Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Centessa Pharmaceuticals plc (NASDAQ: CNTA): (i) American Depositary Shares (“ADSs”) pursuant and/or traceable to the Offering Documents issued in connection with Centessa’s initial public offering conducted on or about May 28, 2021 (the “IPO”); and/or (ii) Centessa securities between May 28, 2021 and June 1, 2022, inclusive (the “Class Period”) have until November 28, 2022 to seek appointment as lead plaintiff in the Centessa class action lawsuit. Captioned Fernandes v. Centessa Pharmaceuticals plc, No. 22-cv-07030 (C.D. Cal.), the Centessa class action lawsuit charges Centessa as well as certain of its top executive officers and directors with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.
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CASE ALLEGATIONS: Centessa’s development pipeline includes, among other products, lixivaptan, a vasopressin V2 receptor small molecule inhibitor in Phase 3 clinical development for the treatment of autosomal dominant polycystic kidney disease (“ADPKD”); and ZF874, a small molecule pharmacological chaperone folding corrector of the Z variant of the DNA encoding protein alpha-1-antitrypsin (“A1AT”), which is in Phase 1 clinical development for the treatment of A1AT deficiency (“AATD”). On or about May 28, 2021, Centessa conducted the IPO, issuing 16.5 million of its ADSs to the public at the price of $20 per ADS, for proceeds of $306.9 million to Centessa after expenses and applicable underwriting discounts.
The Centessa class action lawsuit alleges that the Offering Documents and defendants throughout the Class Period failed to disclose that: (i) lixivaptan was less safe than defendants had represented; (ii) defendants overstated lixivaptan’s clinical and commercial prospects; (iii) ZF874 was less safe than defendants had represented; and (iv) defendants overstated ZF874’s clinical and commercial prospects while downplaying the drug’s safety issues.
On November 1, 2021, Centessa announced results from the Phase 1 study evaluating ZF874 in treating AATD, including, among other results, potential safety issues related to increases in liver enzymes alanine aminotransferase (“ALT”) and aspartate aminotransferase (“AST”) in one of the study subjects. On this news, Centessa’s ADSs price fell by more than 18%.
Then, on June 2, 2022, Centessa announced “that it has made the strategic decision to discontinue development of lixivaptan for [ADPKD],” citing “a recent observation of [ALT] and [AST] elevations in one subject” from a Phase 3 study of lixivaptan that was designed to assess liver and non-liver safety in certain subjects. On this news, Centessa’s ADSs price fell by nearly 28%.
Finally, on August 10, 2022, Centessa announced “its decision to discontinue development of ZF874 following a recent report of an adverse event (AE) involving elevated liver enzymes (AST/ALT) in a . . . subject dosed with 5 mg/kg BID of ZF874 in the Phase 1 study.” Centessa stated that “[b]ased on the results observed to date, [Centessa] concluded that ZF874 was unlikely to achieve the desired target product profile.” On this news, Centessa’s ADSs price fell by an additional 5.19%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or otherwise acquired Centessa ADSs pursuant and/or traceable to the Offering Documents issued in connection with the IPO and/or Centessa securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Centessa class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Centessa class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Centessa class action lawsuit.
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J.C. Sanchez, 800-449-4900