Edge Therapeutics Inc. (EDGE) Accused of Misleading Investors About Its Lead Product Candidate
According to the complaint, Edge Therapeutics Inc. (EDGE) emphasized encouraging results from its Phase 3 NEWTON 2 futility analysis of EG-1962 and expected top-line results from the NEWTON 2 study in late 2018. Despite representing to investors that Edge was operationally and financially well-positioned to advance EG-1962 through key clinical milestones, including the company’s Phase 3 NEWTON 2 study, its drug did not perform as well as anticipated. On March 28, 2018, Edge revealed that it was stopping its NEWTON 2 study of EG-1962 because it had only a small chance of meeting its primary endpoint. On this news, Edge’s stock price fell $14.28 per share, or over 91%, to close at $1.31 per share on March 28, 2018, and continues to decline.
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