Word: erbitux
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...center of the latest greedfest is Sam Waksal, an immunologist who turned into a dazzling biotechnology entrepreneur. In 1984 he founded ImClone, a little-known company until it made headlines for an apparent success with a cancer treatment called Erbitux in 1999. Waksal, 54, was always as much salesman as scientist and employed his reputation and charm as a ladder into elite circles that included home-decor guru Stewart, Mick Jagger, actress Mariel Hemingway, financier Carl Icahn and Dr. John Mendelsohn, the cancer-drug pioneer and former Enron board member. Waksal's eclectic posse combined science and celebrity with stock...
...court in handcuffs. The central charge was that Waksal had tried to sell $5 million in ImClone shares and tipped two family members to dump their stock too, after he learned--before the news was made public--that the Food and Drug Administration (FDA) refused to review Erbitux's application...
Waksal never made his stock sale because brokers at Merrill Lynch and then Banc of America Securities refused to execute the trades without checking with ImClone lawyers, who had issued a rule barring employees from trading because of the pending news on Erbitux. But Waksal's father Jack sold $6.7 million worth of ImClone, and his daughter Aliza sold $2.5 million, according to authorities. Sam Waksal's lawyer, Mark Pomerantz, denies any wrongdoing by his client, calling the evidence "circumstantial." Ditto from Jack's lawyer. Aliza's attorney, Stephen Kaufman, could not be reached for comment...
...York Stock Exchange, was not charged with any crime, but she was widely known as a close friend of Waksal's, and documents provided to congressional investigators revealed that she had sold $228,000 worth of ImClone stock the day before the FDA announced the bad news about Erbitux. Stewart denied any wrongdoing, but shares in Martha Stewart Living Omnimedia have plunged 19% since the news broke, on fears that her image would be sullied by association with Waksal and ImClone...
...charges against Waksal stem from his attempt to sell $4.9 million of ImClone stock on Dec. 27. He learned on Dec. 26 that the company's application for the cancer drug Erbitux was going to be denied review by the U.S. Food and Drug Administration-news that the company made public after the markets closed on Dec. 28. He is also accused of tipping off his daughter Aliza, who sold $2.5 million of ImClone, and his father Jack, who sold $6.7 million of the stock ahead of the FDA news. Only Waksal has been charged; he denies wrongdoing...