Allos Therapeutics Inc., a small Westminster-based biotechnology company, scored a court victory Thursday when a judge dismissed a shareholder suit claiming it misled investors about a cancer drug it was developing.
An attorney for Allos said the suit was the final of a handful of shareholder cases filed against Allos last year, accusing the company of withholding information from studies of its drug, Efaproxyn. The other suits were dropped, said Allos vice president and general counsel Marc Graboyes.
“It was a great result,” Graboyes said. “We have always believed that the plaintiff’s case lacked merit, and we are gratified that the court agreed.”
U.S. District Judge Richard Matsch dismissed the case, rejecting plaintiff Noble Asset Management’s argument that Allos misled investors and withheld information. Noble may appeal the ruling.
Allos had 53 employees in March. Efaproxyn is its main product under development and is in clinical trials.
