PITTSBURGH, Jan. 19, 2017 /PRNewswire/ -- Law Office of
Alfred G. Yates Jr., PC is
investigating whether certain officers and directors of Carbylan
Therapeutics, Inc. (NASDAQGM: CBYL) violated federal securities
laws in connection with its initial public offering ("IPO").
Carbylan Therapeutics is a specialty pharmaceutical company that
develops and commercializes novel and proprietary combination
therapies.
On April 9, 2015, Carbylan's stock
traded as high as $6.58, the same day
the Company sold 13 million shares of stock in its initial public
stock offering (the "IPO"), raising $65.0
million in new capital. However, since the IPO,
Carbylan's stock has tumbled, falling from its high of $9.22 on June 8,
2015 to close at $0.49 on
September 22, 2016.
On February 1, 2016 Carbylan stock
plunged nearly 50 percent after the company disclosed top-line
results from a Phase 3 trial, COR1.1. Then, in April 2016, Carbylan announced that it was
suspending further clinical development of its pain relief product,
Hydros–TA, and it is actively pursuing a merger or acquisition of
the company. In concurrence, Carbylan also announced an immediate
reduction in its workforce of 14 of its current 17 employees to
preserve capital.
On May 12, 2016, the company
reported net losses of approximately $6.6
million and $5.2 million in
the three months ended March 31, 2016
and 2015, respectively.
As a result of a merger completed on November 22, 2016, Carbylan changed its name to
KalVista Pharmaceuticals, Inc., an commenced trading under the
symbol "KALV".
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney
Alfred G. Yates Jr. at
1-800-391-5164, info@yatesclassactionlaw.com, or by the firm's
website at yatesclassactionlaw.com.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Alfred G. Yates Jr., Esquire
1-800-391-5164
info@yatesclassactionlaw.com
yatesclassactionlaw.com
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SOURCE Law Office of Alfred G. Yates
Jr., PC