NEW YORK, Jan. 11, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Isis Pharmaceuticals, Inc. ("Isis" or the "Company") (NasdaqGS: ISIS).
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The investigation focuses on whether the Company and its executives violated federal securities laws by misleading investors to believe that one of the drugs in Isis' product pipeline, Kynamro, would receive approval from the U.S. Food and Drug Administration ("FDA") through a bevy of materially false and misleading statements regarding the safety and efficacy of the drug, as well as purportedly affirmative results from Kynamro's phase three clinical trial.
On October 16, 2012, an FDA advisory committee posted information on the FDA's website noting that in recent patient studies, 3.1 percent of patients, or 23 people treated with Kynamro developed tumors and three of them died, while only 0.9 percent, or two patients getting a placebo developed tumors. The Endocrinologic and Metabolic Drugs Advisory Committee also noted liver and blood vessel cancers were seen in earlier tests of the drug conducted on mice.
As a result of this disappointing news, the price per share of Isis Pharmaceuticals common stock declined $2.88, or nearly 22%, to close that day at $10.27, on heavy trading volume.
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If you purchased Isis stock or options between March 29, 2012 and October 15, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/ISIS. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Isis' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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