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Posted On: 03/24/2018 4:52:59 PM
Post# of 72443
Unfortunately DNDN no longer exists under that name, and I didn't feel like spending a lot of time searching for an old chart.
However, as a quick summary -- DNDN developed "Provenge," customized for each prostate cancer patient using their blood cells, to the tune of $110k per treatment. The FDA did not approve it, despite great efficacy, because although the initial review committee approved it unanimously, the FINAL review committee (normally a rubber stamp) refused approval. Why? Because one of the people on the final committee was working on a RIVAL DRUG.
After the prospective patients organized and made a big enough stink that a couple of senators announced they were going to hold committee hearings, magically the FDA decided to take another look, and approved it.
Anyone who was short the stock must have had an, um, interesting morning when it opened at 21 after closing at 7 the night before.
EDIT: what happened to the guy whose conflict of interest caused the drug not to be approved initially, and who undoubtedly cost some people their lives?
Nothing.
However, as a quick summary -- DNDN developed "Provenge," customized for each prostate cancer patient using their blood cells, to the tune of $110k per treatment. The FDA did not approve it, despite great efficacy, because although the initial review committee approved it unanimously, the FINAL review committee (normally a rubber stamp) refused approval. Why? Because one of the people on the final committee was working on a RIVAL DRUG.
After the prospective patients organized and made a big enough stink that a couple of senators announced they were going to hold committee hearings, magically the FDA decided to take another look, and approved it.
Anyone who was short the stock must have had an, um, interesting morning when it opened at 21 after closing at 7 the night before.
EDIT: what happened to the guy whose conflict of interest caused the drug not to be approved initially, and who undoubtedly cost some people their lives?
Nothing.
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