|[January 26, 2013]
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against ISIS Pharmaceuticals, Inc.
BENSALEM, Pa. --(Business Wire)--
Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed in the United States District Court for the Southern District
of California on behalf of 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").
ISIS engages in the discovery and development of drugs utilizing
antisense technology, primarily to 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
investor to believe that Kynamro would receive approval from the 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.
No class has yet been certified in this action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased ISIS common stock during the Class Period, you have
certain rights, and have until February 26, 2013 to move for lead
plaintiff status. To be a member of the class you need not take any
action at this time, and you may retain counsel of your choice. If you
wish to discuss this action or have any questions concerning this Notice
or your rights or interests with respect to these matters, please
contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith,
3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone
at (215) 638-4847, Toll Free at (888) 638-4847, or by email to email@example.com,
or visit our website at http://www.howardsmithlaw.com.
[ Back To Technology News's Homepage ]