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On February 17, 2017, Momenta disclosed that a contracted Pfizer facility used to manufacture the Company's Glatopa product had received a warning letter from the U.S. Food and Drug Administration ("FDA"). Momenta's Abbreviated New Drug Application for its Glatopa 40 mg product candidate remains under regulatory review, and under FDA policy, final approval is dependent on the satisfactory resolution of the compliance observations at the Pfizer manufacturing facility. On February 20, 2017, an analyst for Leerink Capital Partners LLC stated that the FDA warning letter raises concerns for the Company, as manufacturing warning letters can take years to resolve, and that a lengthy delay could diminish Momenta's market opportunity for Glatopa.
On this news, Momenta's share price has fallen as much as $4.30, or 22.63%, during intraday trading on February 21, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-momenta-pharmaceuticals-inc--mnta-300410902.html
SOURCE Pomerantz LLP