PHILADELPHIA, Sept. 16, 2022 (GLOBE NEWSWIRE) — Kaskela Law LLC announces that it is investigating Homology Medicines, Inc. (“Homology” or the “Company”). FIXX on behalf of the company’s long-term investors.

An amended securities fraud complaint was recently filed against Homology on behalf of investors who purchased shares in the Company between March 12, 2020 and February 18, 2022. According to the complaint, during this period Homology and certain company officers made a number of false and/or misleading statements to investors regarding a clinical trial for HMI-102.

HMI-102 is a gene therapy drug used to treat phenylketonuria (“PKU”), a genetic disorder that can lead to excessive phenylalanine levels and brain damage. Homology started its clinical study for HMI-102 (the “pheNIX” study) in June 2019.

According to the complaint, in November 2020, “Following numerous misstatements regarding the efficacy and safety profile of HMI-102, Homology disclosed the pheNIX data from the dose escalation phase of the study. The data confirmed that HMI-102 was less secure and less effective than the defendants had previously admitted, nonetheless, Homology stated that it still supports the continuation of the pheNIX trial.

On February 18, 2022, Homology announced that the FDA would clinically and indefinitely suspend the pheNIX study unless and until protocol updates are made to address critical safety concerns.

As a result of these disclosures, Homology shares, which were trading above $19 per share at the time the pheNIX study began, have fallen in value to below $5 per share.

The purpose of the investigation is to determine whether the directors of Homology have breached securities laws and/or their fiduciary duties in connection with the alleged wrongdoing identified above.

Current Homology shareholders who have purchased or acquired stock in the company before June 1, 2019 are encouraged…