Imclone Systems
Title: Imclone Systems
Category: /Law & Government
Details: Words: 818 | Pages: 3 (approximately 235 words/page)
Imclone Systems
Category: /Law & Government
Details: Words: 818 | Pages: 3 (approximately 235 words/page)
Late in the afternoon of December 28, 2001, the fax machine at the SoHo offices of ImClone Systems, spit out a stunning announcement. Citing sloppy data and poor research design, the FDA had spiked the company's application to file for approval for its much-anticipated cancer drug, Erbitux. For the officers and employees of the hot young biotech firm, it was a very bad day -- and the start of two very bad years.
One month later, in
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says, "instilled more camaraderie than it destroyed. It was almost a moral booster. Because we thought, 'If we can rise to meet this challenge and succeed, we're incredible.' "
Lynch and his brave-hearted crew finally had their celebration earlier this year, when the FDA approved Erbitux for patient use. Even the buttoned-up CEO risks a smile at the memory. "When it actually happened, it was mind-blowing. Like having a child." This time, there was champagne.