FDA and SEC to Work Together to Monitor Biotech Companies

Like the superheroes in the Hall of Justice pledging to stand by one another, the SEC and FDA have finally come together and agreed to cooperate better in investigating claims made by biotech/pharma companies about their dealings with regulators.  Ever since the incident in 2002 regarding Sam Waksal's sale of shares of Imclone right before it was announced that the FDA would likely not approve its drug (which also lead to the Martha Stewart trial for obstruction of justice).

This is my favorite quote from the article the talks about the recent meeting in which the SEC and FDA announced their new alliance:

Some executives at the session said they weren't pleased by the extra work taken on by the FDA.

''It amazes me that people at the FDA have time to read securities filings," said one executive, who asked not to be named.

At least he had the good sense to ask not to be named.