Harlan Waksal

The top two executives of ImClone Systems Inc. resigned amid federal tax and accounting investigations, the biotechnology company said late Tuesday. It is the latest blow to a company attempting to develop a breakthrough cancer drug. ImClone President and Chief Executive Harlan Waksal was asked to step down, the company said. Waksal, who served as chief operating officer before being named CEO, will remain with the company as its chief scientific officer.

The top two executives of ImClone Systems Inc. resigned amid federal tax and accounting investigations, the biotechnology company said late Tuesday. It is the latest blow to a company attempting to develop a breakthrough cancer drug. ImClone President and Chief Executive Harlan Waksal was asked to step down, the company said. Waksal, who served as chief operating officer before being named CEO, will remain with the company as its chief scientific officer.

Samuel and Harlan Waksal, the two brothers who ran ImClone Systems Inc., ordered shredders for the company's executive offices the day before the Securities and Exchange Commission requested corporate records in January, according to documents turned over to a congressional panel Friday. The documents do not show when the shredders arrived or whether the brothers shredded material requested by federal or congressional investigators.

Samuel and Harlan Waksal, the two brothers who ran ImClone Systems Inc., ordered shredders for the company's executive offices the day before the Securities and Exchange Commission requested corporate records in January, according to documents turned over to a congressional panel Friday. The documents do not show when the shredders arrived or whether the brothers shredded material requested by federal or congressional investigators.

* Harlan Waksal, brother of convicted inside trader Samuel D. Waksal, resigned as chief scientific officer of ImClone Systems Inc., the biotechnology company announced. * Hewlett-Packard Co. said it would adopt a "poison pill" provision to ward off unwanted suitors who pursue a hostile takeover. * Apple Computer Inc. co-founder Steve Wozniak said his new company, Wheels of Zeus Inc.

The former chief executive of biotechnology company ImClone Systems Inc. was arrested early Wednesday on charges of violating insider-trading laws--marking the most prominent such case in years and further sullying corporate America's image. Samuel Waksal, 54, who stepped down last month amid deepening questions about his family's trading of ImClone stock, was accused of tipping off two relatives to impending bad news about the company's top drug prospect.

Bristol-Myers Squibb Co. executive Brian Markison will be asked today about how he learned four days beforehand that regulators would reject a cancer drug developed by ImClone Systems Inc., Bristol-Myers' partner, said the chairman of the panel holding the hearing. The Food and Drug Administration on Dec. 28 rejected ImClone's application for Erbitux. Four days earlier, a FDA employee told a Bristol-Myers attorney Dec. 24 that the agency found the application flawed, said Rep. James C.

In an unprecedented public move, some of ImClone Systems Inc.'s outside directors will face questions Thursday from a House panel investigating the biotechnology company. The Energy and Commerce subcommittee wants to determine whether there are conflicts of interest and who had oversight when ImClone's failed application of its cancer drug Erbitux was disclosed publicly in December.

ImClone Systems Inc., whose stock had tumbled to a three-year low after failing to get its highly touted cancer drug cleared by federal regulators, said Samuel Waksal has resigned as chief executive and president.

Harlan Waksal, tapped three weeks ago to take the reins from his brother at struggling biotech ImClone Systems Inc., faces a week of grilling from shareholders and lawmakers about whether company executives defrauded investors while enriching themselves and those close to them. Tuesday, shareholders at the company's annual meeting are likely to take Waksal to task about ImClone's failure to alert them to potential delays in getting its experimental cancer drug, Erbitux, approved by regulators.

John Mendelsohn, the prominent cancer specialist who discovered ImClone Systems Inc.'s star experimental drug, Erbitux, on Monday ended his official affiliation with the company as a new board was elected. Shareholders chose a new board Monday at ImClone's annual meeting, and Mendelsohn did not seek reelection. He had been on the board since 1998. Mendelsohn, who is president of the M.D. Anderson Cancer Center in Houston, is the latest member to leave the board.

The highly public meltdown of ImClone Systems Inc. is casting the spotlight on Samuel Waksal, an immunologist and erstwhile film producer as comfortable with celebrities as with cells. The lanky chief executive, whose company is under investigation for allegedly misleading investors about its cancer drug, is a regular on Manhattan's social circuit, where he has been spotted with Martha Stewart, home decorating queen and mother of his former girlfriend, Alexis.