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Kiromic BioPharma Inc Class Action Lawsuit, KRBP | Deadline October 4, 2022

Kiromic BioPharma Inc Class Action Lawsuit (KRBP Lawsuit)

The Gross Law Firm notifies investors that a class action (Kiromic BioPharma Inc Class Action Lawsuit) has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Kiromic BioPharma, Inc. (KRBP) who purchased: (a) common stock issued in connection with the Company’s public offering that closed on July 2, 2021 and/or (b) common stock between June 25, 2021 and August 13, 2021, both dates inclusive.

The filed complaint alleges that the registration statement and prospectus issued in connection with the Company’s public offering that closed on July 2, 2021 (the “Offering Documents”) failed to disclose that the Food and Drug Administration (“FDA”) had, prior to the filing of these documents, imposed a clinical hold on the Company’s Investigational New Drug (“IND”) applications for its two new drug candidates. Given that the offering closed on July 2, 2021, more than thirty (30) days after the Company submitted the IND applications for its two immunotherapy product candidates, investors were assured that no clinical hold had been issued and clinical trials would commence.

If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.

Shareholders have until October 4, 2022 to request that the court appoint them lead plaintiff.

 

Kiromic BioPharma Inc Class Action Lawsuit

An allogenic cell treatment business with a focus on artificial intelligence (AI), Kiromic BioPharma, Inc. The company is working to create an allogeneic T cell therapy with several indications that takes advantage of the natural ability of the Gamma Delta T cell (GDT) to attack solid tumors. The allogeneic cell treatment prospects included in the Procel, Isocel, and Deltacel product platform candidates are in the preclinical development stage. Its Procel product candidate consists of PD-L1-targeting modified GDTs. Its Mesothelin Isoform 2 positive tumor-targeting modified GDTs make up the Isocel product candidate (Iso-Meso). The non-engineered GDTs that make up its Deltacel product candidate are utilized to treat solid tumors. Its allogeneic GDT treatment product that targets PD-L1 is called Allogenic Lead Exogenous Isoforms (ALEXIS)-PRO-1.

Kiromic BioPharma Inc Class Action

Levi & Korsinsky, LLP alerts shareholders of Kiromic BioPharma, Inc. (“Kiromic” or the “Company”) (NASDAQ: KRBP) to a class action securities complaint. NEW YORK, Sept. 29, 2022 /PRNewswire/

Investors in Kiromic who suffered losses as a result of suspected securities fraud are the target of the case, which defines them as a class of people. The class represented by this lawsuit is made up of individuals and organizations that bought or otherwise acquired (a) Kiromic common stock issued in connection with the Company’s public offering that ended on July 2, 2021, and/or (b) Kiromic common stock between June 25, 2021 and August 13, 2021, both dates inclusive.

Kiromic BioPharma Inc Lawsuit

The Food and Drug Administration (“FDA”) had placed a clinical hold on the Company’s Investigational New Drug (“IND”) applications for its two new drug candidates prior to the filing of these documents, according to a class action lawsuit filed against Kiromic. The lawsuit claims that the registration statement and prospectus issued in connection with the Company’s public offering that closed on July 2, 2021 (the “Offering Documents”) failed to disclose this fact. Investors were given the assurance that there had been no clinical hold issued because clinical studies will start since the offering concluded on July 2, 2021, more than thirty (30) days after the company submitted the IND applications for its two immunotherapy product candidates.

KRBP Class Action Lawsuit

As a target discovery and gene-editing business that uses artificial intelligence to produce immunotherapy drugs, Kiromic BioPharma advertises itself as such. While Kiromic BioPharma had applications pending with the Food and Drug Administration (“FDA”) to start human clinical trials for two new drug candidates, they were known as Investigational New Drug (“IND”) applications, at the time of the securities offering, the company had no immunotherapy products on the market. According to the Offering Documents, unless the FDA put a clinical hold, Kiromic BioPharma could start clinical trials within 30 days of those IND applications.

KRBP Class Action

The IPO paperwork allegedly omitted information on the U.S. Before the IPO filings were filed, the Food and Drug Administration (“FDA”) had put a clinical hold in place, despite the fact that the documents contained statements to the contrary. Investors were given the assurance that no clinical hold had been issued and that clinical trials would begin given that the IPO closed on July 2, 2021, more than thirty (30) days after Kiromic BioPharma submitted the Investigational New Drug (“IND”) applications for its two immunotherapy product candidates.

KRBP Lawsuit – KRBP stock

The allogeneic T cell therapies being developed by Kiromic BioPharma, Inc., an artificial intelligence-driven allogeneic cell therapy firm, target solid tumors by utilizing the innate potency of the Gamma Delta T cell. Both ALEXIS-ISO-1 and ALEXIS-PRO-1, two allogeneic gamma delta chimeric T cell therapy product candidates that target isothelin and PD-L1, are being developed by the business. In addition to a research and development partnership arrangement with Molipharma, S.R.L., the company also has license agreements with CGA 369 Intellectual Holdings, Inc., Longwood University, and a strategic alliance deal with Leon Office (H.K.) Ltd. In December 2019, the business, which was originally known as Kiromic, Inc., changed its name to Kiromic BioPharma, Inc. The company Kiromic BioPharma, Inc.

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