Saturn Pharmaceuticals CEO resigns after indictment
Executive Summary
Former Bristol-Myers Squibb exec Richard Lane resigns from CEO post at Saturn Pharmaceuticals following his June 15 indictment. As the former head of Bristol's wordwide medicines group, Lane, along with former Bristol CFO Fred Schiff, was indicted on charges of securities fraud and conspiracy to commit securities fraud in connection with a Newark, N.J. U.S. Attorney's Office investigation into Bristol's past "channel stuffing" and accounting practices (1"The Pink Sheet" June 20, 2005, p. 18). Indevus, which copromotes Sanctura with Saturn, announced John Spitznagel will be Lane's successor at Saturn. Spitznagel formerly was CEO of ESP Pharma; previously he held exec roles at large pharma companies including senior VP-marketing & sales at Wyeth...