|  |
|
All messages are published
with permission of the sender.
The general topic of this message is Health:
|
|
Subject:
FDA Delays Cancer Treatment - Money, Power & Greed?
To:
Rep. Neil Abercrombie
Sen. Daniel Inouye
Sen. Daniel Akaka
May 27, 2007
There is a new safe, effective prostate cancer treatment (PROVENGE) available for late-stage prostate cancer patients whose only treatment option currently is chemo-therapy which has such horrendous side effects that 50% of the patients decline it in favor of death with dignity. There have been several trials completed that showed 11% of patients still living when treated only with a placebo and 34% still living when treated with PROVENGE after 24 months. Oncologists and patients have been eagerly looking forward to the availability of this new Treatment which is a "cancer vaccine" with little to no side effects.
This new treatment (PROVENGE) had been fast tracked for approval by the FDA to get it into production to begin extending lives as soon as possible. It was reviewed by an FDA advisory committee made up of 17 members who were scientists, onologists & immunoligists. The Advisory Committee overwhelmingly recommended approval of PROVENGE. They voted 17-0 that it was safe (100%). They voted 13-4 that it was effective (76%). It appeared that it was going to be approved and licensed by the FDA.
But there were 2 oncologists on the Advisory Committee (Dr. Howard Scher & Dr. Maha Hadi Hussain) that were dissenting votes for effacy that did something that was highly unusual. Not only did they vote no during the official review, they lobbied the FDA after the committee met and voted for approval with letters, etc. in an effort to persuade the FDA to deny licensure to PROVENGE. The committee approval was in March, these two physicians worked very hard in April to deny approval and in May the FDA did just that. It sent PROVENGE's company a letter that will delay approval up to 4 1/2 more years!
The motives of these 2 dissenting oncologists are now becoming clear. They have very strong financial ties that do not want to see PROVENGE approved anytime soon. That it could extend many lives of PC patients makes no difference to them.
From "BIOTECH IN THE NEWS" and the money trail that exists:
Who is Dr. Maha Hadi Hussain?
Dr. Maha Hussain graduated from the Baghdad University School of Medicine. She escaped from Iraq and now practices in the USA. She is also in Dr Scher's camp of treating cancer. She is an expert in her field. She has dedicated her whole life to the subject of cancer. Both Scher and Hussain work with chemo. She, like Scher, is also currently acting either as a paid consultant or investigator or sub investigator for several of Dendreon's competitors.
Another similarity between Dr. Howard Scher( Goldberg published his letter) and Dr. Maha Hussain is that they both had to sign conflict of interest waivers in order to vote on Provenge.
Why? Well her husband Dr. Salam Jafar Hussain, a physician at Ann Arbor Radiation Oncology center, owns stock in companies that could be viewed as competetors with Dendreon.
He in charge of phase III clinical trial for Taxotere® at Michigan Cancer Research Consortium, and at St. Joseph Mercy Cancer Center.
Dr. Howard Scher's is also studying III clinical trials for Taxotere®. Taxotere® is a chemo based drug that is targeted to treat late prostate cancer. So technically speaking it is a competetor for Provenge.
During the FDA panel she was very adamant and loud about her views. She really did not want Provenge to receive a positive recommendation.
From "BIOTECH IN THE NEWS":
Brean Murray doesn't like Provenge
After the FDA approval panel vote , Brean Murray's Jonathan Aschoff has been on an intense media campaign by 'reiterating' almost everyday their opinion on Provenge.
They want people to sell their stock in Provenge. They ( or the hedge funds they work for ) have a short position in the stock. A lot of rich people on Wallstreet are under water financially right now. Even the t.v. personality Cramer said he personally knows a lot of people who have lost their whole year ( financially) for shorting Dendreon.
I begin to ask myself - why? Apart from the financial reasons why are they so upset about a drug that extends the life of prostate cancer patients? What is so terrible about the advancement of science?
Brean Murray is after all a market maker for DNDN.
Dr Howard Scher has been singing the same tune as Brean Murray. Aschoff often refers to Scher's opinion as a basis for his negative opinion.
Who is Dr. Howard Scher?
Scher has dedicated his career and his life's work on treating cancer patients with chemotherapy. One could deduct given his own media campaign against Provenge that he's not too happy about this new science that teaches the human body to to defend itself from cancer.
Dr Scher's from the 'old school' thought for treating cancer. In other words chemotherapy. So all this new fancy "biotechnology" and training the body to cure itself ain't exactly Dr. Scher's cup of tea.
