Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class
Action Lawsuit Against ISIS Pharmaceuticals, Inc.
LOS ANGELES -- January 14, 2013
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 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
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.
Glancy Binkow & Goldberg LLP, Los Angeles, CA
(310) 201-9150 or (888) 773-9224
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