Former West Coast biotech CEO imprisoned for pocketing millions |
A view of Lake Oswego in Oregon.
A former West Coast biotech CEO has just been sentenced to more than two years in federal prison for misleading investors and stealing millions of dollars, the United States Attorney’s Office for the District of Maryland announced on Monday.
According to court documents and news releases, 62-year-old Oregon resident Nader Pourhassan, who was once the CEO of CytoDyn, defrauded investors from 2018 to 2021 regarding the commercialization of CytoDyn’s product, a monoclonal antibody called Leronlimab. According to the company, the antibody is intended to treat cancer, infectious diseases and autoimmune conditions. After making a series of fraudulent statements about Leronlimab’s prospects and artificially inflating his personal stocks, Pourhassan ultimately swindled over $4 million, the release........