 reverse stock split. The post-merger common shares are expected to begin trading on the Nasdaq on March 14.