NEW YORK, Sept. 10, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Odonate Therapeutics, Inc. (“Odonate” or the “Company”) (NASDAQ: ODT). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Odonate 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 December 6, 2017, Odonate conducted its initial public offering (“IPO”), selling 6,250,000 shares of its common stock priced at $24.00 per share.
Then, on August 24, 2020, Odonate issued a press release announcing top-line results from the Company’s CONTESSA trial, a Phase 3 study evaluating tesetaxel in combination with capecitabine in patients with metastatic breast cancer, which the Company had discussed in its supporting papers for the IPO. Although the study met its primary endpoint, tesetaxel plus capecitabine was associated with Grade 3 or higher neutropenia (low levels of white blood cells), which occurred in 71.2% of patients with the combination treatment versus 8.3% for capecitabine alone. Various other Grade 3 or higher treatment-emergent adverse events were also associated with tesetaxel plus capecitabine versus capecitabine alone. Further, discontinuation rates were 4.2% from neutropenia and 3.6% from neuropathy, and the overall discontinuation rate was 23.1% in the treatment group compared to 11.9% in the capecitabine alone group.
On this news, Odonate’s stock price fell $15.21 per share, or 45.35%, to close at $18.33 per share on August 24, 2020, representing a 23.63% decline from the IPO price.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980