Former ImClone CEO Sam Waksal Is Back
4 CommentsBy Ed Silverman // February 16th, 2010 // 5:25 pm
Samuel Waksal, whose ImClone Systems stock tips landed him and Martha Stewart in federal prison, is getting back into biotech by trying to raise $50 million for a new privately held biopharma company, according to a fund-raising prospectus obtained by TheStreet.
Kadmon I LLC, of which Waksal is managing member, would acquire, develop or license new drugs targeting cancer and infectious diseases. Kadmon is also in negotiations to acquire an unidentified drug company to use as its operational base, although binding agreements are not yet in place, according to the prospectus dated Feb. 3, TheStreet writes.
Waksal and the others hope to sell a 50 percent stake in Kadmon to investors for $50 million, although the offering could be increased to $175 million if demand exists, according to the prospectus. Waksal spokesman David Pitts says Kadmon is in early stages and therefore to offer any details “His basic idea is to pick up interesting drug compounds for development that other companies have orphaned,” a different person familiar with Waksal’s plans tells TheStreet.
David
I thought Waksal was not allowed to be involved with medical stuff anymore.
Just today I was at the library and thinking about checking out a book on Waksal’s impropriety…
Condor
Hello David —
Here is the SEC’s verified complaint against Waskal (I am always tempted to pronounce it as though Elmer Fudd were hunting him — “you wrasckally wrabbit“). . . .
One thing’s certain — he is prohibited from serving in any capacity to a public (SEC registered) company.
SO — this fund will not go public — at least not until he leaves his seat with it, or obtains a consent from the SEC, for relief from the prior judgement, showing that he has been “rehabilitated“.
The truth is, as ever, far stranger. . . .
Namaste
M. Black
Dosen’t mean much. He was pulling the string of “The Clone” through the visitors glass in his luxury cell, thru his brother and the visitors glass, or phone.
pharmavet
Sam has paid his dues. The guy was not a scientific dud. I’d give him a second chance to see if he can replicate the success of Erbitux.
http://www.accessdata.fda.gov/drugsatfda_docs/label/2009/125084s167lbl.pdf