Berger & Montague, P.C. and Wolf Haldenstein Adler Freeman & Herz Announce Class Action Lawsuit Against Cell Pathways.Business Editors/Legal Writers PHILADELPHIA--(BUSINESS WIRE)--March 29, 2001 Berger & Montague, P.C., (http://www.investorprotect.com) and Wolf Haldenstein Adler Freeman & Herz (www.whafh.com) filed a class action against Cell Pathways, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CLPA CLPA CC-Link Partner Association CLPA Club Loisirs et Plein Air (Montpellier, France) CLPA Child Labour Programme of Action (national plan to eliminate child labour in South Africa) ) ("CPI") and two of its principal officers in the United States District Court for the Eastern District of Pennsylvania The United States District Court for the Eastern District of Pennsylvania is one of the original 13 federal judiciary districts created by the Judiciary Act of 1789. It originally sat in Independence Hall in Philadelphia as the United States District Court for the District of , Civil Action No. 01CV1189 (MAM), on behalf of all persons or entities who purchased CPI securities during the period from October 27, 1999 through September 22, 2000. The Complaint asserts, among other things, that in the clinical trails of Aptosyn in the treatment of FAP (language) FAP - The assembly language for Sperry-Rand 1103 and 1103A. [Listed in CACM 2(5):16 (May 1959)]. patients (1) representations that Aptosyn reduced polyp polyp, in medicine, a benign tumor occurring in areas lined with mucous membrane such as the nose, gastrointestinal tract (especially the colon), and the uterus. Some polyps are pedunculated tumors, i.e. formation across the entire colorectum of FAP patients, when, in fact, the patients' colons had been surgically removed before the trials; (2) defendants' representations that treatment with Aptosyn caused regression of polyps Polyps A tumor with a small flap that attaches itself to the wall of various vascular organs such as the nose, uterus and rectum. Polyps bleed easily, and if they are suspected to be cancerous they should be surgically removed. , all of the patients polyps had been removed before the trials; and (3) defendants' representations that Aptosyn was a chemopreventive for FAP patients were misleading because less than one percent of adenomatous polyps become malignant, and, without complete regression of all colorectal polyps there is no evidence that reduction in polyps results in a decrease in colorectal cancer colorectal cancer Malignant tumour of the large intestine (colon) or rectum. Risk factors include age (after age 50), family history of colorectal cancer, chronic inflammatory bowel diseases, benign polyps, physical inactivity, and a diet high in fat. in FAP patients. The Complaint also alleges that defendants misrepresented the comparative toxicity of Aptosyn and competing drugs, and that defendants' representation that Aptosyn was an alternative to surgery for FAP patients was misleading. On September 22, 2000, when CPI announced that the U.S. Food & Drug Administration ("FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ") refused to approve Aptosyn as a treatment for FAP, which occurs when the clinical trial evidence of the efficacy and safety of a drug is inadequate, the price of CPI stock fell almost 70%. Although six months have elapsed e·lapse intr.v. e·lapsed, e·laps·ing, e·laps·es To slip by; pass: Weeks elapsed before we could start renovating. n. since the FDA turndown, the Company has never disclosed the reasons given by the FDA for that action. Recently, the Company has stated that it was evaluating whether the regulatory and competitive environment warranted going forward with the FAP program. Counsel have conducted an extensive analysis of the facts underlying the Complaint. They have extensive experience in cases involving misrepresentations about clinical trials and about the efficacy and safety of drugs, having served as lead counsel in actions against Cephalon Ceph´a`lon n. 1. (Zool.) The head. , Inc., Centocor, Inc., U.S. Bioscience, Synergen, Inc., and other such actions in which substantial recoveries were obtained for class members. That experience is an important factor for the successful prosecution of these actions. If you purchased CPI securities during the period from October 27, 1999 through September 22, 2000, inclusive, you may, no later than May 15, 2001, move to be appointed lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery, is not, however, affected by the decision whether or not to serve as a lead plaintiff. If you purchased CPI securities, or have any questions concerning this notice or your rights with respect to this matter, you may contact: Sherrie R. Savett, Esquire Carole A. Broderick, Esquire Kimberly A. Walker, Investor Relations Manager Berger & Montague, P.C. 1622 Locust Street Philadelphia, PA 19103 Phone: 888-891-2289 or 215-875-3000 Fax: 215-875-5715 Website: http://www.investorprotect.com e-mail: InvestorProtect@bm.net Fred T. Isquith, Esquire Gregory M. Nespole, Esquire Wolf Haldenstein Adler Freeman & Herz 270 Madison Avenue New York, NY 10016 Phone: 212-545-4600 Fax: 212-545-4653 Website: www.whafh.com e-mail: classmember@whafh.com or nespole@whafh.com |
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