LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of Intra-Cellular Therapies, Inc. (“Intra-Cellular” or the “Company”) (NASDAQ: ITCI) investors concerning the Company and its officers’ possible violations of federal securities laws.
Intra-Cellular is a biopharmaceutical company that engages in developing novel drugs for the treatment of neuropsychiatric and neurodegenerative diseases and diseases of the elderly, including Parkinson’s and Alzheimer’s disease. The company is developing its lead drug candidate, lumateperone, known as ITI-007, for the treatment of schizophrenia, bipolar disorder, behavioral disturbances in patients with dementia, depression and other neuropsychiatric and neurological disorders.
The investigation concerns allegedly contradictory disclosures made by the Company regarding its lead drug candidate, ITI-007. On August 4, 2016, Intra-Cellular's CEO Sharon Mates touted the “efficacy and safety of ITI-007 for the treatment of schizophrenia." However, on May 1, 2017, Intra-Cellular disclosed that the FDA had requested information from the Company in order to verify whether or not there are safety risks associated with long term exposure of ITI-007 to patients.
On this news, shares of Intra-Cellular have fallen sharply, nearly 25%, to just $10.42 per share during intra-day trading on May 1, 2017.
If you purchased Intra-Cellular securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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