Word: erbitux
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Dates: during 2002-2002
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...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...
...Erbitux, though, promised to wash those troubles away. Last October Sam and Harlan sold stock for $57 million and $54 million, respectively, as part of a deal with Bristol-Myers. But Harlan followed up with a second sale worth $50 million on Dec. 6--just two days after the FDA first privately indicated to ImClone that there might be problems with the Erbitux application. His attorney told the Los Angeles Times that the timing of that sale was "coincidental...
...dispute that Erbitux has great potential, and Sam Waksal's supporters say he deserves the credit. "Erbitux would not have gotten this far, this fast, without Sam," says Icahn, who held ImClone shares last year but sold them months before the FDA rejection. It was in April 1999 that Shannon Kellum, 28 and diagnosed with incurable colon cancer, began taking Erbitux. Within months her tumors had shrunk to a fifth their previous size. Much of the hype around ImClone was built on that one success. ImClone was so eager to cash in that, according to the FDA, it mishandled...