Yet another investigation, this one by Dartmouth College, hascleared Medarex Inc. and the college of charges made in ananonymous letter last August.
Medarex has had its share of negative press regarding certainresearch conducted at Dartmouth Medical School on its behalf.Anonymous materials submitted to Dartmouth of Hanover, N.H.,alleged that Dartmouth personnel had engaged in scientificmisconduct in biomedical research, improper and improperlymanaged conflicts of interest, and fiscal improprieties in therelationship between Dartmouth and Medarex.
In a letter dated Thursday, James O. Freedman, president ofDartmouth, wrote: "While various aspects of this matter areunder continuing review, a number of conclusions have beenreached, namely: that the anonymous allegations of scientificmisconduct are meritless; that the faculty and administratorsnamed in the anonymous materials acted in good faith and didnot engage in the alleged wrongdoing; that no evidence of fiscalimpropriety was found; and that the clinical experimentationreviewed was proper."
Freedman said that the writer of the letter declined to assist inthe investigation.
Dartmouth owns a 9 percent stake in the Princeton, N.J.,company (NASDAQ:MEDX).
The Dartmouth investigation follows several other probes intothe allegations that last August forced the company to pullwhat was to be a $6.5 million public stock offering on the day itwas scheduled to close.
"We had done our own investigation, our own underwriters haddone their own investigation and now two blue ribboncommittees -- one headed by James Wyngaarden, former headof NIH -- have done a thorough investigation," Donald L.Drakeman, Medarex's president and chief executive officer, toldBioWorld. "Everyone has come to the same conclusion -- thatwe're clean. ... We've got to be the most thoroughly investigatedand vetted biotech company in the country."
Medarex's stock closed Thursday at $9.38 a share, up 13 cents.
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