​PRONAI THERAPEUTICS, INC. 

​Securities Class Action

​​ On June 6, 2016, the Company issued a press release announcing interim data for the Phase 2 trials and revealing that PNT2258 had failed to produce
sufficient efficacy results to justify its
continued clinical development.
Class Period
July 15, 2015 to June 6, 2016
Lead Plaintiff Motion Deadline
January 9, 2017
Stock Symbol
DNAI
Court
Southern District of New York


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About this action:​A class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of ProNAi Therapeutics, Inc. (“ProNAi”) (NASDAQ: DNAI) common stock between July 15, 2015 and June 6, 2016  (the “Class Period”).

​If you wish to serve as lead plaintiff, you must move the Court no later than January 9, 2017.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

​If you would like more information about getting involved in the ProNAi Class Action, please fill out the form to the left, or contact Sheila Feerick at 1-800-221-0015, or email

info@SafirsteinMetcalf.com.  Safirstein Metcalf LLP represents individual and institutional clients in a wide variety of litigation, with an emphasis on class, derivative, and other complex actions on behalf of investors and consumers. The firm handles matters on a contingency fee basis.
 
ProNAi is a clinical stage oncology company with a focus on pioneering a novel class of therapeutics based on its proprietary DNA interference (DNAi) technology platform.  Until recently, the Company had only one product candidate – PNT2258, which was purportedly designed to target cancers that overexpress B-cell lymphoma such as Hodgkin’s lymphomas and non-Hodgkin lymphoma. Following a February 2008 Investigatory New Drug Application (“IND”) with the U.S. Food and Drug Administration (“FDA”), ProNAi completed two early clinical trials of PNT2258 before becoming a publicly traded Company in July 2015.  The first pre-IPO trial was a Phase 1 safety trial in patients with relapsed or refractory (i.e. resistant to treatment) solid tumors.  The second pre-IPO trial was a Pilot Phase 2 open-label trial in patients with relapsed or refractory non-Hodgkin lymphoma.  In light of reported positive early clinical results from these trials, the Company initiated two Phase 2 clinical trials of PNT2258 for separate testing in two treatment populations.  Specifically, ProNAi announced in January 2015 that it had initiated a Phase 2 trial of PNT2258 in patients with relapsed or refractory Diffuse Large B-Cell Lymphoma (“DLBCL”) – the most prevalent form of non-Hodgkin lymphoma. Then, in October 2015, the Company announced that it had initiated a second Phase 2 trial of PNT2258 in patients with Richter’s Transformation, a rare and more aggressive form of non-Hodgkin lymphoma. Both trials were structured as multi-center, single-agent, open-label studies, meaning patients were “unblinded” to the fact that they were receiving PNT2258.

According to the lawsuit, since July 15, 2015, ProNAi and certain of its officers and directors have misrepresented the efficacy and safety of PNT2258, and the drug’s purported attendant capacity for approval by the FDA.

As the Company’s two Phase 2 trials progressed and patient enrollment was ongoing, four members of the Company’s Board of Directors (including the Chairman) and both of the Company’s Chief Scientific Officer and Chief Medical Officer resigned.

On June 6, 2016, the Company issued a press release announcing interim data for the two Phase 2 trials and revealed that PNT2258 had failed to produce sufficient efficacy results to justify its continued clinical development.

On this news, the price of ProNAi common stock declined from a closing share price of $6.38 per share on June 3, 2016 to close at $2.07 per share on June 6, 2016 a loss of more than 67%, on extremely heavy trading volume.