FibroGen (Nasdaq: FGEN) closed 8% higher Thursday after a settlement was announced in a case involving Kin-Hung Peony Yu, the company’s former chief medical officer.
The US Securities and Exchange Commission (SEC) had filed charges against Dr Yu for allegedly making false and misleading statements about the cardiovascular safety of FibroGen’s then primary drug candidate, roxadustat.
According to the SEC’s complaint, during the period from November 2019 to March 2021, Dr Yu misled investors with claims that the results of key studies established that roxadustat, a potential therapy for the treatment of anemia in chronic kidney disease patients, was superior in cardiovascular safety to the primary existing treatment.
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