Executives and directors of biotechnology company Replimune Group Inc. face shareholder derivative claims that they concealed issues affecting a clinical trial of one of the company’s lead immunotherapy candidates. In a complaint in Boston federal court Tuesday, Replimune investor John Chea claimed the company’s CEO Sushil Patel, Chief Financial Officer Emily Hill, board Chair Philip Astley-Sparke and eight additional directors breached their fiduciary duties by keeping investors in the dark about U.S. Food and Drug Administration approval prospects for its oncolytic immunotherapy candidate vusolimogene oderparepvec, or RP1. The Complaint pointed to market records showing that in July, trading prices for Replimune shares fell more than 77%, from more than $12 a share to less than $3 a share, when the company announced that because of deficiencies with its IGNYTE clinical trial for RP1, the FDA was “unable to approve the [biologics license application for RP1] in its present form.”
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