Avenue Therapeutics, Inc. (ATXI)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Avenue Therapeutics, Inc. ("Avenue Therapeutics" or "the Company") (NASDAQ: ATXI). The investigation concerns whether Avenue Therapeutics and certain of its officers and/or directors have violated federal securities laws.
On October 12, 2020, Avenue Therapeutics disclosed receipt of a Complete Response Letter (“CRL”) from the U.S. Food and Drug Administration (“FDA”) regarding the Company’s New Drug Application for its intravenous (“IV”) tramadol product. Specifically, the FDA advised the Company that “it cannot approve the application in its present form. The CRL stated that IV tramadol, intended to treat patients in acute pain who require an opioid, is not safe for the intended patient population. Specifically, if a patient requires an analgesic between the first dose of IV tramadol and the onset of analgesia, a rescue analgesic would be needed. The likely choice would be another opioid, which would result in opioid ‘stacking’ and increase the likelihood of opioid-related adverse effects.” On this news, Avenue Therapeutics’ stock price fell $6.51 per share, or 58.97%, to close at $4.53 per share on October 12, 2020.
If you are aware of any facts relating to this investigation, or purchased Avenue Therapeutics shares, you can assist this investigation by contacting the firm. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.