Leiden Biopharmacist in U.S. for right after plummeting stock price – Volkskrant

Leiden Biopharmacist in U.S. for right after plummeting stock price – Volkskrant

By: Peter de Waard – 07/29/14, 09:08

© Reuters. The vice president of Prosensa, Richard Holslag (right), in 2011, gives explanation to Maxime Verhagen on the different laboratories of the center.

A U.S. shareholder has in court in New York a class-action (a joint lawsuit) filed against the Dutch biotechnology company Prosensa.

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  © ANP.

The shareholder feels misled by the flotation of the company in June last year in New York. When Prosensa seemed to have developed against Duchenne muscular dystrophy, which it would receive royalties. Short term medication Three months later, another study showed that the drug does not really work.

The unidentified shareholder calls on other investors to rally behind this action. They can register at the law firm Robbins Arroyo, which specializes in class actions by shareholders. Director Hans Schikan of Prosensa in Leiden would not dismiss the action, but notes that the rule rather than the exception in the U.S. is that law firms and legal action unleash claim compensation as a share price immediately after the introduction shoot down. “We have our own lawyers put it, because we do not completely agree with the indictment are.”

disease Duchenne
Prosensa, founded in 2002 as a spin- off of the Leiden University Medical Center, is developing drugs against Duchenne, a genetic disease for which no drugs exist. It is a condition where the muscles of boys are slowly powerless. Around their 12th year as a patient in a wheelchair, then they get breathing problems. Few people older than 30. Approximately 1 in 3,500 men have this disease.

Prosensa opted last year for a listing in New York. There were 6.9 million shares at $ 13 each. The issue was oversubscribed seven times. On the first day of the course all at once rose by nearly 50 percent to more than 19 dollars and 30 dollars later. The company had six funds in the pipeline. One was in an advanced stage. This means drisapersen is a type of plaster that afplakt genetic damage. This would allow patients required for muscle protein to create a record yourself.

Few effective
All tests showed that the afplakmethode worked. Three months later showed that the genpleister still not working properly. The practice tests – ten meters walk and climb stairs four – showed that it was effective enough. The results of patients with the patch did not differ from those who received a placebo.

The price plummeted after the announcement by 70 percent to $ 7 per share. The authors of the indictment say that information is concealed. During the IPO As was already known that drisapersen leading to inflammation and discomfort in patients. The pains they got were atypical, so the reliability of the first studies had already been undermined. This no announcements were made.

No comments
Schikan says because of the legal process to give. No substantive comment on the accusation Prosensa remains optimistic about the progress. In January, although decided on their own to continue with the development, but in doing so can be counted on data from GlaxoSmithKline. In June Prosensa reported that drisapersen the registration procedure of the Food & Drug Administration in the U.S. could be accelerated, so it might come. Market faster