Tetraphase Pharmaceuticals, Inc. (TTPH) Accused of Misrepresenting Enrollment for Its Drug Trial
According to the complaint, Tetraphase Pharmaceuticals, Inc. (TTPH) reported that enrollment was progressing well for the company’s IGNITE3 trial, while failing to disclose that it was increasing the patient enrollment in its IGNITE3 trial from 1,000 patients to 1,200 patients to meet the trial’s primary endpoints. On February 13, 2018, Tetraphase announced top-line results from its IGNITE3 trial for the treatment of patients with complicated urinary tract infections, revealing that eravacycline did not achieve co-primary endpoints. The news caused Tetraphase’s stock to fall over 60%, closing at only $2.15 per share on February 14, 2018 and has yet to rebound. Tetraphase subsequently announced in March that the company was stopping development of the oral formulation of eravacycline.