Tyme Technologies Inc. (TYME) Accused of Distorting Data
According to the complaint, Tyme is developing SM-88, a combination therapy based on dysfunctional metyrosine derivatives for metastatic pancreatic cancer and biomarker-recurrent prostate cancer. On January 15, 2019, Tyme issued a press release touting the efficacy of SM-88 “in the treatment of multiple oncology indications, including breast and prostate, and pancreatic cancer.” On January 18, 2019, Tyme reported positive results from its Phase II study, stating that SM-88 “improves survival.” However, Tyme’s announcement merely compared survival data to historical controls. Analysts were quick to notice Tyme’s glaring design failure to include a control group in the Phase II study. A Motley Fool article went on to explain in detail the misleading picture as to the efficacy of SM-88 on pancreatic cancer. On this news, Tyme’s stock declined over 35% to close at $2.41 per share on January 18, 2019.