PHILADELPHIA, Nov. 26, 2014 /PRNewswire/ -- Cohen, Placitella & Roth, PC is investigating potential claims on behalf of investors who purchased Nymox Pharmaceutical Corporation ("Nymox" or "Company") (NASDAQ: NYMX) during the period from January 31, 2011 through November 2, 2014 ("Class Period"). The investigation concerns whether Nymox and certain of its officers and directors publically disseminated materially false and/or misleading information in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, promulgated thereunder.
Nymox researches and develops therapeutic and diagnostic drugs, with an emphasis on targeting an aging U.S. population. Since 2002, the Company has been developing a novel proprietary drug candidate, NX-1207, for the treatment of benign prostatic hyperplasia ("BPH").
Nymox touted the safety, efficacy and general viability of NX-1207 for over two years. As recently as June 11 2014, Nymox issued a press release announcing "new clinical data supporting the positive safety profile of NX-1207" and that trials to date, including a second phase 3 trial of NX-1207 for BPH, titled NX02-0018, showed that men "treated with NX-1207 reported statistically significant improvement in BPH symptoms 3 months after a single NX-1207 treatment with no reported serious drug-related side effects." The press release also stated "the absence of any significant drug-related side effects" unlike current approved drugs for BPH which "can produce significant sexual side effects." Less than a week later, the Company issued another press release on June 17, 2014, that reported "new data supporting the positive sexual functional preservation profile of NX-1207." By July 2014, the Company announced a new BPH re-injection study, and touted "new positive efficacy data for U.S. Study NX02-0022, the Company's repeat injection study of NX-1207 for BPH" in a July 22, 2014 press release. On September 10, 2014, the Company announced via press release that NX-1207 had shown "positive outcome results" from an ongoing prospective trial for the treatment of low grade localized prostate cancer.
However, in a surprise to the market, and contrary to the positive statements concerning the NX02-0017 and NX02-0018 trials, Nymox disclosed on November 2, 2014 that the Company's two Phase 3 U.S. studies of NX-1207 (including NX02-0018) had to be halted because the drug failed to meets its primary endpoints for efficacy.
On November 3, 2014, Nymox disclosed for the first time, among other things, the difficulties the Company faced in enrolling men for the trials and the subjective nature of the measurement of the drug's success. In response to that news, the price of Nymox common stock fell 82% to close at $.93 in heavy trading volume of 19.6 million shares. The Company's U.S. BPH program is currently on hold, pending further evaluation of data.
If you have any information about this investigation or, if you wish to discuss your rights as a shareholder in Nymox, please contact Eduardo A. Texidor, Jr., no later than January 12, 2015, at [email protected] or, toll free, at 1-888-375-7600. For those investors inquiring via email, please be sure to include "Nymox" in the subject line, the number of shares purchased, and your mailing address and telephone number.
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