Biotech mogul Sam Waksal, known for his involvement in the ImClone insider trading scandal that also implicated Martha Stewart, is facing new allegations in a bombshell lawsuit. According to the complaint filed in federal court in Manhattan, Waksal allegedly tested an illegal “swine drug” treatment on a child with epilepsy. The lawsuit claims that Waksal, who is not a medical doctor, imported the veterinary drug along with other “unapproved ingredients” from Colombia to treat a “severely ill” child whose mother worked for his former company, Equilibre Biopharmaceuticals.
The lawsuit further alleges that Waksal monitored the child’s response to the drug in an attempt to develop a similar product for Equilibre. The dosing reportedly took place over several months and came to light when a whistleblower within the company exposed the scheme in 2022. The health status of the child is currently unknown.
In addition to the illegal drug testing, the whistleblower also accused Waksal of sexual harassment and creating a hostile work environment. These allegations, however, were not detailed in the lawsuit.
Sam Waksal, now 77, made headlines in 2001 when he sold off his ImClone shares after learning that the FDA would not approve the company’s cancer drug. This led to his conviction on securities fraud charges and a five-year prison sentence. Martha Stewart, who also sold her ImClone shares before they plummeted in value, served five months in prison for lying about her involvement in the scandal.
Waksal declined to comment on the recent allegations but provided text exchanges between himself and the mother of the child, where she allegedly acknowledged the risks involved in the treatment. The lawsuit claims that Waksal administered the drug despite knowing it was not approved for human use by the FDA.
The lawsuit names Waksal, three Equilibre directors, and another biotech firm owned by Waksal, Graviton, as defendants. It accuses them of “reckless disregard for legal, ethical, and corporate governance standards.” The complaint also alleges that Waksal sabotaged Equilibre after his forced resignation in 2022, diverting investors to Graviton and transferring Equilibre’s assets to his other company.
Equilibre ultimately filed for bankruptcy protection in 2023, and a US trustee representing the creditors is seeking at least $150 million in damages. Graviton, in response to the lawsuit, stated that the allegations are without merit and that they will vigorously defend against them.
The lawsuit has brought to light a troubling chapter in Sam Waksal’s career, raising questions about ethical standards and corporate governance within the biotech industry. The outcome of the legal proceedings will likely have far-reaching implications for Waksal and his companies. The COVID-19 pandemic has brought about unprecedented changes in the way we live, work, and interact with each other. One of the most noticeable changes has been the shift towards remote work, with many businesses and organizations opting to have their employees work from home to prevent the spread of the virus. While this shift has been necessary for public health reasons, it has also had a number of unexpected benefits.
One of the biggest benefits of remote work has been the increase in productivity for many employees. Without the distractions of a traditional office setting, employees have been able to focus more on their work and complete tasks more efficiently. In fact, a recent study found that remote workers are 35-40% more productive than their in-office counterparts.
Additionally, remote work has also led to a more flexible work schedule for many employees. With no commute to worry about, employees have been able to set their own hours and work when they are most productive. This has led to a better work-life balance for many, as they are able to spend more time with their families and pursue hobbies and interests outside of work.
Another unexpected benefit of remote work has been the positive impact on the environment. With fewer people commuting to work, there has been a significant reduction in carbon emissions and air pollution. In fact, a recent study found that the decrease in air pollution during the pandemic has saved an estimated 77,000 lives in China alone.
Remote work has also had a positive impact on mental health for many employees. Without the stress of commuting and the distractions of a busy office, many employees have reported feeling less anxious and more focused on their work. In fact, a recent survey found that 83% of employees who work remotely reported lower stress levels compared to when they were working in an office.
While remote work has certainly had its challenges, such as feelings of isolation and difficulty separating work from home life, the benefits have been clear. As we continue to navigate the challenges of the COVID-19 pandemic, remote work may become a more permanent fixture in the way we work. And with its many benefits, it may just be a change for the better.
