Investor suit fueled by news articles over failed cancer drug ends in $24M settlement
Once riding high with a market value close to $1 billion, Geron on Tuesday said it settled an investor lawsuit for $24 million.
Stockholders claimed the company wrongly touted early data for a Janssen-partnered cancer drug candidate and failed to reveal the actual disappointing primary endpoint results.
Back in 2018, the company touted the favorable survival rate of the candidate known as imetelstat, saying it helps patients live longer with a type of bone marrow disorder, and the company compared the results to other clinical trials, the investors claimed, stating “that multiple outcome measures suggested clinical benefit from the use of imetelstat.”
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