NEW YORK, March 29, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Edge Therapeutics, Inc. ("Edge Therapeutics" or the "Company") (NASDAQ: EDGE). The Company's lead drug candidate, EG-1962, has been under development to treat aneurysmal subarachnoid hemorrhage, which is bleeding around the brain due to a ruptured brain aneurysm.
On December 29, 2017 after the market closed, Edge Therapeutics issued a press release announcing that a Data Monitoring Committee ("DMC") had evaluated data from the Day 90 follow-up visit of the first 150 patients randomized and treated, and recommended that the Phase 3 NEWTON 2 Study of EG-1962 continue as planned based on the completion of a pre-planned futility analysis.
On January 2, 2018, the first trading day following the issuance of the December 29, 2017 press release, the price of Edge Therapeutics' shares increased by $0.73 per share, or 7.8%, to close at $10.10 per share.
On March 28, 2018, Edge Therapeutics announced that a pre-specified interim analysis on data from the Day 90 visit of the first 210 subjects randomized and treated in the Phase 3 NEWTON 2 study of EG-1962 demonstrated a low probability of achieving a statistically-significant difference compared to the standard of care in the study's primary endpoint, if the study is fully enrolled. As a result, the DMC "recommended that the study be stopped based on its conclusion that the study has a low probability of meeting its primary endpoint." Based on the DMC recommendation, Edge Therapeutics stated that it has decided to discontinue the Phase 3 NEWTON 2 study.
Following the March 28, 2018 news, Edge Therapeutics' shares plummeted by $14.28 per share, or 91.6%, to close at $1.31 per share on heavy trading volume on March 28.
If you are an investor in Edge Therapeutics and would like to discuss our investigation, please contact us by emailing firstname.lastname@example.org or by calling 800-290-1952.
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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
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SOURCE Kaplan Fox & Kilsheimer LLP