NEW YORK ( TheStreet) -- Samuel Waksal, the former CEO of ImClone Systems whose insider stock tips landed him and friend Martha Stewart in federal prison, is getting back into biotech in a big way.
Waksal is trying to raise $50 million for a new privately held biopharmaceutical company, according to a confidential fund-raising prospectus obtained by TheStreet.
Kadmon I LLC, of which Waksal is managing member, would acquire, develop or license new drugs targeting cancer and infectious diseases. Kadmon is also in negotiations to acquire an unidentified drug company to use as its operational base, although binding agreements are not yet in place, according to the prospectus dated Feb. 3.
|Samuel Waksal, the former CEO of ImClone Systems|
"His basic idea is to pick up interesting drug compounds for development that other companies have orphaned," said a different person familiar with Waksal's plans, but who did not want to be identified because he's not authorized to speak on Waksal's behalf.