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id: 864, Created by Polina Foster, Scout
Outlook Therapeutics (OTLK) Eye Treatment Case
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D. New JerseyCourt
- Outlook announced promising results for ONS-5010, suggesting FDA approval was near. However, they faced FDA setbacks and withdrew their application.
- On August 30, 2023, the truth came out, leading to a 80% $OTLK fall.
Outlook Therapeutics announced positive data for ONS-5010 (its main product for wet AMD and retina diseases) in August 2021, suggesting it was ready for FDA approval, but then they withdrew and resubmitted their application due to FDA requests.
The lawsuit claims that throughout this time, Outlook provided false information about ONS-5010's effectiveness and manufacturing issues.
As a result, the FDA recently rejected their application, causing $OTLK fall by 80% and $297M loss of market cap, damaging shareholders.
Given all the information, investors have reasons to suspect that Outlook's eye treatment faced manufacturing and FDA approval issues that weren't properly disclosed.
Shock Event Date
30 August 2023
03 November 2023
Lead Plaintiff Deadline
02 January 2024