Hearing loss drug developer Frequency Therapeutics (NASDAQ: FREQ) is the subject of a growing number of security fraud accusations on behalf of investors.
Earlier this year, things were looking up for the company’s lead product candidate, FX-322. But on March 23, Frequency Therapeutics announced that interim results suggested that FX-322 was not effective at improving mild to moderately severe sensorineural hearing loss in a Phase 2a study compared to placebo. Previous results from a smaller study had been more positive.
The company’s stock fell from a high of $55.01 on Feb. 19 to $9.55 in mid-day trading on June 15.
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