An investigation for investors in Larimar Therapeutics, Inc. (NASDAQ:LRMR) shares over potential securities laws violations by Larimar Therapeutics, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 03/02/2022 -- Larimar Therapeutics, Inc is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Larimar Therapeutics, Inc. (NASDAQ: LRMR), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Larimar Therapeutics, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Bala Cynwyd, PA based Larimar Therapeutics, Inc., a clinical-stage biotechnology company, focuses on developing treatments for rare diseases.
On May 25, 2021, Larimar Therapeutics, Inc. issued a press release "announc[ing] that the United States Food and Drug Administration (FDA) has placed a clinical hold on the CTI-1601 clinical program and that the company will not be closing a previously announced private placement financing. CTI-1601 is a recombinant fusion protein intended to deliver human frataxin into the mitochondria of patients with FA who are unable to produce enough of this essential protein."
The press release further stated that "[t]he clinical hold follows the previous notification by Larimar to the FDA of mortalities which occurred at the highest dose levels in an ongoing 180-day non-human primate (NHP) toxicology study, which is designed to support extended dosing of patients with CTI-1601. In the clinical hold letter, the FDA stated it needs a full study report from the ongoing NHP study and Larimar may not initiate additional clinical trials until the company has submitted the report and received notification from the agency that additional clinical trials may commence."
Then, on February 15, 2022, Larimar Therapeutics, Inc. disclosed that "[t]he FDA had placed a clinical hold on the CTI-1601 program in May 2021, following mortalities which occurred at the highest dose levels in a 26-week non-human primate (NHP) toxicology study that was designed to support extended dosing of patients with CTI-1601."
Shares of Larimar Therapeutics, Inc. (NASDAQ: LRMR) declined from $18.63 per share on March 15, 2021, to as low as $2.71 per share on February 15, 2021.
Those who purchased shares of Larimar Therapeutics, Inc. (NASDAQ: LRMR) have certain options and should contact the Shareholders Foundation.
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