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ImClone Scandal

Martha's trade in Imclone was too well timed, she lied to investigators, and now she's an ex-convict. See her trade, or browse the chronology to investigate other insider transactions.

ImClone (IMCL) Chronology of Events (choose date for trade) oldest to newest newest to oldest	ticker for trade in other company
2000-03-01: ImClone stock reaches all-time high of $78.75 amid a boom in biotech stocks and encouraging results from early trials of Erbitux.
2000-05-01: Sam Waksal presents case of Shannon Kellum at the American Society of Clinical Oncology (ASCO). After other treatment failed, Kellum took Erbitux and had two large tumors the size of grapefruits reduced to the size of a pea and surgically removed.
2001-02-01: FDA grants Erbitux "fast-track" approval, which allows a company to seek regulatory approval for a potentially life-saving drug based on small trial as opposed to traditional trials.
2001-05-01: ImClone releases late stage data on Erbitux at ASCO, showing the drug helped 22.5 percent of patients who failed to respond to all other treatments.
2001-07-01: ImClone lends money to the Waksals so that they can exercise stock options to acquire 2.1 million shares at about $8 a share. At that time, the stock traded publicly for more than $40 each.
2001-10-31: ImClone submits a completed drug application for Erbitux. The FDA has 60 days to decide to accept or reject the filing.
2001-12-06: Stock trades at $75.45, its highest level since its all-time high in March 2000 as investors anticipate approval of Erbitux by early 2002.
2001-12-12: ImClone, Bristol-Myers meet with FDA on Erbitux, their last meeting with regulators before receiving official news the FDA would not review Erbitux.
2001-12-27: Family and close friends of Sam Waksal sell almost $3 million worth of stock, including Sam's daughter Aliza Sells and Martha Stewart, the home style guru and friend of Sam Waksal. The stock closes at $58.30. Aliza's share sales were not revealed until March 2002 and the rest were not revealed until early June.
2001-12-28: ImClone announces that the U.S. Food and Drug Administration rejects the application for Erbitux saying the trials did to satisfy requirements. The stock fell 15 percent in the following day's trading.
2002-01-04: An industry newsletter publishes details of the FDA's refusal-to-file letter for Erbitux, showing the agency raised concerns about potential for new trials and incomplete justification for the proposed dose of Erbitux, among other things.
2002-01-07: First of several shareholder lawsuits filed against ImClone, claiming management misled investors about Erbitux's prospects for reaching the market in early 2002. ImClone stock closed at $35.83.
2002-01-09: ImClone CEO Sam Waksal acknowledges at a biotechnology conference the company may need to conduct new trials of Erbitux because key data was not collected.
2002-01-18: The House Energy and Commerce Committee launches probe into ImClone's conduct surrounding the handling of the Erbitux application. ImClone stock closes at $21.15.
2002-01-25: U.S. Securities and Exchange Commission and the U.S. Justice Department launch probe into ImClone.
2002-02-05: Bristol-Myers demands restructuring of Erbitux deal with ImClone, including the ouster of ImClone's senior management. ImClone says it will review proposal. ImClone's stock closes at $16.98.
2002-02-14: Sam Waksal notifies the Securities and Exchange Commission for the first time of 50 trades he made in ImClone stock going back as far as 1992, transactions that should have been reported within months of their execution.
2002-02-26: ImClone, Bristol-Myers meet with FDA about Erbitux. FDA agrees to reconsider Erbitux application if supported with solid data from the drug's trials in Europe.
2002-03-05: ImClone, Bristol-Myers agree to restructure their $2 billion deal. Bristol takes charge of the Erbitux application.
2002-05-16: ImClone's European partner, Merck KGaA, refuses to expand their Erbitux trials in a way that would support ImClone and Bristol-Myers' U.S. application. ImClone and Bristol say they will conduct their own, new, trials.
2002-05-22: Sam Waksal resigns as CEO of ImClone, citing distractions caused by shareholder lawsuits and intense media focus into his private affairs. Sam's brother Harlan Waksal takes over as CEO. ImClone delays annual meeting with shareholders by nearly three weeks to June 11.
2002-06-04: Congressional investigators issue subpoena for Sam Waksal to appear at June 13 hearing looking into the company's development and promotion of Erbitux.
2002-06-10: ImClone stock trades at $6.55, a three-year low.
2002-06-11: At ImClone's annual meeting, CEO Harlan Waksal admits that the marketing application for Erbitux was inadequate and that the company's credibility was severely damaged as a result.
2002-06-12: Sam Waksal, the former chief executive of embattled biotech firm ImClone System Inc., was arrested on Wednesday on charges of insider trading, marking the the latest development in the company's downward spiral after U.S. regulator's rejected ImClone's experimental cancer drug late last year.
2002-09-19: Bristol-Myers Squibb Co. agrees to pay ImClone up to $2 billion for a 20 percent stake in the company and for rights to sell cancer drug Erbitux in the U.S and Canada. The tender offer valued ImClone at $70 per share. Bristol-Myers on conference call announcing the deal says that Erbitux will be approved in early 2002.
2002-10-29: ImClone executives and directors sell a combined 2.1 million company shares to Bristol-Myers for $150 million. Sam Waksal sells 814,674 shares and Harlan Waksal sells 776,450 shares or just more that 20 percent of each of their holdings.
2003-06-05: Martha Stewart indicted on securities fraud.

ImClone (IMCL) Chronology of Events

ImClone (IMCL)
Chronology of Events