We designed the annual report for ImClone Systems from 1993 until 2000. ImClone was one of the hottest biotechs working on novel therapies to treat cancer. It’s lead candidate, Erbitux, did poorly in phase III clinical trials causing the stock to lose value. Before the pubic was notified, the CEO and others close to him sold stock—classic insider trading. The resulting scandal and criminal convictions, including the CEO and one of his friends Martha Stewart, were very negative for the company and it was eventually sold. What’s interesting to note—the monoclonal antibody they discovered has immense potential and is still in development at Eli Lilly.