Glancy Prongay & Murray LLP (GPM), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Tricida, Inc. (Tricida or the Company) (NASDAQ: TCDA) investors concerning the Companys possible violations of the federal securities laws.
If you suffered a loss on your Tricida investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/tricida-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
Tricidas drug candidate, veverimer, is a polymer designed as a potential treatment for metabolic acidosis in patients with chronic kidney disease (CKD). The Company has completed a Phase 3, double-blind, placebo-controlled trial of veverimer in patients with CKD and metabolic acidosis.
On September 4, 2019, Tricida announced that it had submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) under the Accelerated Approval Program for approval of veverimer for the treatment of metabolic acidosis in patients with CKD.
On July 15, 2020, Tricida announced that it had received a notice from the FDA identif[ying] deficiencies that preclude discussion of labeling and postmarketing requirements/commitments at this time. The Company stated that [t]he notification does not specify the deficiencies identified by the FDA.
On this news, the Companys stock price fell $10.56, or 40.31%, to close at $15.64 per share on July 16, 2020, thereby injuring investors.
Then, on October 29, 2020, following its End-of-Review Type A meeting with the FDA, Tricida announced that it now believes the FDA will also require evidence of veverimers effect on CKD progression from a near-term interim analysis of the VALOR-CKD trial for approval under the Accelerated Approval Program and that the FDA is unlikely to rely solely on serum bicarbonate data for determination of efficacy. Tricida also disclosed that it was significantly reducing its headcount from 152 to 59 people and will discuss its commitments with vendors and contract service providers to potentially provide additional financial flexibility.
On this news, the Companys stock price fell $3.90, or 47.16%, to close at $4.37 per share on October 29, 2020, thereby injuring investors.
Whistleblower Notice: Persons with non-public information regarding Tricida should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
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