Hogan suffered a stroke at the end of February, was in a coma for five days and has survived several surgeries since then. He has fought back with the help of rehabilitation, taking strides towards recovery which include talking, even though doctors once feared he would not be able to, walking with a crutch and going through some of the daily tasks. Jesse’s team of therapists plan his weeks out together. His interests – sport, music, the news – have been a big focus of his sessions, which are also designed around his personal goals. He works with a speech therapist, and a physio. His occupational therapist is teaching him how to live with one arm: how to shower, get dressed, make a sandwich. His neuropsychology registrar helps him work through his feelings, does brain function games on an iPad with him and helps him work things out; compensating, and finding new ways to do things, is how he is recovering. Jesse’s favourite word is “independent” and he has won his new friends over with his determination. He pushes them hard, too.
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Keryx is a biopharmaceutical company that focuses on providing therapies for patients with renal disease in the United States. Its product, Auryxia, is an oral, absorbable iron-based compound designed to control serum phosphorous levels in patients with chronic kidney disease on dialysis. Securities and Exchange Commission and issued multiple press releases touting Auryxia’s solid foundation and positive forward-looking guidance about the company’s financial outlook. The company elaborated, “For 2016, we expect prescription volume to increase between 20 percent and 35 percent on a sequential quarter basis, ramping as we realize the full impact of our expanded sales force.” The company further stated, “[O]ur top priorities for this year are to increase adoption of Auryxia in the dialysis setting, submit a regulatory application seeking label expansion, and prepare for potential launch in 2017 in the new indication.” However, the complaint alleges that Keryx officials failed to disclose that: (i) the company was experiencing production-related difficulties in converting active pharmaceutical ingredient (“API”) to finished drug product; (ii) the foregoing difficulties were resulting in decreased production yields of finished drug product; and (iii) consequently, the company would exhaust its reserve of finished drug product. On August 1, 2016, click to read more Keryx disclosed that an interruption in the supply of Auryxia tablets was going to occur due to a production-related issue concerning API at its contract manufacturer. The company further stated that current inventories of Auryxia are not sufficient to ensure uninterrupted patient access to the medicine, and that it expects to make Auryxia available to patients when the supply is back to adequate levels, likely in the fourth quarter of 2016. On this news, Keryx stock fell $2.64 per share, or 35.8%, to close at $4.72 per share on August 1, 2016. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com , or via the shareholder information form on the firm’s website. Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law.
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