Israeli Securities Authority launches formal investigation of Kitov Pharma

7 February 2017

Tel Aviv-based Kitov Pharmaceuticals (TASE: KTOV) saw its shares plunge 35% to 36.20 shekels pre-marker, before trading was halted, as the company announced that the Israeli Securities Authority has begun a formal investigation into the company’s public disclosures around its lead drug candidate, KIT-302.

J Paul Waymack, chairman of the board and chief medical officer, stated: “Kitov stands fully behind the validity of all of its clinical trial results. The company continues to move forward toward the filing of our New Drug Application for KIT-302 with the FDA.”

The investigation is in its initial stages, and Kitov’s officers are cooperating fully. Kitov’s management looks forward to the conclusion of this investigation in the most expeditious manner possible, the official statement noted.

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