SAN DIEGO, Oct. 4, 2022 (GLOBE NEWSWIRE) —

The class: Law firm for shareholder rights Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of all individuals and entities that have purchased Centessa Pharmaceuticals plc CNTA American Depository Shares (ADS) pursuant to the Company’s initial public offering on May 28, 2021 (“IPO”) and/or between May 28, 2021 and June 1, 2022. Centessa is a clinical-stage pharmaceutical company that purports to discover: to develop medicines and deliver them to patients. The Company’s development pipeline includes Lixivaptan in Phase 3 clinical development for the treatment of Autosomal Dominant Polycystic Kidney Disease (“ADPKD”) and ZF874, which is in Phase 1 clinical development for the treatment of A1AT Deficiency (“AATD”), among others.

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What is it about in this case: Centessa Pharmaceuticals plc (CNTA) has made false and misleading statements about its product candidates in connection with its IPO

According to the complaint, Centessa conducted its IPO in May 2021, offering shares at $20 per ADS for proceeds of $306.9 million. Both in the offering documents and throughout the Class Period, Defendants failed to disclose the following: (i) lixivaptan was less safe than Defendants had argued; (ii) Defendants have overstated the clinical and commercial prospects of lixivaptan; (iii) ZF874 was less safe than defendants had argued; and (iv) the defendants exaggerated ZF874’s clinical and commercial prospects while downplaying the drug’s safety issues.

On November 1, 2021, Centessa issued a press release announcing the results of the Phase 1 study evaluating ZF874 in the treatment of AATD, including but not limited to potential safety issues related to elevation of the liver enzyme Alanine Aminotransferase (“ALT”) ) and aspartate aminotransferase (“AST”) in one of the majors. As a result of this news, Centessa’s ADS price fell $3.19 per share, or 18.55% on…