Sloan Kettering VP Has To Hand Over $1.4M Windfall From Biotech Company In Center’s Effort To Contain Ethics Crisis
The Memorial Sloan Kettering Cancer Center has come under the microscope for potential breaches regarding financial conflicts-of-interest. On Friday, the Manhattan-based cancer center issued a memo to thousands of employees, announcing that it would restrict some interactions with for-profit companies.
The New York Times/ProPublica:
Sloan Kettering Executive Turns Over Windfall Stake In Biotech Start-Up
A vice president of Memorial Sloan Kettering Cancer Center has to turn over to the hospital nearly $1.4 million of a windfall stake in a biotech company, in light of a series of for-profit deals and industry conflicts at the cancer center that has forced it to re-examine its corporate relationships. The vice president, Dr. Gregory Raskin, oversees hospital ventures with for-profit companies. As compensation for representing the hospital on the biotech company’s board, Dr. Raskin received stock options whose value soared when the start-up went public a little over a week ago. (9/29)