Aligos Therapeutics, Inc. (ALGS) Halted Development of its Lead Drug Candidate
Robbins LLP is investigating Aligos Therapeutics, Inc. (NASDAQ: ALGS) to determine whether certain Aligos officers and directors violated securities laws and breached fiduciary duties to shareholders. Aligos, a clinical-stage biopharmaceutical company, develops novel therapeutics to address unmet medical needs in viral and liver diseases. Its lead drug candidate is ALG-010133 for the treatment of chronic hepatitis B (CHB).
On January 6, 2022, Aligos issued a press release announcing it has halted further development of ALG-010133. Aligos stated that “[t]his decision is based on emerging data from the Phase 1 Study ALG-010133-101 that indicate that at the projected efficacious dose … there is no meaningful [hepatitis B surface antigen] reduction. Furthermore, higher doses levels … that were planned to be evaluated in a subsequent cohort are very unlikely to reach the 1 log10 IU/mL HBsAg reduction level that Aligos had previously defined as necessary to advance the program.” Based on this information, Aligos “concluded that these data were not sufficient to support further development of ALG-010133 and that dosing should be discontinued.” On this news, the price of Aligos stock fell $6.02 per share, or more than 56%, to close at $4.59 per share on January 6, 2022.
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