Word: biotech
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Stewart did break the law; she was found guilty of conspiring with her former Merrill Lynch stockbroker, Peter Bacanovic, for hiding the reason behind her Dec. 27, 2001 sale of shares in the biotech company ImClone Systems. The judge threw out the most serious charge against her—securities fraud, and prosecutors did not have evidence of insider trading and could not bring that charge against her. Stewart’s savings on the ImClone shares, sold the day before an announcement that sent the stock tumbling, was relatively small by corporate scandal standards, amounting to approximately...
...jury accepted the prosecution's case that Stewart had sold her stock in the troubled biotech firm ImClone after Bacanovic had told his assistant to inform her that ImClone founder Sam Waksal was trying to sell his own stock. The day after Stewart sold, the Food and Drug Administration refused to review ImClone's application for Erbitux, a promising cancer drug, prompting a sharp drop in the share price. Stewart dumped hers at $58.43; the next day they opened at $45.39 - a fall that would have cost her approximately $51,200 if she sold them immediately once the news...
...friendship was over, however, by the time Pasternak, 50, delivered some of the most damaging testimony yet against Stewart in her trial for allegedly lying to the feds about why she dumped stock of biotech firm ImClone Systems in late 2001. When the two were staying at a luxury resort in Mexico in the days after Stewart sold her shares, Pasternak testified, Stewart confided that she had got rid of them because she knew that ImClone CEO Sam Waksal, their mutual friend, and his daughters had tried to dump their stock. "Isn't it nice to have brokers who tell...
...DeCode Genetics, an Icelandic biotech firm, announced last week that it is launching a pilot study to test whether an anti-inflammatory drug that was under development for use in treating asthma might work to prevent heart attacks...
...University, announced that they had created more than 200 embryos by cloning mature human cells and had grown 30 of them to the blastocyst stage of development, each more than 100 cells strong. This isn't the first time cloned human embryos have been produced: in 2001 the Massachusetts biotech firm Advanced Cell Technology made several. They all died quickly, but in a sense the first cloned human cells are actually old news...