NEW YORK, NY / ACCESSWIRE / August 14, 2022 / Pomerantz LLP is investigating claims on behalf of investors of Centessa Pharmaceutical plc (""CNTA" or the "Company") (NASDAQ: CNTA). Such investors are advised to contact Robert S. Willoughby at [email protected]or 888-476-6529, ext. 7980.
The investigation concerns whether Centessa and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around May 27, 2021, Centessa conducted its initial public offering ("IPO"), selling 16.5 American Depositary Shares ("ADSs") priced at $20.00 per share. Then, on June 2, 2022, Centessa issued a press release "announc[ing] that it has made the strategic decision to discontinue development of lixivaptan for Autosomal Dominant Polycystic Kidney Disease (ADPKD) including both the Phase 3 ACTION Study and the open-label ALERT Study." Centessa specified that "[t]he decision is based on a thorough reassessment of the commercial potential of lixivaptan as a potential best-in-class therapy for patients with ADPKD, and the incremental development challenges and associated costs, following a recent observation of alanine aminotransferase (ALT) and aspartate aminotransferase (AST) elevations in one subject in the ALERT Study."
On this news, Centessa's ADS price fell $1.25 per share, or 27.78%, to close at $3.25 per share on June 2, 2022.
Then, on August 10, 2022, Centessa issued a press release "announc[ing] its decision to discontinue development of ZF874 following a recent report of an adverse event (AE) involving elevated liver enzymes (AST/ALT) in a PiMZ subject dosed with 5 mg/kg BID of ZF874 in the Phase 1 study." Centessa stated that "[b]ased on the results observed to date, the Company concluded that ZF874 was unlikely to achieve the desired target product profile."
On this news, Centessa's ADS price fell sharply during intraday trading on August 10, 2022.
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SOURCE: Pomerantz LLP