NEW YORK, NY / ACCESSWIRE / June 18, 2021 / Pomerantz LLP is investigating claims on behalf of investors of ChemoCentryx, Inc. ("ChemoCentryx" or the "Company") (NASDAQ:CCXI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether ChemoCentryx and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 4, 2021, the U.S. Food and Drug Administration ("FDA") released a "Briefing Document" concerning ChemoCentryx's drug candidate avacopan, which is in development for the treatment of adult patients with anti-neutrophil cytoplasmic autoantibody (ANCA) vasculitis. To support its New Drug Application for avacopan, ChemoCentryx relied primarily upon its Phase III ADVOCATE study. In the Briefing Document, the FDA wrote that "[c]omplexities of the study design . . . raise questions about the interpretability of the data to define a clinically meaningful benefit of avacopan and its role in the management of" ANCA vasculitis. The FDA further wrote that it had "identified several areas of concern, raising uncertainty about the interpretability of the data and the clinical meaningfulness of these results."
On this news, ChemoCentryx's stock price fell $22.19 per share, or 45.45%, to close at $26.63 per share on May 4, 2021.
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SOURCE: Pomerantz LLP