Before the beginning of the Class Period, ProNAi completed a Phase 1 safety trial and a Pilot Phase 2 open-label trial of PNT2258. The positive results of these initial trials encouraged ProNAi to start two separate Phase 2 clinical trials for different treatment populations. In December 2014, ProNAi started the Wolverine trial, an open-label 60 patient trial for the treatment of third-line relapsed or refractory diffuse large B-cell lymphoma. In October 2015, the Company initiated Brighton, an open-label 50 patient Phase 2 trial for the treatment of Richter's transformed chronic lymphocytic leukemia. Both trials occurred during the Class Period.On December 15, 2015, ProNAi announced that director Dr. Peter Thompson would resign from the Board of Directors and the Audit Committee effective that day. The following month, on January 26, 2016, ProNAi announced the resignation of its Chief Scientific Officer, Wendi Rodrigueza, effective February 25. On March 18, ProNAi released the resignation of director Dr. Alvin Vitangcol, effective that day, Dr. Albert Chang's decision to step down after the Company's 2016 annual stockholders meeting. On May 2, 2016, ProNAi announced that Chief Medical Officer, Dr. Richard Messmann, told the Company of his decision to resign on April 26, 2016. On June 6, 2016, ProNAi issued a press release announcing interim data for the Wolverine trial. Due to these results, the Company announced that PNT2258 failed to produce sufficient results to justify its continued clinical development. Furthermore, ProNAi stated that 4 of the 5 patients enrolled in Brighton had already stopped treatment. Because of underwhelming results in both trials, the Company stated it was suspending all clinical development of PNT2258. The price of ProNAi stock fell from $6.38 on June 3, 2016 to $2.07 on June 6, 2016, causing investors severe harm. If you have any questions concerning your legal rights, please immediately contact Goldberg Law PC at 800-977-7401, or visit our website at http://www.Goldberglawpc.com, or email us at firstname.lastname@example.org. Goldberg Law PC represents shareholders around the world and specializes in securities class actions and shareholder rights litigation.
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