Subject:  ImClone science officer quits |
Author:
Zeusus
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Date Posted: 22:17:01 07/21/03 Mon
ImClone science officer quits
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Waksal brother's move fuels Bristol takeover speculation
Associated Press
Jul. 22, 2003 12:00 AM
NEW YORK - Harlan Waksal resigned Monday as chief scientific officer and director of ImClone Systems Inc., the company he helped launch, in a move that distances the company from its tainted founders and fueled speculation that the company may be more open to a takeover from corporate partner Bristol-Myers Squibb Co.
Waksal's resignation comes at a pivotal time for the company and surprised many corporate outsiders who have tracked ImClone's zigzagging fortunes over the past two years.
Waksal said he is leaving ImClone to pursue other opportunities and his decision was unrelated to the company's struggle to get its key cancer drug approved for U.S. sale.
"My departure has nothing to do with any concern about Erbitux, its testing or its regulatory process," Waksal said. "I chose to leave the company now because given the board's decision in late April to give me the duties of chief scientific officer, I feel that this is the right time in my life to pursue new challenges."
Waksal was demoted from chief executive in April amid federal tax and accounting investigations. At the time, it appeared he intended to stay with the company he launched with his now-disgraced brother, Sam Waksal, in 1984.
Sam, who served as chief executive until shortly before being indicted on federal securities fraud charges last year, was sentenced last month to seven years and three months in prison and ordered to pay more than $4 million in fines and back taxes. He pleaded guilty to charges related to tipping off his daughter to sell ImClone shares ahead of news that caused the shares to fall sharply.
The scandal also ensnared Martha Stewart, who has been charged with obstruction and conspiracy related to her sale of ImClone stock. Stewart has pleaded innocent.
Harlan was not charged or implicated in any crimes, and had said he wanted to remain with the company, at least until the Food and Drug Administration approved Erbitux, a treatment for colon cancer. ImClone and Bristol, which purchased 19.9 percent of the company as part of a $2 billion investment in 2001, said they will resubmit a marketing approval application to the FDA later this year and approval could come as early as next year.
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