Word: erbitux
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...filed criminal insider-trading charges, though, and Stewart handed her tormentors a comparatively easy obstruction case when, as the jury decided last week, she lied to cover up why she had sold 3,928 shares of ImClone Systems on the eve of an adverse ruling for its cancer drug Erbitux. Stewart could probably have come clean immediately and received a slap on the wrist from the Securities and Exchange Commission (sec). But by sticking to a bogus story, she turned a civil case into a criminal one. "When we first indicted this case, we said it was about lies...
...rejected erbitux the next day, and ImClone shares promptly dropped 16%. The prescient ImClone sales immediately caught the attention of compliance officers at Merrill Lynch, who on Dec. 31 asked Bacanovic about it. He said it had something to do with tax-loss selling. Later he changed his story, saying he and Stewart had a pre-existing agreement to sell the stock if it dipped to $60, which it did that day. "On Monday, Dec. 31, he said nothing, nothing about any $60 price agreement," assistant U.S. Attorney Michael Schachter argued in his summation. "Four days after the sale, Peter...
...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 was public...
...polarizing figure. It's the ultimate gamble, and if she loses it, she could join her friend Waksal, who is imprisoned for securities fraud. In an ironic twist, Waksal's company, ImClone, the source of their troubles, has rebounded. Encouraging research on its colon-cancer drug Erbitux has sent the stock price back up to about $41, after it plunged to as little as $6 in the fall of 2002. This week, as federal prosecutors try to bottle up Stewart, another federal agency, the FDA, could release Erbitux for the public benefit...
...ERBITUX Martha Stewart may have still more reason to regret selling her ImClone stock. In June, ImClone reported that its drug Erbitux, in combination with chemotherapy, reduced tumor growth in the colon up to 55%, putting the controversial drug on track for FDA consideration. Erbitux targets cancer cells by blocking their ability to absorb growth factors they need to develop. Trials for treating other tumors, including those in the lung, head and neck, are under...