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LOS ANGELES, Jan. 05, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Phathom Pharmaceuticals, Inc. (“Phathom” or the “Company”) (NASDAQ: PHAT) investors that the law firm has initiated an investigation on behalf of investors that lost money on their Phathom Pharmaceuticals, Inc. stock. Phathom Pharmaceuticals, Inc. investors are encouraged to contact the firm to discuss their legal rights.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On January 3, 2022, Phathom issued a press release “announc[ing] that the U.S. Food and Drug Administration (FDA) has notified the Company that no action will be taken on the Company’s new drug application (NDA) for vonoprazan, a novel potassium-competitive acid blocker (PCAB), under review as a treatment for erosive esophagitis, on or prior to the current Prescription Drug User Fee Act (PDUFA) target action date of January 11, 2023.” The FDA’s decision came after Phathom’s announcement, on August 2, 2022, “that it had detected trace levels of a nitrosamine impurity, N-nitroso-vonoprazan (NVP) in commercial batches and was working closely with the FDA to obtain approval of a proposed acceptable daily intake limit, test method, and controls to address this impurity prior to releasing vonoprazan-based products to the market.” Phathom further stated that “the FDA has requested additional stability data demonstrating that levels of NVP remain below [the acceptable daily intake] limit throughout the proposed shelf life of the product.”
On this news, Phathom’s stock price fell $3.73 per share, or 31.11%, to close at $8.26 per share on January 4, 2023.
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