SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Talis Biomedical Corporation of Class Action Lawsuit and Upcoming Deadline - TLIS

New York, New York--(Newsfile Corp. - February 24, 2022) -  Pomerantz LLP announces that a class action lawsuit has been filed against Talis Biomedical Corporation ("Talis" or the "Company") (NASDAQ: TLIS) and certain of its officers and directors. The class action, filed in the United States District Court for the Northern District of California, and docketed under 22-cv-01039, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Talis common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the "Registration Statement") issued in connection with the Company's February 2021 initial public offering ("IPO" or the "Offering"). Plaintiff pursues claims against Defendants under the Securities Act of 1933 (the "Securities Act").

If you are a shareholder who purchased Talis common stock pursuant and/or traceable to the Registration Statement issued in connection with the Company's IPO, you have until March 8, 2022 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

[Click here for information about joining the class action]

Talis purportedly develops diagnostic tests to enable accurate, reliable, low cost, and rapid molecular testing for infectious diseases and other conditions at the point-of-care. The Talis One tests are being developed for respiratory infections, infections related to women's health, and sexually transmitted infections.

On February 12, 2021, the Company filed its prospectus on Form 424B4 with the U.S. Securities and Exchange Commission, which forms part of the Registration Statement. In the IPO, the Company sold 15,870,000 shares of common stock at a price of $16.00 per share. The Company received net proceeds of approximately $232.6 million from the Offering. The proceeds from the IPO were purportedly to be used for commercial activities (including the hiring and training of sales and marketing personnel), research and development, and working capital and other general corporate purposes.

The complaint alleges that the Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, Defendants failed to disclose to investors: (1) that the comparator assay in the primary study lacked sufficient sensitivity to support Talis's Emergency Use Authorization ("EUA") application for the Talis One COVID-19 test; (2) that, as a result, Talis was reasonably likely to experience delays in obtaining regulatory approval for the Talis One COVID-19 test; (3) that, as a result, the Company's commercialization timeline would be significantly delayed; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

On March 8, 2021, Talis announced that it had withdrawn its EUA application for the Talis One COVID-19 test. In a press release, the Company revealed that "[i]n late February, the FDA informed the company that it cannot ensure the comparator assay used in the primary study has sufficient sensitivity to support Talis's EUA application." As a result, Talis "intends to initiate its previously planned clinical validation study in a point-of-care environment" to submit its EUA application "early in the second quarter of 2021." This study "was designed with a different comparator study, which Talis believes will address the FDA's concerns."

On this news, the Company's stock price fell $1.80, or 12%, to close at $12.85 per share on March 8, 2021.

Then, on August 10, 2021, Talis revealed that its "development timelines have been extended by delays in the launching of [Talis's] COVID-19 test and manufacturing scale." As a result, Talis "expect[s] to see [its] first meaningful revenue ramp in 2022."

On this news, the Company's stock price fell $0.58, or 6%, to close at $8.39 per share on August 11, 2021, on unusually heavy trading volume.

On August 30, 2021, after the market closed, Talis announced that its Chief Executive Officer ("CEO"), Brian Coe, had "stepped down" as President, CEO, and Director.

On this news, the Company's stock price fell $1.00, or 11%, to close at $8.06 per share on August 31, 2021, on unusually heavy trading volume.

On November 15, 2021, Talis announced that Brian Blaser was appointed as President, CEO, and Director of Talis effective December 1, 2021. However, a week after his appointment, on December 8, 2021, Talis announced that Blaser had stepped down from his positions.

On this news, the Company's stock price fell $0.55, or more than 11%, to close at $4.28 per share on December 8, 2021.

By the commencement of this action, Talis stock has traded as low as $3.81 per share, a more than 76% decline from the $16.00 per share IPO price.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980

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