Securities Litigation Partner James Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Tricida, Inc. To Contact Him Directly To Discuss Their Options
New York, New York--(Newsfile Corp. - November 20, 2020) - Faruqi & Faruqi, LLP, a leading minority and certified woman-owned national securities law firm, is investigating potential claims against Tricida, Inc. ("Tricida" or the "Company") (NASDAQ:TCDA).
On July 15, 2020, Tricida issued a press release disclosing that on July 14, 2020, the Company received a notification from the U.S. Food and Drug Administration ("FDA") stating that, as part of its ongoing review of the Company's New Drug Application (NDA) for its drug candidate veverimer (TRC101), "the FDA has identified deficiencies that preclude discussion of labeling and postmarketing requirements/commitments at this time." On this news, the Company's stock price fell $10.56 per share, closing at $15.64 per share on July 16, 2020. This represented a 40.31% drop from the previous day.
On August 24, 2020, Tricida announced that it had received a Complete Response Letter ("CRL") from the FDA relating to its NDA for veverimer on August 21, 2020. The FDA sought "additional data beyond the TRCA-301 and TRCA-301E trials regarding the magnitude and durability of the treatment effect of veverimer" and "the applicability of the treatment effect to the U.S. population." On this news, the Company's stock price fell $3.13 per share, closing at $10.11 per share on August 24, 2020. This represented a 23.64% drop from the previous day.
Then, on October 29, 2020, the Company announced it held an End-of-Review conference as a Type A meeting with the Division of Cardiology and Nephrology of the FDA on October 20, 2020 in relating to the CRL for the veverimer NDA. Tricida disclosed that it now believes that "the FDA will also require evidence of veverimer's effect on CKD progression from a near-term interim analysis of the VALOR-CKD trial for approval under the Accelerated Approval Program and that the FDA is unlikely to rely solely on serum bicarbonate data for determination of efficacy" and that "Tricida does not believe it can provide information on CKD progression from a near-term interim analysis of the VALOR-CKD trial without compromising the integrity of the ongoing trial." Additionally, Tricida disclosed that it "is significantly reducing its headcount from 152 to 59 people and will discuss its commitments with vendors and contract service providers to potentially provide additional financial flexibility." On this news, the Company's stock price fell $3.90 per share, closing at $4.37 per share on October 29, 2020. This represented a 47.16% drop from the previous day, and a 83.32% drop from July 15, 2020.