Need more proof that Vivek Ramaswampy is nothing but a snake-oil salesman? Ok... [View all]

[Roland99]

Must-watch video describing how Vivek is a slimey grifter that would give even Bobby Axlerod the shivers

The drug in question failed FOUR trials

After Vivek bought it for practically nothing, he altered one study, even put his mom’s name on it, to make it seem like it was successful

After a subsequent study showed that the drug was completely ineffectual, the stock tanked 99% in one day

Link to tweet

And a little more

Why Axovant's $315M IPO bonanza should scare the hell out of you
By John Carroll
Jun 11, 2015 10:41am
https://www.fiercebiotech.com/biotech/why-axovant-s-315m-ipo-bonanza-should-scare-hell-out-of-you

The bare bones of Ramaswamy's new biotech venture, Axovant ($AXON), are much discussed these days. The former hedge fund manager grabbed an abandoned GlaxoSmithKline drug for Alzheimer's for $5 million. He gathered a team together and without recruiting a single patient for a pivotal study of a marginal drug designed to treat symptoms of the disease, just raised $315 million in an upsized IPO that came in at the top of the range and promptly gyrated much higher today as investors bought in.

Axovant, with no track record, no experience and one questionable product, leaped onto the market worth much more than $1 billion.

Given the fact that GlaxoSmithKline had a chance to take a look at this drug in the clinic, and concluded that they couldn't do better than selling it for lunch money, the IPO terms illustrate the kind of overnight riches a select few can find on Wall Street, provided you have the right kind of friends with money.