—Carl Segvich, Chicago committee member
LOS ANGELES, CA, UNITED STATES, Nov. 22, 2022 / EINPresswire.com/ — In 2018, Bluebird Bio raised $1.1 billion from investors by selling 3,520,353 shares at $185 in January and another 3,384,616 shares in July at $1625.
In a 2018 prospectus, Bluebird failed to disclose that its officers had admitted in court filings that the company’s therapy for the treatment of transfusion-dependent β-thalassemia was ineffective and that they had stolen intellectual property from other patented products to improve your Zynteglo. and LentiGlobin treatments (same products, different names).
As a result, in October 2021, Bluebird was sued for patent infringement in the District Court of Delaware. Seemingly as an admission of guilt, on October 18, 2022, Bluebird’s own counsel filed a petition for inter partes review (IPR) with the United States Patent Office in an attempt to invalidate the patents that Bluebird is accused of to infringe See IPR2023-00070 and IPR2023-00074.
The fraudulent activities of Bluebird executives increased the price of the product approved for thalassemia patients to an unrealistic $2.8 million. Bluebird Bio is using the exact same drug in clinical trials for sickle cell disease and every Massachusetts citizen will pay, as it is inevitably paid for with taxpayer dollars.
43% of working-age adults were not adequately insured in 2022. These people were uninsured (9%), had a gap in coverage in the past year (11%), or were insured all year but were underinsured, meaning coverage did not provide them with affordable access to health care (23%).
Twenty-nine percent of people with employer coverage and 44 percent of those with coverage purchased through the marketplace and individual markets were underinsured. Forty-six percent of respondents said they had skipped or delayed care because of cost, and 42 percent said they were having trouble paying medical bills or were paying off medical debt. Half (49%) said they would not be able to pay an unexpected $1,000 medical bill within 30 days, including 68 percent of low-income adults, 69 percent of black adults and 63 percent of Latino adults / hispanics We have over 100,000,000 citizens who are uninsured or not fully insured.
1 in 3,330 Americans have sickle cell disease. 100,000,000 divided by 3,300 is 30,300 people. The $2,800,000 price tag means that many sickle cell and thalassemia patients will not be able to be treated as a result of the price. After partial approval in Europe in 2019, Bluebird was withdrawn entirely without selling a dose. The European health system refused to pay Bluebird’s original price demand of $1.8 million saying it was an unrealistic price.
Bluebird Bio PowerPoints produced by the court demonstrate the inferiority of their product, but management pushed it. Nick Leschly, Mitch Finer, Jeffrey T. Walsh, David M. Davidson, Jason F. Cole, Philip D. Gregory and executives at Third Rock Ventures used this inside information to sell billions of dollars in stock to unknown investors. The stock later imploded to $6.
Nick Leschly personally sold more than $20 million in stock in 2018 alone, and documents show that Mr. Leschly lied to stock analysts about his company’s product and knowledge of the competitive landscape.
Big Pharma appears to benefit from extremely high prices. Vertex, a billion-dollar pharmaceutical company, is preparing to commercialize its own gene therapy product. Vertex CEO Reshma Kewalramani said she is “hopeful” about healthcare institutions’ commitment to “equitable care” to cure sickle cell disease, which primarily affects black people, “after of the killing of George Floyd”.
“That’s a non-sequitur,” Segvich chided, “the endorsement doesn’t seem reasonable, and the idea that the endorsement is being used to commemorate George Floyd?”
The Institute for Clinical and Economic Review endorsed the high price of $2.8 million after the same drug was rejected in Europe at a price of $1.8 million. ICER is a non-profit organization, not a non-profit. Except for the fact that they both pay no taxes, nonprofits and for-profits have little in common.
ICER’s budget was $10.5 million in 2019, and President Steven Pearson was paid just $571,548 in salary.
“The bankers and lawyers seem to control the whole process,” Segvich made clear.
For years, legal experts like Eugene McCarthy have been pushing for the use of the Racketeer Influenced and Corrupt Organizations Act (RICO) on drug companies that operate as organized crime. Massachusetts is duly equipped with a state RICO statute that addresses racketeering activities under the crime of “criminal enterprise activity.” Bluebird Bio and Third Rock Ventures are based in Massachusetts. These legal experts believe now is the time to use this legal tool to save lives.
On January 1, 2021, Congress passed securities law amendments that strengthen the SEC’s enforcement powers, doubling the SEC’s statute of limitations for discharge to ten years in fraud cases intentional
Mr. Segvich advises the SEC and the FBI to look into the Bluebird Bio stock implosion that, in fact, cost patients their lives, billions of dollars for investors, and damaged financial markets. All allegations against Bluebird Bio and Third Rock Ventures are based on documents in the New York Supreme Court docket, ‘150856/2017’. This court case was concluded on November 2, 2020.
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