A Study to Assess ASP0598 Otic Solution Following Topical Application in the Ear in Subjects With Chronic Tympanic Membrane Perforation (CTMP)

Inclusion Criteria: * Subject has chronic tympanic membrane perforation (CTMP) documented as persisting longer than 3 months. * A female subject is eligible to participate if she is not pregnant and at least one of the following conditions applies: * Not a woman of childbearing potential (WOCBP) OR * WOCBP who agrees to follow the contraceptive guidance starting at screening and for at least 28 days after investigational product (IP) application. * Female subject must agree not to breastfeed starting at drug application on Day 1 and for at least 28 days after IP application. * Female subject must not donate ova starting on Day 1 and for at least 28 days after investigational product (IP) application. * A male subject with female partner(s) of child-bearing potential must agree to use contraception starting on Day 1 and for at least 28 days after IP application. * A male subject must not donate sperm starting on Day 1 and for at least 28 days after IP application. * Male subject with a pregnant or breastfeeding partner(s) must agree to remain abstinent or use a condom from Day 1 and for at least 28 days after IP application. * Subject must be willing and able to comply with the study requirements including refraining from using prohibited concomitant medications. * Subject agrees not to participate in another interventional study during the study period. Exclusion Criteria: * Subject has one of following conditions that may affect the ipsilateral side of the ear with chronic tympanic membrane perforation (CTMP): * Perforation involving 3 or more quadrants. * Pin hole perforation (only for the expansion cohort). * Presence of tympanosclerosis adjacent to the perforation. * Perforation involves malleus erosion. * Absent malleus. * Marginal perforation (i.e., involving the annulus or exposing the handle of malleus). * Tympanic membrane perforation (TMP) caused by electric/slag/blast/burn injury. * Post radiated TMP. * History of tympanic membrane repair by any type of live tissue. * Active otorrhea or active treatment for otorrhea within the last 3 months prior to Screening. * Bellucci otorrhea grade 3 or above. * Active external ear canal inflammation (otitis externa, dermatitis) or within the last 3 months prior to Screening. * Active diagnosis of Eustachian Tube dysfunction or diagnosis within 6 months prior to Screening. * Craniofacial abnormalities, History of head and neck surgery within the last 3 months prior to Screening, history of radiation to head and neck. * Recent (within 2 weeks) diagnosis of upper respiratory tract infection. * Presence or history of cholesteatoma. * Presence of pars-flaccida or pars tensa retraction or adhesion. * Presence or history of tumors of the middle or external ear. * Contraindications to tympanic membrane closure. * An audiometric finding indicates a characteristic of Carhart's notch which is an increase in bone conduction threshold with a peak at 2,000 hertz (Hz). * Only hearing ear or better hearing ear and the contralateral ear ≥ 40 dB (decibels) by average four-frequency (500, 1000, 2000 and 4000 Hz). * Whole circumference of the tympanic membrane perforation is not visible by endoscope. * Presence/history of eosinophilic otitis media in either ear. * Subject has a presence of adhesive otitis media in the contralateral ear. * Subject has a presence of any wound healing systemic condition. * Subject has Obstructive Sleep Apnea where the subject is required to use Continuous Positive Airway Pressure (CPAP) during the study period. * Subject is exposed in their daily life to high volume of water into the ear canal (e.g., swimmer or surfer). * Subject has health conditions that would prevent him/her from fulfilling the study requirements on the basis of medical history and laboratory test (Serum Chemistries, complete blood count \[CBC\] with Differential, Urinalysis) results at the screening visit. * Subject is receiving any other investigational agents during study participation. * Subject has any form of substance abuse, or psychiatric illness/social situations that would limit compliance with study requirements, or a condition that could invalidate communication. * Subject has a known or suspected hypersensitivity to ASP0598, or any components of the formulation used. * Subject has had previous exposure with ASP0598. * Subject is unlikely to comply with the visits scheduled in the protocol.