Abeona Therapeutics Announces Dismissal of Securities Class Action Lawsuit
February 23 2017 - 7:43AM
Securities Class
Action Lawsuit lacked any valid basis and was voluntarily
dismissed
NEW YORK and CLEVELAND, Feb. 23,
2017 (GLOBE NEWSWIRE) -- Abeona Therapeutics Inc. (Nasdaq:ABEO),
a leading clinical-stage biopharmaceutical company focused on
developing therapies for life-threatening rare genetic diseases,
announced today that on February 14, 2017, the plaintiff
voluntarily dismissed the putative securities class action lawsuit
he had recently filed against the company and certain members of
its management, following the Company's demand that the case be
dismissed because it lacked a valid legal and factual basis. The
plaintiff based his Complaint, in its entirety, on allegations that
been cut and pasted from an internet blog article. No payment
or any other consideration was paid by, or on behalf of, the
Company or its management in connection with the lawsuit's
dismissal.
"We are gratified to have brought
about the prompt dismissal of this meritless case just two months
after it began, as it should never have been filed at all," said
Jordan D. Hershman of Morgan, Lewis & Bockius LLP, lead counsel
for the Company.
About
Abeona: Abeona Therapeutics Inc. is a leading
clinical-stage biopharmaceutical company developing gene therapies
for life-threatening rare genetic diseases. Abeona's lead programs
include ABO-102 (AAV-SGSH) and ABO-101 (AAV-NAGLU),
adeno-associated virus (AAV) based genetic therapies for Sanfilippo
syndrome (MPS IIIA and IIIB, respectively). Abeona is also
developing EB-101 (gene-corrected skin grafts) for recessive
dystrophic epidermolysis bullosa (RDEB), EB-201 for epidermolysis
bullosa (EB), ABO-201 (AAV-CLN3) gene therapy for juvenile Batten
disease (JNCL), ABO-202 (AAV-CLN1) gene therapy for treatment of
infantile Batten disease (INCL), and ABO-301 (AAV-FANCC) for
Fanconi anemia (FA) disorder and ABO-302 using a novel
CRISPR/Cas9-based gene editing approach to gene therapy for rare
blood diseases. In addition, Abeona has a plasma-based protein
therapy pipeline, including SDF Alpha(TM) (alpha-1 protease
inhibitor) for inherited COPD, using its proprietary SDF(TM) (Salt
Diafiltration) ethanol-free process. For more information,
visit www.abeonatherapeutics.com.
This press
release contains certain statements that are forward-looking within
the meaning of Section 27a of the Securities Act of 1933, as
amended, and that involve risks and uncertainties. These statements
are subject to numerous risks and uncertainties, including but not
limited to continued interest in our rare disease portfolio, our
ability to enroll patients in clinical trials, the impact of
competition; the ability to develop our products and technologies;
the ability to achieve or obtain necessary regulatory approvals;
the impact of changes in the financial markets and global economic
conditions; our belief that initial signals of biopotency and
clinical activity, which suggest that ABO-102 successfully reached
target tissues throughout the body, including the central nervous
system; our belief that the data demonstrate an early and robust
systemic delivery of ABO-102, and the increased reductions in CNS
GAG support our approach for intravenous delivery for subjects with
Sanfilippo syndromes, and other risks as may be detailed from time
to time in the Company's Annual Reports on Form 10-K and other
reports filed by the Company with the Securities and Exchange
Commission. The Company undertakes no obligations to make any
revisions to the forward-looking statements contained in this
release or to update them to reflect events or circumstances
occurring after the date of this release, whether as a result of
new information, future developments or otherwise.
Investor Contact:
Christine Silverstein
Vice President, Investor Relations
Abeona Therapeutics Inc.
+1 (212)-786-6212
csilverstein@abeonatherapeutics.com
Media Contact:
Andre'a Lucca
Vice President, Communications & Operations
Abeona Therapeutics Inc.
+1 (212)-786-6208
alucca@abeonatherapeutics.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Abeona Therapeutics Inc via Globenewswire
Abeona Therapeutics (NASDAQ:ABEO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Abeona Therapeutics (NASDAQ:ABEO)
Historical Stock Chart
From Apr 2023 to Apr 2024