Cortexyme, Inc. (CRTX)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Cortexyme, Inc. ("Cortexyme" or "the Company") (NASDAQ: CRTX). The investigation concerns whether Cortexyme and certain of its officers and/or directors have violated federal securities laws.
On October 26, 2021, Cortexyme issued a press release “report[ing] top-line results from its Phase 2/3 GAIN Trial, a double-blind, placebo-controlled study evaluating the efficacy of atuzaginstat (COR388), an investigational orally administered small-molecule that targets gingipain proteases from the bacterium Porphyromonas gingivalis (P. gingivalis).” The press release reported, in relevant part, that the study had failed to meet statistical significance in its co-primary endpoints of improving cognitive and functional abilities in patients with mild-to-moderate Alzheimer’s disease. On this news, Cortexyme’s stock price fell $44.17 per share, or 76.58%, to close at $13.51 per share on October 27, 2021. On January 26, 2022, Cortexyme disclosed receipt of a letter from the U.S. Food and Drug Administration (“FDA”) advising that the FDA had “plac[ed] a full clinical hold on atuzaginstat’s (COR388) Investigational New Drug application (IND 134303).” On this news, Cortexyme’s stock price fell $2.85 per share, or 31.46%, to close at $6.21 per share on January 26, 2022. Then, on February 1, 2022, Cortexyme issued a press release announcing plans to reduce its workforce by 53% in response to the FDA’s clinical hold. That same day, Cortexyme announced the resignations of Casey Lynch, the Company’s Chief Executive Officer and Chair of the Board, and Steve Dominy, the Company’s Chief Scientific Officer and a director. On this news, Cortexyme’s stock price fell $0.67 per share, or 9.81%, to close at $6.16 per share on February 2, 2022.
If you are aware of any facts relating to this investigation, or purchased Cortexyme shares, you can assist this investigation. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Nathanson 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.