According to the law firm press release, Bellicum operates as a clinical stage biopharmaceutical company. The Company focuses on discovering and developing novel cellular immunotherapies for various forms of cancer.
The Company’s lead clinical product candidate, BPX-501, is an adjunct T-cell therapy administered after allogeneic hematopoietic stem cell transplantation. Bellicum has represented that BPX-501 is currently being evaluated in multiple Phase 1/2 clinical trials.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) a substantial undisclosed risk of encephalopathy was associated with the Company’s lead product candidate BPX-501; and (ii) as a result of the foregoing, Bellicum’s public statements were materially false and misleading at all relevant times.
On January 30, 2018, post-market, Bellicum issued a press release entitled “Bellicum Pharmaceuticals Announces Clinical Hold on BPX-501 Clinical Trials in the United States,” announcing that it had “received notice from the U.S. Food and Drug Administration that U.S. studies of BPX-501 have been placed on a clinical hold following three cases of encephalopathy deemed as possibly related to BPX-501.”
On this news, Bellicum’s share price fell $2.12, or 25.85%, to close at $6.08 on January 31, 2018.
On April 9, 2018, the Court issued an Order consolidating cases.