Sample Term Paper

Words 2,130

ImClone, a biotechnology company founded by Samuel Waksal, a friend of Martha Stewart, submits a Biologics Licensing Application (BLA) for its colon cancer drug Erbitux. A BLA is the first step in the getting a drug approved by the Food and Drug Administration. The FDA has 60 days to evaluate the application. If the agency accepts it, it will review the drug for approval on October 31st, 2001.

Shares of ImClone hit their highest price on 6th December 2001 of $75.45 since an October 2000 stock split. According to Martha, she had conversation Peter Bacanovic, regarding which stocks in her portfolio she wants to sell around the time when ImClone was $74 a share. Abruptly on December 24, Peter Bacanovic sells Martha Stewart’s stock in 22 companies. On 12th of December Peter Bacanovic prints out a worksheet from Martha Stewart’s portfolio reflecting the market value of each stock as of its closing price on 12/20. Soon Sam Waksal came to know that the FDA will reject the BLA for Erbitux, according to the SEC.

Key players

Martha Stewart, 61, the guru of domestic style and gracious living. Chairman and CEO of Martha Stewart Living Omnimedia. Sold 4,000 shares of ImClone Systems Inc. on Dec. 27, 2001 — the day before bad news on an ImClone drug from government regulators sent the stock price tumbling. Indicted Wednesday on securities fraud and obstruction of justice charges.

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