Impath

Impath Inc., a New York based corporation, was a provider of cancer related laboratory services. Impath filed for bankruptcy protection in September 2003.[1]

Beginning in the late 1990s and until 2003, its business withered away, but its executives continued to talk up their stock and the profitability of their impending anti-cancer breakthroughs.

In May 2004, Genzyme acquired several of Impath's laboratories and cancer-testing technologies.[2][3]

In September 2005 the United States Securities and Exchange Commission took action against former CEO Anuradha Saad and her colleagues, alleging fraudulent accounting.[1] The same month Saad pleaded guilty to two counts of soliciting proxies containing false statements.[1] It was also alleged that Saad improperly charged $120,000 in personal expenses to Impath.[1] On Tuesday, May 30, 2006, the former president and chief operating officer of Impath, Richard P. Adelson, received a sentence from district court judge Jed S. Rakoff.[1]

References
  1. Greg Levine (January 18, 2006). "Impath Ex-CEO Jailed On Art, Furniture Expenses". Forbes. Retrieved 2011-04-13.
  2. "Genzyme scoops Impath for $215M: New assets will be merged into Westborough genetic testing unit". Milford Daily News. Archived from the original on 2012-11-05.
  3. "Genzyme Timeline" (PDF). Archived from the original (PDF) on 2012-04-25. Retrieved 2011-12-15.


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