The Dendreon Effect (Paperback)
A riveting tale of how shady investors and crooked brokerages conspired to manipulate the shares of a small drug compnay with some innovative ideas about how to develop cancer drugs. And a blueprint f...
ITEM#: 13370793A riveting tale of how shady investors and crooked brokerages conspired to manipulate the shares of a small drug compnay with some innovative ideas about how to develop cancer drugs. And a blueprint for how these bad actors do the same to other firms...and rip off ordinary investors. Unlike other books on finance, this reads like a thriller or a conspiracy yarn?but it's all true!
|Genre||BUSINESS & ECONOMICS / Finance|
|Publisher Date||2011-12-14 00:00:00.0|
|Unit weight||0.8 lb|
|Subtitle||How Felons, Con-Men and Wall Street Insiders Manipulate High-tech Stocks|
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As someone who has followed the Dendreon Saga since 2006, what Mark Mitchell has described is nothing less than a tragedy of major proportions. Bernie Madoff may have stolen $56 billion from unsuspecting clients, but those responsible for the heinous crimes described by Mitchell contributed to the early painful deaths of tens of thousands of men, many of whom could have been helped if they had had access to Dendreon's revolutionary immunologic treatment, Provenge. The treatment, for those who are not familiar with it, provides a median 4.1-month's life extension, which was the basis for its approval by the FDA in 2010. That means that half of the patients in the pivotal Phase III trial lived longer than 4.1 months. In fact, some have lived 7 or more years longer. The fact is, three years after receiving Provenge, there's a 38% improvement in survival in patients that have received Provenge compared to those patients in the controlled arm (32% of patients in the Provenge arm are alive vs. 23% in the controlled arm). So, the treatment is durable I bring up these facts so that you will understand why Mitchell is so incensed, not only by the actions of the FDA (or better, the agency's 'inactions') as well as the behind-the-scene actions of certain government employees and highly conflicted (and named) special government employees (i.e., consultants to the FDA serving on advisory committees) to thwart Provenge's approval. Even though the Provenge Advisory Committee convened on March 29, 2007 RECOMMENDED approval, the FDA sent Dendreon back to the drawing board for more data. The agency could have given Conditional approval to the treatment, thereby making it available while the company collected the additional data. But efforts mounted by several parties named by Mitchellefforts that included a secret meeting held at the FDA immediately after the Provenge Advisory Committee Meeting to discuss strategy, letters leaked to the press (a version of one was found on the government-owned computer of an NCI researcher), and other tactics used to stop Provengemake this book look like something out of a mystery thriller . . . except in this case, the dead, though unseen, are dead, nonetheless. And, as I said, they number in the tens of thousands. We also learn, and here is where Mitchell has absolutely excelled, that seven hedge funds had place counterintuitive trades following the Provenge Advisory Committee meeting . . . including the hedge fund run by (are you ready for this?) . . . Bernard L. Madoff. Why do I say counterintuitive? Because the advisory committee had just voted that Provenge not only was SAFE, but also, had demonstrated SUBSTANTIAL EFFICACY. So, what did Madoff and the others know about the FDAs real intentions, from whom did they learn it, and when did they find out that the agency had no intention whatsoever of approving the treatment? The question I want answered, and indeed, the one Hon. Preet Bharara, US Attorney for the Southern District of New York, should be focusing on is: from whom did they learn it? If this isnt a classic case of insider trading, then I cant think of another in recent memory. This book should be read by anyone who wants to lift the rocks on Washington and Wall Street and see what the cockroaches have been up to. Its not pretty, and what it says of these two institutions and humankind will turn your stomach. The men who died waiting for Provenge deserved better. At the least, they deserve justice. I give this book TEN stars out of five!Read More
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