Word: erbitux
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Dates: during 2000-2009
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...have tired of taking big risks in biotech and tend to shun early-stage research in favor of safer investments in drugs near approval or already approved. Bristol-Myers Squibb made a disastrous $2 billion investment in 2001 in ImClone Systems, which suffered costly setbacks with its cancer drug Erbitux before a breakthrough this spring. With Big Pharma playing it safe, steady-earning biotech leaders are the ones with the wherewithal - and the disposition - to partner with cash-strapped firms developing promising treatments. That's certainly Mullen's plan. He hopes to be remembered as the ceo who hurried business...
...have tired of taking big risks in biotech and tend to shun early-stage research in favor of safer investments in drugs near approval or already approved. Bristol-Myers Squibb made a disastrous $2 billion investment in 2001 in ImClone Systems, which suffered costly setbacks with its cancer drug Erbitux before that drug had a breakthrough this spring. With Big Pharma playing it safe, steady-earning biotech leaders are the ones with the wherewithal--and the disposition--to partner with cash-strapped firms developing promising treatments...
...Martha Stewart. Something is going on with ImClone and she wants to know what." Although Stewart didn't learn the reason for Waksal's attempted sale--he had been told that the Food and Drug Administration was about to reject an application for approval of ImClone's key drug, Erbitux--she sold her shares and avoided losses of $45,673, the indictment says. Waksal pleaded guilty in October to six counts of securities fraud and obstruction of justice related to his attempted sale. He is scheduled for sentencing this week. In March he partly settled insider-trading charges brought...
...executives that dwarfed Stewart's $228,000 sale. And their trading preceded Stewart's by weeks, starting just after Food and Drug Administration (FDA) officials met privately with an ImClone vice president last Dec. 4 and informally signaled there could be licensing problems for the company's cancer drug Erbitux. The FDA formally turned down a review of the drug on Dec. 28, a day after Stewart traded her shares...
...with veto power over internal stock trading, has become a central focus of investigators, sources tell TIME. On the night of Dec. 26, he spent 17 minutes on the phone with CEO Sam Waksal, records show. Waksal had just learned that the FDA would announce its negative decision on Erbitux in two days. Later that night Waksal drafted a note, marked "Urgent--Immediate Attention Required," to his Merrill Lynch broker, Peter Bacanovic, sources say. Stopped from trading by the firm's blackout, Waksal gave instructions to transfer $4.9 million in stock to the account of his younger daughter Aliza Waksal...