Biotech boss fakes cancer to avoid feds

First I read this in the Globe about a conference for area biotech investors

Industry leaders warned that the old model of forming a biotech company, shepherding a drug through development and years of clinical trials, and then selling the company to a pharmaceutical buyer may be played out.

Success will now require a survival mentality and a focus on remaining independent, said Barry Greene, president of Cambridge biotech Alnylam Pharmaceuticals Inc.

Then I read this about the Boston biotech boss who faked cancer to avoid the SEC. Survival mentality indeed.

BOSTON–A former executive of Biopure Corp. has been sentenced to three years in prison for pretending he had terminal cancer to dodge a federal lawsuit filed by securities regulators.

Howard Richman, a former vice president at the Cambridge-based biotech company, pleaded guilty to an obstruction of justice charge in March. He was sentenced Monday in U.S. District Court.

The 57-year-old Richman, of Pearland, Texas, admitted he had instructed his lawyers to tell a judge he was gravely ill with colon cancer.

 

 

 

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