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TheStreet Open House

Early Data Peek Puts Esperion Shares in a Jam

I'm sure frustrated Esperion shareholders are happy with this attitude. Apparently, rules set down by medical journal editors living in an ivory tower -- and not in the real world -- trump the financial interests of the company and its shareholders.

And you'd think Esperion management would be especially sensitive to the needs of their shareholders, given that the company was embroiled in the stock trading scandal involving hedge fund manager Scott Sacane and his Durus Capital Management.

The JAMA article discussing results from the ETC-216 study was to be released publicly Tuesday night. Esperion is holding a conference call to discuss the results, and presumably, to defend the drug and the data. (I discussed the results earlier today in the Columnist Conversation.)

At this point, I'm not as concerned over whether the ETC-216 data are positive or not, or whether investors who got an early peek interpreted the data correctly. What irks me is that medical journals like JAMA (or as I've written previously, medical research groups like the American Society of Clinical Oncology), continue to ignore the serious financial ramifications caused by their practices.

Simply put, medical research moves stocks. How can journals like JAMA ignore that fact?

Adam Feuerstein writes regularly for RealMoney.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. He invites you to send your feedback.
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