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August 3, 2011
What the Bottom of the Barrel Looks Like
Want some evil pharma/biotech executives to hate? Don't waste your time on the usual suspects. Go to Immunosyn and Argyll Biotechnologies; they're worth your while. Never heard of them, you say? Well, many of the people that have wish that they hadn't:
"These executives routinely authorized public filings that told investors a story about the status of the company's prized drug that was far different from the behind-the-scenes reality," said Merri Jo Gillette, Regional Director of the SEC's Chicago regional office. "Three of these executives went one step further to illegally profit from their tall tales by selling their company stock and reaping more than $20 million while repeatedly misleading investors about the drug.
Misleading, as in telling people that the lead drug was beginning clinical trials when it wasn't, was in the regulatory process in Europe when it wasn't, and neglecting to mention that its IND actually been placed on hold twice by the FDA and was basically going nowhere. And we haven't even gotten to the $300,000 worth of (undelivered) shares that were flogged to the hapless (and in some cases terminally ill) patients at a Texas "holistic clinic". Oh, these are some fine, fine specimens of humanity we're talking about
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