Wednesday June 12, 8:37 am Eastern Time
Reuters Business Report
Report: Former ImClone CEO Is Arrested
NEW YORK (Reuters) - Sam Waksal, the former chief executive of embattled biotech firm
ImClone Systems Inc. (NasdaqNM:IMCL - News), has been arrested on insider trading charges, according to CNBC.
ImClone is battling allegations from some shareholders that it misled them about Erbitux's prospects for reaching the market.
Securities regulators and congressional investigators are probing whether top management, and those close to them, benefited
from improper trading in the company's shares.
A spokesman for Sam Waksal, and ImClone officials, would not comment on the matter.
ImClone's shares have fallen more than 80 percent since December when U.S. regulators unexpectedly declined to review the
company's marketing application for Erbitux, saying the drug's clinical trials were flawed. Erbitux is ImClone's only hope for a
marketable product in the near future.
Reuters Business Report
Report: Former ImClone CEO Is Arrested
NEW YORK (Reuters) - Sam Waksal, the former chief executive of embattled biotech firm
ImClone Systems Inc. (NasdaqNM:IMCL - News), has been arrested on insider trading charges, according to CNBC.
ImClone is battling allegations from some shareholders that it misled them about Erbitux's prospects for reaching the market.
Securities regulators and congressional investigators are probing whether top management, and those close to them, benefited
from improper trading in the company's shares.
A spokesman for Sam Waksal, and ImClone officials, would not comment on the matter.
ImClone's shares have fallen more than 80 percent since December when U.S. regulators unexpectedly declined to review the
company's marketing application for Erbitux, saying the drug's clinical trials were flawed. Erbitux is ImClone's only hope for a
marketable product in the near future.