On February 1, 2016 Carbylan stock plunged nearly 50 percent after the company disclosed top-line results from a Phase 3 trial, COR1.1. Then, in April 2016, Carbylan announced that it was suspending further clinical development of its pain relief product, Hydros–TA, and it is actively pursuing a merger or acquisition of the company. In concurrence, Carbylan also announced an immediate reduction in its workforce of 14 of its current 17 employees to preserve capital.
On May 12, 2016, the company reported net losses of approximately $6.6 million and $5.2 million in the three months ended March 31, 2016 and 2015, respectively.
As a result of a merger completed on November 22, 2016, Carbylan changed its name to KalVista Pharmaceuticals, Inc., an commenced trading under the symbol "KALV".
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Alfred G. Yates Jr. at 1-800-391-5164, firstname.lastname@example.org, or by the firm's website at yatesclassactionlaw.com.
Attorney Advertising. Past results do not guarantee a similar outcome.
Alfred G. Yates Jr., Esquire
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pittsburgh-law-office-of-alfred-g-yates-jr-pc-announces-investigation-of-carbylan-therapeutics-inc-cbyl-currently-known-as-kalvista-pharmaceuticals-inc-kalv-300393631.html
SOURCE Law Office of Alfred G. Yates Jr., PC