Chapter 2. Saving $45,000

It was early December 2001. For Sam Waksal, founder of ImClone, one of the hottest biotech companies around, it finally looked like he was going to get out from under his financial problems. He had largely kept those problems a secret. Partly, he had felt it was no one else's business; and partly, he had convinced himself that a miracle was about to happen.

The miracle was called Erbitux, the odd-sounding name for the colon cancer drug that ImClone was about to launch. All signs indicated that Erbitux would set the medical world afire: The drug had just appeared on the cover of BusinessWeek. The Food and Drug Administration had accelerated its lengthy, frustrating process for approving a drug in order to speed up the ...

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