PRAECIS PHARMA FACES HLDR SUIT OVER CANCER DRUG

Praecis Pharmaceuticals (PRCS) allegedly failed to disclose material facts regarding its prostate cancer drug, Plenaxis, leading to fiscal-2004 projections that weren't "reasonably founded," according to a purported class-action lawsuit. In a press release, law firm Murray, Frank & Sailer LLP said it filed the lawsuit on behalf of Praecis shareholders between Nov. 25, 2003 and Dec. 6. A representative for drug discovery and development company Praecis wasn't immediately available to comment on the allegations in the lawsuit.

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