Biotech Notebook: Progenics, Wyeth

Now, Clarke isn't an executive officer at Introgen, but still, he's important enough to warrant a mention in the company's annual proxy statement, which means his departure is probably a material event and therefore worthy of disclosure to investors.

That's something Introgen failed to do in a timely basis, so just add this red flag to the forest of red flags already sprouting from the company's Austin, Texas-based headquarters.

(Cell Therapeutics CTIC pulled this kind of stunt back in 2003, as I reported at the time.)

More fun stuff from Introgen's proxy statement: Chairman and CEO David Nance was awarded a $100,000 bonus in 2007. For what, I'm not sure, since once again Introgen failed to meet its biggest corporate goal -- filing an approval application with the FDA for its head and neck cancer drug Advexin.

Nance's total compensation for 2007: $1.84 million. Not bad, even though his total pay package fell from the $2.71 million he earned in 2006. I guess this was the way his oh-so-independent board of directors punished him for poor performance.

Speaking of (non) disclosure and board members, here's how Nance described the recent addition of director Robert "Bob" Pearson to the company's board of directors.

"The addition of Bob Pearson to Introgen's Board of Directors ensures the company will continue to benefit from a diversity of knowledge and opinions," Nance said in a statement. "With strong leadership skills, extensive management experience, and proven track record moving investigational compounds to successful pharmaceutical products -- Bob is a perfect addition to our Board."

Did Pearson really have an active role in "moving investigational compounds to successful pharmaceutical products?"