) --The Worst Biotech CEO of 2010 is Dan Bradbury of
biotech readers have spoken, and Bradbury, stung by the FDA's rejection of Amylin's diabetes drug in October, garnered 39% of the votes in the
Runner-up was Steven Engle of
with 36% of the vote. Third place went to
chief executive Jack Lief, with 18%, while just 7% of readers thought
Brian Pereira was worthy of the (dis)honor.
More than 2,100 votes were cast overall, many of them I strongly suspect by Arena supporters waging a Chicago-style campaign (vote once, twice, three times!) to keep their beloved leader Lief from snagging the top spot.
Rules are rules, so Bradbury takes home the Kelly Martin Trophy as the worst biotech CEO of 2010. If it's any consolation, 2009 recipient Henri Termeer of
( GENZ) rebounded from his embarrassing leadership failure to have a much better 2010. Hopefully, Bradbury can do the same in 2011.
Notice I changed the name attached to the worst biotech CEO hardware.
CEO Kelly Martin's moniker now adorns the trophy as a gesture to appease the scores of angry Elan shareholders who rattled my email in-box this week for failing to name Martin as a two-time worst biotech CEO winner. (Martin won the first award in 2008.)
Memo to Martin: Your shareholders aren't happy! They accuse you of wasting company money and receiving too many gold-plated executive perks. They believe you're doing a lousy job marketing the multiple sclerosis drug Tysabri and excoriate you for dealing away the Alzheimer's drug bapineuzumab to
Johnson & Johnson
Martin has already announced plans to step down from his leadership role at Elan in 2012, but perhaps sooner would be better?
More than a few readers wondered why
CEO Jim Bianco wasn't considered for the Kelly Martin Trophy. My response: Bianco is almost too easy a pick. If and when I raise the money to build a Biotech CEO Hall of Shame, Bianco will be among the first inductees. I already
, so tagging him with the worst CEO mantle this year seemed redundant.
Other worthy biotech CEO (dis)honorees this year:
- Hemispherx Biopharma (HEB) CEO William Carter for the Ampligen flim flam
- Osiris Therapeutics (OSIR) - Get Report CEO Randy Mills for being incapable (or unwilling) to acknowledge the failure of his phase III studies
- Cypress Biosciences'( CYPB) Jay Kranzler for ignoring the will of his shareholders
- Cel-Sci (CVM) - Get Report CEO Geert Kersten for the Multikine phase III circus act.
- AspenBio Pharma (APPY) Stephen Lundy for the AppyScore blow-up
- Medivation (MDVN) CEO David Hung for trusting Russian clinical data
- Lexicon Pharmaceuticals (LXRX) - Get Report CEO Arthur Sands, because too many of my readers dislike you. (And my readers are smart people.)
--Written by Adam Feuerstein in Boston.
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Adam Feuerstein writes regularly for TheStreet.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. Feuerstein appreciates your feedback;
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