Kadmon's CEO, Samuel Waksal
, said that the takeover will enable the company to widen its pipeline of oncology, infectious disease and immunology therapies.
, the founder of ImClone Systems Inc (New York) who spent five years in prison for insider trading, won permission from a judge to travel overseas as he seeks to resume a career in medical research and biotechnology.
The prosecutors charged that Stewart sold 3,928 shares of Imclone on December 27, 2001, a day before the negative ruling on Imclone's application for an experimental cancer drug, because she was tipped off by her friend and Imclone founder, Samuel Waksal
. Douglas Faneuil, former assistant to Bacanovic at Merrrill Lynch, told investigators that Bacanovic ordered him to tell Stewart that Waksal was selling his shares.
CEO Samuel Waksal
was arrested on insider trading charges; and WorldCom Inc.
One highly publicized case involved ImClone's CEO Samuel Waksal
. The SEC said Waksal told family members to sell the stock after the Food and Drug Administration failed to review its application for a cancer drug.
However, the government says that illegal inside information Stewart received from her close friend ImClone founder Samuel Waksal
was the real reason Stewart unloaded her ImClone shares and that Bacanovic changed his personal notes about the entire incident when Stewart was charged.
Ultimately, our publication of this letter led to a congressional investigation and the continuation of a broad inquiry that came to involve the home design guru Martha Stewart, an ImClone investor and a friend of the company founder, Samuel Waksal
The big insider trading scandal of 2002 came at drug maker ImClone, where CEO Samuel Waksal
and his family and friends sold company shares right before the company disclosed some bad news: the FDA was not going to examine its new cancer drug Erbitux.
The biotech firm was founded by Samuel Waksal
, a friend of Stewart's.
He questioned Stewart's claim that she had an agreement to sell her shares of ImClone Systems, a biotech company founded by her friend Samuel Waksal
, if the price fell below $60.
Stewart is close to ImClone's founder, Samuel Waksal
, who is charged with illegally tipping family members to sell their stock before the announcement.
, former chief executive of ImClone, was arrested June 12 on insider trading charges.