Former Allarity Executive Winnows SEC’s FDA Approval Scheme Suit

Allarity Therapeutics Inc.‘s former chief medical officer defeated Securities and Exchange Commission allegations she participated in a scheme to conceal adverse regulatory information about a kidney cancer drug to lure investors.

Allegations of scheme liability against Marie Foegh Ramwell were “relatively threadbare” compared to those against former CEOs Stefano Carchedi and James Cullem, Judge Patti B. Saris said, tossing the SEC’s claim against her.

Foegh allegedly didn’t attend a board meeting where Carchedi falsely characterized US Food and Drug Administration feedback on the drug dovitinib as “positive,” the US District Court for the District of Massachusetts judge said. While ...