The Company: The Company lead candidate is MYDICAR to treat inadequate pumping in heart failure patients, according to Market Watch. The complaint alleges that the Company potentially misled investors regarding the design of its MYDICAR clinical trials; and otherwise misled investors regarding the successful FDA approval of MYDICAR. On April 26, 2015, Celladon issued a press release announcing that the Company Phase 2b CUPID2 trial of MYDICAR did not meet its primary and secondary goals. Celladon is a clinical-stage biotechnology company which is focused on the development of cardiovascular gene therapy and calcium dysregulation. As a result of this news, the price of Celladon stock plummeted $11.04 per share to close at $2.64 per share on April 27, 2015, a decline of 80% on volume of 32 million shares. Then, on June 26, 2015, before the market opened, Celladon issued a press release announcing the suspension of its plans for further research or development of its MYDICAR program and other pre-clinical programs, and indicating the possibility that the Company could be liquidated with net cash available to shareholders of $25-$30 million. On June 1, 2015, Celladon issued a press release announcing the abrupt resignation of defendant Krisztina M. Zsebo as Chief Executive Officer and a director.
(news.financializer.com). As
reported in the news.
Tagged under The Company, press release announcing topics.