{"id":332277,"date":"2010-02-17T14:40:54","date_gmt":"2010-02-17T19:40:54","guid":{"rendered":"http:\/\/blogs.wsj.com\/health\/2010\/02\/17\/imclones-waksal-is-back-seeking-investors-for-new-venture\/"},"modified":"2010-02-17T14:40:54","modified_gmt":"2010-02-17T19:40:54","slug":"imclone%e2%80%99s-waksal-is-back-seeking-investors-for-new-venture","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/332277","title":{"rendered":"ImClone\u2019s Waksal Is Back, Seeking Investors for New Venture"},"content":{"rendered":"

\"waksal\"Sam Waksal, the founder of ImClone Systems who fell from grace before the company became $6.5 billion takeover property<\/a> for Eli Lilly, is back in the biotech world, trying to raise $50 million for a start-up, according to TheStreet.com<\/a>.<\/p>\n

Waksal (pictured at right in 2003) has an up-and-down bio highlighted by getting Imclone’s cancer drug Erbitux on the road to market. His lowlight came with a guilty plea to insider-trading charges for selling ImClone shares knowing FDA was going to issue a negative report on the drug before the agency’s eventual approval of it. Lifestyle diva Martha Stewart<\/a> also avoided losses by selling ImClone shares, leading to her conviction on obstruction of justice charges.<\/p>\n

Now Waksal wants to buy, develop or license new drugs aimed at cancer or infectious diseases, according to a prospectus being circulated to potential investors, according to TheStreet. It says $50 million would buy a 50% stake in the venture, which is called Kadmon.<\/p>\n

Kadmon spells out its plans this say, TheStreet says:<\/p>\n

\n

We intend to replace the traditional, quantitative development paradigm of the pharmaceutical industry with a model that seeks out the most innovative elements of academia, and innovative activities in the private sector, dramatically increasing the number of high-value drugs we discover and develop, while keeping costs to a fraction of the industry mean.\n<\/p>\n<\/blockquote>\n

Meanwhile, Lilly and Bristol Myers, which co-markets the drug, are trying to get it approved for an expanded list of uses<\/a>. Erbitux produced 2009 revenue of $390.8 million of Erbitux, Lilly says.<\/p>\n

Photo: Bloomberg News<\/em><\/p>\n

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<\/p>\n","protected":false},"excerpt":{"rendered":"

Sam Waksal, the founder of ImClone Systems who fell from grace before the company became $6.5 billion takeover property for Eli Lilly, is back in the biotech world, trying to raise $50 million for a start-up, according to TheStreet.com. Waksal (pictured at right in 2003) has an up-and-down bio highlighted by getting Imclone’s cancer drug […]<\/p>\n","protected":false},"author":792,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-332277","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/332277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/792"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=332277"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/332277\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=332277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=332277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=332277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}