On January 26, 2022, Cortexyme, Inc. announced that the U.S. Food and Drug Administration (“FDA”) placed a full clinical hold on the company’s investigational new drug application for atuzaginstat (COR388) for treatment of Alzheimer’s disease.
On this news, shares of Cortexyme stock fell more than 30% to close at $6.21 per share January 26, 2022.
On February 1, 2022, Cortexyme issued a press release announcing plans to reduce its workforce by 53% in response to the clinical hold. That same day, Cortexyme announced the resignations of Casey Lynch, the Company’s CEO and Chair of the Board, and Steve Dominy, the Company’s Chief Scientific Officer and a director.
Contact our attorneys for a no-cost case evaluation.