However he had every right to vote no . He just not too keen on the whole newfangled Provenge thing - that's ok. It is good to have balance at AC FDA meetings.
He did have to sign a conflict of interest waiver in order to vote at the meeting. No big deal - It's just that Scher's instituion has a grant from a competing firm that is studying an investigational drug in several types of cancer. It might just be Taxotere® which treats late stage prostate cancer via the 'old school' chemotherapy method - Scher's instituion recieves grants from the company that is studying Taxotore. Click here to read the FDA waiver.
Scher has even published what I view as his own "how dare you FDA" out in the media. The letter is an oddity in itself. So odd that in fact many thought it was a hoax! He contradicts himself over and over again ,and even changes his mind about the safety of Provenge - after voting at the AC panel meeting that it was safe. Before this letter was published there were rumors on Wallstreet about the letter. All in all .....rather odd behavior for a doctor of his stature.
Speaking of oddities.
According to the New York Times Dr. Howar Scher's wife used to work for a hedge fund called Warburg Pincus.
Mrs. Scher, a graduate of Haverford College who has an M.B.A. from Columbia University, is an associate in the venture-banking division of E. M. Warburg, Pincus & Company in New York.
After reading that his wife used to work for such a huge hedge fund that also runs UBS ( they are short on Dendreon as well) I started some cybersluething see if there was some connection between Brean Murray and Dr. Scher.
Mrs. Scher's employer ( or former employer) has a business relationship( or did in the past) with Brean Murray!
According to an S.E.C. document they are both listed as partners with Eclypsis Healthcare Company
I also found it odd that Dr. Scher's hospital is a long time Eclypsis customer. . .
A long-time Eclipsys customer, Memorial Sloan-Kettering has successfully used Sunrise Clinical Manager in the ambulatory environment .
Who is Jay Petschek? I am not sure if he is still employed by Murray but according to this SEC document he was at one time.UPDATE ACCORDING TO A 2007 SEC DOCUMENT PETSCHEK IS THE VICE PRESIDET OF BREAN MURRAY.
Brean Murray's Petschek is a director of Boyar Value Funds , the fund holds shares in a company called Automated Data Processing , Inc.
According to the New York Times Dr. Howard Scher's father in law is or was the Vice President of Automated Data Processing
Petschek also is director of a company called Dab-O-Matic. They make the containers for Drysol. The product called Dab-O- Matic Drysol™ is a topical treatment for hyperhidrosis. Hyperhidrosis is a side effect of patients undergoing systmatic chemotherapy. Sistematic chemotherapy therapy treatment causes the human body to sweat profusely . Scher's Taxatore is a drug employs sistematic chemotherapy.
Petschek is also director of Global Opportunity Partners Ltd( the guy gets around) . Also listed on the PDF file is a Lafer Equities . Lafer Equities is a hedge fund. They are both located off shore in the Cayman Islands. According to Barrons Lafer Equities both shorts and holds stocks long.
Petchek from Brean Murray also has Corsair and the following companies
The names of the persons filing this statement on Schedule 13G are: CorsairCapital Partners, L.P. ("Corsair Capital"), Corsair Long Short International,Ltd. ("Corsair International"), Corsair Select, L.P. ("Corsair Select"), CorsairCapital Partners 100, L.P. ("Corsair 100"), Corsair Capital Investors, Ltd.("Corsair Investors"), Corsair Capital Management, L.L.C. ("CorsairManagement"), Jay R. Petschek ("Mr. Petschek") and Steven Major ("Mr. Major" andcollectively, the "Reporting Persons").
I can not say I am 100 percent sure that Lafer Equities belongs to Dr. Howard Shers wife ...but according to this web page people who have worked at Warbug Pincus ( Mrs. Howard Sher's former employer ) were later hired by Lafer Equities.
Lafer Equities and offshore hedge fund is run by a Barry S. Lafer.According to this website Scher's mother and law and Barry S. Lafer make political donations from Wayne New Jersey.
Lafer Equities, according to recent SEC filings , is heavily invested in many companies that have to do with cancer and chemotherapy treatment.
Cancer insurance company, even a company that manufactures medicine to help with the side effects of chemotherapy treatments.
I am not making any conclusions here .... and it might amount to nothing....some people would say I am being a conspiracy theorist - but I think it important to look at all angles of a story.
Aiea , HI
|
Related Issue Alerts:
|
| |
