|[January 14, 2013]
Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against ISIS Pharmaceuticals, Inc.
LOS ANGELES --(Business Wire)--
Glancy Binkow & Goldberg LLP announces that all purchasers of the common
stock of ISIS Pharmaceuticals, Inc. ("ISIS" or the "Company")
(NASDAQ:ISIS) between March 29, 2012 and October 15, 2012, inclusive
(the "Class Period"), have until February 26, 2013 to file a motion with
the Court to be appointed as lead plaintiff. The securities fraud class
action lawsuit was filed in the United States District Court for the
Southern District of California.
ISIS engages in the discovery and development of drugs utilizing
antisense technology to primarily treat cardiovascular, metabolic,
severe and rare diseases, as well as cancer. The Complaint alleges that
throughout the Class Period the Company and certain of its executive
officers issued materially false and misleading statements regarding the
safety and efficacy of the Company's flagship product, Kynamro
(mipomersen sodium), for the treatment of patients with Homozygous
Familial Hypercholesterolaemia. Specifically, the Complaint alleges that
defendants, through a series of materially false and misleading
statements regarding the safety and efficacy of the product, and
reportedly positive results from Kynamro's clinical trials, conditioned
investors to believe that Kynamro would receive approval from te U.S.
Food and Drug Administration (FDA).
On October 16, 2012 the FDA published a clinical briefing document
raising concerns regarding the safety and efficacy of Kynamro, noting
among other things, abnormal growths or neoplasms developed in 3.1% of
patients treated with Kynamro, as compared to only 0.9% of patients who
took a placebo; that the data submitted by the Company was limited by a
small sample size and a short treatment time, and that during the
clinical testing two patients treated with Kynamro died of heart attacks
and another patient died of acute liver failure. The FDA report
concluded that this "imbalance in neoplasms will need to be assessed
further in on-going and future studies and post-marketing (if
approved)," and that "the potential for a contributing effect of
mipomersen cannot be ruled out" in the patient deaths. As a result of
these disclosures, ISIS shares declined nearly 22%, to close at $10.27
on October 16, 2012.
If you purchased ISIS common stock between March 29, 2012 and October
15, 2012, you may move the Court no later than February 26, 2013 to
serve as lead plaintiff; however, you must meet certain legal
requirements. To be a member of the Class you need not take action at
this time; you may retain counsel of your choice or take no action and
remain an absent Class member. To learn
more about this action, or if you have any questions concerning this
Notice or your rights or interests with respect to these matters, please
contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925
Century Park East, Suite 2100, Los Angeles, California 90067, by
telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org,
or visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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