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Resource ID: #19450
Source:The Street.Com (New York), IN)
An investigation by The Street.com revealed questions over ImClone Systems handling of its drug Erbitux, long before an early morning raid in June 2002 that ended with the company's CEO, Sam Waksal, handcuffed by police. In late 2001, The Street.com reported on a sweetheart loan that went to Waksal during negotiations with Bristol-Myers. It also reported that something was amiss with the Erbitux application two weeks before the Food and Drug Administration rejected the application. Throughout 2002, while others focused on the insider trading scandal involving Waksal and Martha Stewart, The Street.com remained focused on ImClone and "the trouble it was having getting Erbitux back on track.