BOSTON (TheStreet) -- In the sordid annals of biotech bamboozlement, Introgen Therapeutics stood apart.
Throughout the mid-2000s, Introgen repeatedly misled investors about the data generated in clinical trials of its cancer gene therapy Advexin. Company executives made false promises to investors about Advexin's path to FDA approval.
Introgen kept the Advexin charade alive until 2008 when the FDA slammed the door shut, refusing to even review the drug's approval application.
Introgen's stock price plummeted, and shareholders lost everything. In 2009, Introgen dissolved as a bankrupt biotech failure. Incredibly, Introgen is trying to make a comeback amid the unchecked investor optimism for all things biotech.
On Monday, MultiVir filed papers with the Securities and Exchange Commission seeking to raise $70 million in an initial public offering. If the IPO is successful, the company intends to trade under the ticker MVIR.
MultiVir is Introgen version 2.0. The same executives. The same gene therapy cancer drugs in the pipeline. The only difference between MultiVir and Introgen is the new corporate name.
RBC Capital Markets is the lead investment bank managing the MultiVir IPO. Apparently, the current biotech bull (bubble) market justifies an attempt by one of the sector's worst castoffs to attempt to bamboozle investors a second time.