Harlan Waksal Leaving ImClone - TheStreet

Harlan Waksal Leaving ImClone

He says the decision has nothing to do with concerns about the company's cancer drug.
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Harlan Waksal, the chief scientific officer of

ImClone Systems

(IMCL)

and brother of its disgraced founder Samuel Waksal, resigned from the company Monday, saying he wanted to pursue other challenges.

Harlan Waksal said the decision "has nothing to do with any concern about Erbitux, its testing or its regulatory process." Erbitux is the company's main experimental drug candidate for colon cancer and is widely expected to get regulatory clearance later this year.

Waksal was named chief scientific officer in April, around the time his brother was pleading guilty to insider trading and fraud charges, crimes which resulted in a seven-year prison sentence. Sam Waksal's attempts to sell ImClone shares after hearing about a regulatory setback for Erbitux in December 2001 set off a chain of events that also ensnared his friend, Martha Stewart, in scandal.

ImClone's shares closed at $34.23 on Friday, up 17 cents, or 0.5%.