A lawsuit was filed on behalf of investors in Inotek Pharmaceuticals Corp (NASDAQ:ITEK) shares over alleged securities laws violations. Deadline: March 7, 2017. NASDAQ:ITEK investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/11/2017 -- The Shareholders Foundation announces that an investor, who purchased shares of Inotek Pharmaceuticals Corp (NASDAQ:ITEK), filed a lawsuit in Massachusetts over alleged violations of Federal Securities Laws by Inotek Pharmaceuticals Corp in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Inotek Pharmaceuticals Corp (NASDAQ:ITEK) have certain options and for certain investors are short and strict deadlines running. Deadline: March 7, 2017. NASDAQ:ITEK investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff claims that Inotek Pharmaceuticals Corp misrepresented the efficacy of its drug candidate trabodenoson—the only drug Inotek Pharmaceuticals Corp currently has in its clinical development pipeline—and its attendant capacity to receive New Drug Approval by the U.S. Food and Drug Administration. In particular, it is alleged that Inotek Pharmaceuticals Corp made positive statements about the drug despite knowledge that the MATrX-1 phase 3 clinical trial of trabodenoson would fail to meet its primary endpoint of statistical relevance in the reduction of intraocular pressure compared with placebo.
Lexington, MA based Inotek Pharmaceuticals Corp is a clinical-stage biopharmaceutical company that is focused on the discovery, development and commercialization of therapies for glaucoma and other diseases of the eye.
On January 3, 2017, Inotek Pharmaceuticals Corp announced top-line results of MATrX-1, the first pivotal Phase 3 trial of trabodenoson for the treatment of primary open-angle glaucoma (POAG) or ocular hypertension (OHT). Inotek Pharmaceuticals Corp said that the trial did not achieve its primary endpoint of superiority in reduction of intraocular pressure (IOP) compared with placebo at all 12 time points.
Shares of Inotek Pharmaceuticals Corp (NASDAQ:ITEK) declined from $7.40 per share on December 23, 2016 to as low as $1.65 per share on January 3, 2017.
On January 6, 2017, NASDAQ:ITEK shares closed at $1.70 per share.
Those who purchased shares of Inotek Pharmaceuticals Corp have certain options and should contact the Shareholders Foundation.
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