"I don't understand how Kelly Martin could be so bullish on bapineuzumab based on this data. Did he mislead us all?"Kelly Martin, Elan's CEO, has a BIG credibility problem with Wall Street. Without naming names, let's just say that I saw a couple of Elan's largest institutional shareholders at the ICAD conference Tuesday night, and they looked like they wanted to take Martin into an alley and, well, you get the idea. In an interview with CNBC Wednesday morning, Martin tried to blame Elan's selloff on too-high expectations and investors who want simple answers to complex questions. That's laughable. It was Martin, himself, who set those high expectations for bapineuzumab, and the data aren't difficult at all to understand. And it's Martin who fostered an arrogant, insular culture at Elan where friends were rewarded and anyone who dared question the company was frozen out. Now he wants to blame investors for the bapineuzumab fiasco? How lame. And now, Martin has an even bigger problem on his hands because few investors will give him the benefit of the doubt when he tries to soothe investor nerves about Tysabri.
Feuerstein's Biotech-Stock Mailbag: Elan
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