Neurotology-focused biopharma Otonomy (Nasdaq:OTIC) will cease development of OTO-313 after the experimental drug failed to show clinically meaningful benefit in a randomized, placebo-controlled Phase 2 trial. The company’s lead asset, OTO-313, did not meet either primary or secondary endpoints in the study, which involved 152 patients with persistent, unilateral tinnitus of at least moderate severity.…