IRVINE, Calif.--(EON: Enhanced Online News)--Khang & Khang LLP (the “Firm”) announces that it is investigating claims against ProNAi Therapeutics Inc. (“ProNAi” or the “Company”) (NYSE: DNAI) concerning possible violations of federal securities laws.
If you purchased shares of ProNAi and want more information, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: 949-419-3834, or by e-mail at email@example.com.
Class action lawsuits were filed on behalf of investors of ProNAi Therapeutics Inc. (DNAI) between July 15, 2015 and June 6, 2016, inclusive, also known as the “Class Period,” including shareholders who purchased shares pursuant or traceable to the Company’s July 15, 2015 initial public offer of 8.1 million shares at $17.00 per share (“IPO”)
ProNAi’s lead product candidate is PNT2258, used to attack BCL2, an overexpressed oncogene related to some types of cancer. According to the Complaint, ProNAi and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose that: the Wolverine and Brighton Phase 2 trials of PNT2258 would not prove the efficiency and safety of PNT2258 as they failed to satisfy primary or secondary endpoints; and because Phase 2 trials were open-label studies, ProNAi management knew that the Wolverine study was not successful and that patients were pulling out of the Brighton study.
Prior to the start of the Class Period, ProNAi completed a Phase 1 safety trial and a Pilot Phase 2 open-label trial of PNT2258. The initial results of these trials encouraged ProNAi to start two separate Phase 2 clinical trials for other treatment populations. In December 2014, ProNAi began the Wolverine trial, an open-label 60 patient trial for the treatment of third-line relapsed or refractory diffuse large B-cell lymphoma. In October 2015, the Company started Brighton, an open-label 50 patient Phase 2 trial for the treatment of Richter’s transformed chronic lymphocytic leukemia. Both trials happened during the Class Period.
On December 15, 2015, ProNAi stated that director Dr. Peter Thompson would leave the Board of Directors and the Audit Committee effective that day. The following month, on January 26, 2016, ProNAi announced the resignation of its Chief Scientific Officer, Wendi Rodrigueza, effective February 25. On March 18, ProNAi announced the resignation of director Dr. Alvin Vitangcol, effective that day, Dr. Albert Chang’s decision to resign after the Company’s 2016 annual stockholders meeting. On May 2, 2016, ProNAi stated that Chief Medical Officer, Dr. Richard Messmann, told the Company of his decision to resign on April 26, 2016.
On June 6, 2016, ProNAi put out a press release stating interim data for the Wolverine trial. Due to these results, the Company announced that PNT2258 failed to produce sufficient results to justify its continued clinical development. Furthermore, ProNAi found that 4 of the 5 patients enrolled in Brighton had already stopped treatment. Because of poor results in both trials, the Company announced it was suspending all clinical development of PNT2258. When this information was released to the public, the price of ProNAi stock fell from $6.38 on June 3, 2016 to $2.07 on June 6, 2016, causing investors harm.
If you have any questions concerning this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: 949-419-3834, or by e-mail at firstname.lastname@example.org.
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