Word: lambert
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According to Warner-Lambert, which has U.S. marketing rights to the drug, a National Institute on Aging study of 200 patients at 16 hospitals found that among those receiving tacrine, more than 40% showed some improvement in performing mental or physical tasks. Based on this and other data, the company asked the FDA last March for approval to market tacrine as the first drug treatment for Alzheimer...
After that request was rejected by the FDA's advisory panel, the agency suggested that Warner-Lambert apply for more limited marketing, the strategy used to release the AIDS drugs. Under the plan reviewed last week, up to 50,000 patients would have been given the drug under close scrutiny. But the advisory panel's vote on lack of efficacy made the plan moot for now. "There was concern that a very bad precedent could be set if the scientific standards were lowered," says Steven Ferris, a neurobiologist at New York University Medical Center, who chaired the committee. The group...
After a year of seemingly endless legal trauma for Drexel Burnham Lambert and Michael Milken, each got unexpectedly favorable news last week. Federal Judge Kimba Wood recommended that the former junk-bond king be eligible for parole after serving only 36 to 40 months of the 10-year sentence she imposed on him for securities violations. Wood based her decision on the financial damage done to investors and companies as a result of Milken's confessed misdeeds, which she calculated to be $318,000, less than a day's pay during Milken's highest-flying years and far less than...
Most Outrageous Bonus Just two months before declaring bankruptcy, the investment firm Drexel Burnham Lambert handed out $260 million in bonuses to its employees. Some reaped as much as $10 million. The total was more than twice what the company could have used at the last minute to avoid defaulting on its debts...
...pleaded guilty last April to six of 98 counts of securities violations and agreed to pay a record $600 million in fines and restitution. The defense tactic helped precipitate an unusual two-week presentencing hearing that showed Milken's operations at the now defunct Wall Street firm Drexel Burnham Lambert to have been riddled with unlawful activities. Significantly, the new testimony did nothing to refute the government's claim that Milken had encouraged Drexel employees under him to destroy or remove incriminating documents. Moreover, Liman's strategy precluded Wood from crediting Milken for any real remorse. Said Wood: "Your crimes...