Celsion Corporation Class Action Lawsuit
- Company Name
- Celsion Corporation
- Stock Symbol
- Class Period
- November 2, 2015 to July 10, 2020
- District of New Jersey
The Celsion Corporation class action lawsuit charges Celsion Corporation and certain of its senior executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers or acquirers of Celsion securities between November 2, 2015 and July 10, 2020, inclusive (the “Class Period”). The Celsion class action lawsuit was commenced on October 29, 2020 in the District of New Jersey and is captioned Spar v. Celsion Corporation, 20-cv-15228.
Headquartered in Lawrenceville, New Jersey, Celsion is a clinical stage oncology drug company that focuses on the development and commercialization of directed chemotherapies, DNA-mediated immunotherapy, and RNA-based therapies for the treatment of cancer. Celsion’s lead product candidate is ThermoDox, a heat-activated liposomal encapsulation of doxorubicin, which is in Phase III clinical development for the treatment of primary liver cancer.
The Celsion class action lawsuit alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) defendants had significantly overstated the efficacy of ThermoDox; (ii) the foregoing significantly diminished the approval and commercialization prospects for ThermoDox; and (iii) as a result, Celsion’s public statements were materially false and misleading at all relevant times.
On July 13, 2020, Celsion announced that “it ha[d] received a recommendation from the independent [Data Monitoring Committee (‘DMC’)] to consider stopping the global Phase III OPTIMA Study of ThermoDox® in combination with [RFA] for the treatment of [HCC], or primary liver cancer.” According to Celsion, “[t]he recommendation was made following the second pre-planned interim safety and efficacy analysis by the DMC on July 9, 2020,” which “found that the pre-specified boundary for stopping the trial for futility of 0.900 was crossed with an actual value of 0.903.” On this news, Celsion’s stock price fell $2.29 per share, or nearly 64%, to close at $1.29 per share on July 13, 2020.
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