SAN DIEGO, July 16, 2022 /PRNewswire/ — The law firm of Robbins Geller-Rudman & Dowd LLP announces that the purchasers or acquirers of Molecular Partners AG (NASDAQ: MOLN): (a) American Depositary Shares (“ADS”) in accordance with and/or traceable to the offering documents issued in connection with the initial public Molecular Partners offering made in or on June 16, 2021 (the “IPO”); and/or (b) values between June 16, 2021 Y April 26, 2022inclusive (the “Class Period”) have up to September 12, 2022 apply for appointment as lead plaintiff in the molecular partners collective lawsuit. the molecular partners class action lawsuit – subtitled Freudiger v Molecular Partners AGNo. 22-cv-05925 (SDNY) – charges Molecular Partners, as well as certain of its principal executive officers and directors, with violations of the Securities Act of 1933 and/or the Securities Exchange Act of 1934.
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ALLEGATIONS OF THE CASE: Molecular Partners is developing, among other products, ensovibep as a treatment for COVID-19 in collaboration with Novartis AG. One of Molecular Partners’ major development strategies for ensovibep includes obtaining Emergency Use Authorization (“EUA”) for ensovibep from the US Food and Drug Administration (“FDA”). In addition, Molecular Partners is developing MP0310 (AMG 506) for the treatment of certain types of cancer in collaboration with Amgen Inc. Molecular Partners granted Amgen, among other licenses, the right to advance the MP0310 development program at a later stage of development, even in combined trials. , following the data from Phase 1.
Molecular Partners through its june 2021 IPO issued 3 million of its ADSs to the public at the $21.25 per ADS, for revenues to Molecular Partners of more than $59 millionafter subscription discounts and commissions, and before expenses.
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As the molecular partners The class action alleges that the IPO offering documents and the defendants made false and/or misleading statements and/or failed to disclose that: (i) ensovibep was less effective in treating COVID-19 than the defendants had made believe investors; (ii) therefore, it was reasonably likely that the FDA would request an additional phase 3 study of ensovibep before granting an EUA for the drug; (iii) declining global rates of COVID-19 significantly reduced Molecular Partners’ chances of obtaining EUAs for ensovibep; (iv) as a candidate product, MP0310 was less attractive to Amgen than the defendants had led investors to believe; (v) consequently, there was a significant likelihood that Amgen would return the global rights to MP0310 to Molecular Partners; (vi) and, as a result, the clinical and commercial prospects of ensovibep and MP0310 were exaggerated.
In November 16, 2021Molecular Partners revealed that “a planned futility analysis of ensovibep in [an] in progress [Phase 3] clinical study . . . has not met the thresholds required to continue enrollment of adults with COVID-19 in the hospital setting.” On this news, the price of Molecular Partners ADSs fell by more than 31%.
So in April 26, 2022, months after requesting an EUA from the FDA for ensovibep, the CEO of Novartis revealed that “given the latest comments. . . In our conversations with the [FDA], we would expect the agency to request a Phase 3 study before granting an EUA approval or blanket approval” for ensovibep, and that “we need to do kind of a sober assessment as to whether it is a feasible study in light of declining rates of COVID around the world. Later that day after market close, Molecular Partners “further announced that Amgen. . . has reported [Molecular Partners] of its decision to return the global rights to MP0310 to Molecular Partners following a strategic portfolio revision.” On this news, the price of Molecular Partners ADSs fell by more than 47%, further hurting investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Molecular Partners ADSs during the Class Period to apply to be appointed as lead plaintiff. A lead plaintiff is generally the plaintiff with the greatest financial interest in the relief sought by the putative class that is also typical and proper of the putative class. A lead plaintiff acts on behalf of all other class members by directing the molecular partners collective lawsuit. The lead plaintiff may select a law firm of her choice to litigate the molecular partners collective lawsuit. An investor’s ability to participate in any potential future recovery is not dependent on him acting as the principal claimant in the molecular partners collective lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The firm is ranked No. 1 in the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone, more than triple the amount recovered by any other plaintiff firm. With 200 attorneys in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the firm’s attorneys have obtained many of the largest securities class action recoveries in history, including securities class action recovery largest in history $7.2 billion – in In re Enron Corp. Sec. Litigation Please visit the following page for more information:
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Robbins Geller Rudman & Dowd LLP
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