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Before the market opened on July 6, 2020, BELLUS announced topline results from its Phase 2 RELIEF trial of BLU-5937 in patients with refractory chronic cough. According to Bellus, the trial "did not achieve statistical significance for the primary endpoint of reduction in placebo-adjusted cough frequency at any dose tested."
Bellus' stock price fell $9.05, or 75%, on this news, over two consecutive trading sessions to close at $2.97 on July 8, 2020, thereby injuring investors.
It is alleged in this complaint that Bellus made materially misleading and/or false statements, as well as failed to disclose material adverse facts about Bellus' business, operations, and prospects. Specifically, the complaint alleges that Bellus knew, and failed to disclose, that while BLU-5937's "high selectivity" contributed to the drug causing little to no taste alteration in chronic cough patients, high selectivity also contributed to the drug potentially being less efficacious and thus likely not be able to meet the primary endpoint of the Company's Phase 2 trial.
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