|Company Name||Genfit SA|
Genfit is a biopharmaceutical company that develops therapeutic and diagnostic solutions for metabolic, inflammatory, and autoimmune or fibrotic diseases affecting primarily the liver and gastro-enterology.
In March 2019, the Company completed its initial public offering (“IPO”), in which it sold 6,150,000 ordinary shares in the form of American Depositary Shares (“ADSs” or “shares”) in the U.S. and Europe for $20.32 per ADS.
On February 20, 2020, after the market closed, Genfit announced in a press release a delay in the release of topline interim results from the RESOLVE-IT study. The Company stated, among other things, that the delay was “to incorporate the latest FDA insights expected by the end of March” and that “[t]his decision has been taken to ensure that the latest thinking in the NASH field is properly captured so the Company can optimize elafibranor’s NDA dossier at the time of submission.”
On this news, Genfit’s share price fell $1.05, or nearly 6%, over two consecutive trading sessions to close at $16.85 per share on February 24, 2020, thereby injuring investors.
On May 11, 2020, after the market closed, Genfit announced results from an interim analysis of the RESOLVE-IT Phase 3 study of elafibranor, including that “[e]lafibranor did not demonstrate a statistically significant effect on the primary endpoint of NASH resolution without worsening of fibrosis.”
On this news, Genfit’s share price fell $14.90, or approximately 68%, to close at $7.10 per share on May 12, 2020, thereby injuring investors.
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