San Diego, CA -- (SBWIRE) -- 05/02/2022 -- An investigation was announced over potential breaches of fiduciary duties by certain directors at Larimar Therapeutics, Inc.

Investors who purchased shares of Larimar Therapeutics, Inc. (NASDAQ: LRMR) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain Larimar Therapeutics, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.

Bala Cynwyd, PA based Larimar Therapeutics, Inc., a clinical-stage biotechnology company, focuses on developing treatments for rare diseases.

On May 25, 2021, Larimar Therapeutics, Inc. issued a press release "announc[ing] that the United States Food and Drug Administration (FDA) has placed a clinical hold on the CTI-1601 clinical program and that the company will not be closing a previously announced private placement financing. CTI-1601 is a recombinant fusion protein intended to deliver human frataxin into the mitochondria of patients with FA who are unable to produce enough of this essential protein."

The press release further stated that "[t]he clinical hold follows the previous notification by Larimar to the FDA of mortalities which occurred at the highest dose levels in an ongoing 180-day non-human primate (NHP) toxicology study, which is designed to support extended dosing of patients with CTI-1601. In the clinical hold letter, the FDA stated it needs a full study report from the ongoing NHP study and Larimar may not initiate additional clinical trials until the company has submitted the report and received notification from the agency that additional clinical trials may commence."

Then, on February 15, 2022, Larimar Therapeutics, Inc. disclosed that "[t]he FDA had placed a clinical hold on the CTI-1601 program in May 2021, following mortalities which occurred at the highest dose levels in a 26-week non-human primate (NHP) toxicology study that was designed to support extended dosing of patients with CTI-1601."

Shares of Larimar Therapeutics, Inc. (NASDAQ: LRMR) declined from $18.63 per share on March 15, 2021, to as low as $2.71 per share on February 15, 2022.

Those who purchased shares of Larimar Therapeutics, Inc. (NASDAQ: LRMR) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Christopher Clausen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
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