The cell game : Sam Waksal's fast money and false promises--and the fate of ImClone's cancer drug

It began with a promising cancer drug, the brainchild of a gifted researcher, and grew into an insider trading scandal that ensnared one of America's most successful women. The story of ImClone Systems and its ''miracle'' cancer drug, Erbitux, is the quintessential business saga of the late 1990s. It's the story of big money and cutting-edgescience, celebrity, greed, and slipshod business practices; the story of biotech hype and hope and every kind of excess. At the center of it all stands a single, enigmatic figure named Sam Waksal. A brilliant, mercurial, and desperate-to-be-liked entrepreneur, Waksal was addicted to the trappings of wealth and fame that accrued to a darling of the stock market and the overheated atmosphere of biotech IPOs. At the height of his stardom, Waksal hobnobbed with Martha Stewart in New York and Carl Icahn in the Hamptons, hosted parties at his fabulous art-filled loft, and was a fixture in the gossip columns. He promised that Erbitux would ''change oncology,'' and would soon be making $1 billion a year. But as Waksal partied late into the night, desperate cancer patients languished, waiting for his drug to come to market. When the FDA withheld approval of Erbitux, the charming scientist who had always stayed just one step ahead of bankruptcy panicked and desperately tried to cash in his stock before the bad news hit Wall Street. Waksal is now in jail, the first of the Enron-era white-collar criminals to be sentenced. Yet his cancer drug has proved more durable than his evanescent profits. Erbitux remains promising, the leading example of a new way to fight cancer, and patients and investors hope it will be available soon. Title Page 3 Dedication Page 4 Epigraph Page 5 Contents 7 Prologue 9 Part One: The $2 Billion Antibody 13 Chapter One: Cancer Cells Are Smart 15 Chapter Two: The Idea of the New 29 Chapter Three: Family Business 54 Chapter Four: The “Miracle” 79 Chapter Five: Small and One-Armed 101 Chapter Six: A Very High-Risk Opportunity 129 Chapter Seven: The $2 Billion Antibody 152 Part Two: Refusal To File 177 Chapter Eight: The Letter 179 Chapter Nine: “We Screwed Up” 197 Part Three: Clinical Trial 215 Chapter Ten: Inquiries 217 Chapter Eleven: The Disconnect That Wouldn't Go Away 231 Chapter Twelve: Who Knew What and When? 247 Chapter Thirteen: Coincidences Piling Up 273 Chapter Fourteen: In the Light of October 289 Part Four: The Once And Future Miracle Drug 323 Chapter Fifteen: Art, Death, and Taxes 325 Chapter Sixteen: Icarian Actions 347 Epilogue 367 Notes 381 Index 405 Acknowledgments 426 About the Author 430 Credits 431 Copyright 432 About the Publisher 433 A Behind-the-scenes Profile Of Biotech Company Imclone Profiles Sam Waksal As A Charismatic Opportunist Who Led Cancer Patients To Believe That A Breakthrough Treatment Was Imminent, Citing The Contributions Of Key Investors, Researchers, And Business Affiliates. The $2 Billion Antibody. Cancer Cells Are Smart ; The Idea Of The New ; Family Business ; The Miracle -- Small And One Armed ; A Very High-risk Opportunity ; The $2 Billion Antibody -- Refusal To File. The Letter ; We Screwed Up -- Clinical Trial. Inquiries ; The Disconnect That Wouldn't Go Away -- Who Knew What And When? ; Coincidences Piling Up ; In The Light Of October -- The Once And Future Miracle Drug. Art, Death, And Taxes ; Icarian Actions. Alex Prud'homme. Includes Index. Includes Bibliographical References And Index. Six feet tall, trim, with white hair, a long-featured face, and intelligent hazel eyes, Dr. John Mendelsohn was one of the most accomplished cancer fighters in the world.