NEW YORK, Sept. 06, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Centessa Pharmaceutical plc (“CNTA” or the “Company”) (NASDAQ: CNTA). Those investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, extension 7980.

The investigation concerns whether Centessa and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

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On or about May 27, 2021, Centessa completed its initial public offering (“IPO”), selling 16.5 American Depositary Shares (“ADSs”) at a price of $20.00 per share. Then, on June 2, 2022, Centessa issued a press release announc[ing] that it made the strategic decision to discontinue development of lixivaptan for autosomal dominant polycystic kidney disease (ADPKD), including the phase 3 ACTION study and the open-label ALERT study.” Centessa stated that “[t]The decision is based on a thorough reassessment of the commercial potential of lixivaptan as a potential best-in-class therapy for patients with ADPKD, as well as the increasing development challenges and associated costs following recent observation of alanine aminotransferase (ALT) and aspartate aminotransferase ( AST) elevations in one subject in the ALERT study.”

As a result of this news, Centessa’s ADS price fell $1.25 per share, or 27.78%, to close at $3.25 per share on June 2, 2022.

Then, on August 10, 2022, Centessa issued a press release announc[ing] its decision to continue development of ZF874 following a recent report of an adverse event (AE) with elevated liver enzymes (AST/ALT) in a PiMZ subject enrolled in the Phase 1 ZF874 study at a dose of 5 mg/kg BID administered.” Centessa explained that “[b]Based on the results observed to date, the company concluded that ZF874 is unlikely to achieve the desired target product profile.”

With this news, Centessa’s ADS…