G1 Therapeutics Stock Value Surges 11% — It Pays To Have Sharpless’ Ear
WASHINGTON — G1 Therapeutics, the biotech company co-founded by Acting Commissioner of the Food and Drug Administration (FDA) Ned Sharpless, saw stock prices rise 11% Tuesday after the organization announced a meeting will take place with the FDA to discuss their cancer drug, Trilaciclib. The company’s stock prices have soared since Sharpless took office and investors are jumping because the drug has been fast-tracked twice already by the FDA throughout the approvals process.
“This company is making big money by dribbling out good news from their buddy at the FDA,” said Lizzy Price, Director of Restore Public Trust. “Sharpless’ conflict of interest is having a direct effect on stock prices for the company he founded. Although Sharpless is likely finishing up his short tenure at the FDA, his dealings with his former company deserve to be scrutinized. Americans deserve to know the extent to which FDA Commissioner Sharpless worked to boost his former company.”
Despite this ethically questionable track record, Sharpless is one of the final candidates being considered for the permanent FDA Commissioner role.
In August, following the news that G1 Therapeutics’, Trilaciclib, was fast-tracked a second time through the federal approvals process, Restore Public Trust filed suit in federal court to force disclosure of documents regarding Sharpless’ contract with G1 Therapeutics.