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Biotech / Medical : Gliatech (GLIA)

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To: scaram(o)uche who started this subject	10/8/2002 6:39:40 AM
From: Asymmetric	of 2001

Biotech Company Auctions Assets The Associated Press Monday, September 23, 2002 CLEVELAND –– Gliatech Inc., a biotechnology company that filed for bankruptcy court protection in May, said Monday it has hired an investment adviser to sell key assets. Gliatech said it expects the auction of its Adcon gel and solution, used to prevent surgical scarring, will be completed by November. Adams, Harkness & Hill Inc. will handle the auction. Gliatech, which is selling the assets to pay creditors, pleaded guilty in April to providing false or incomplete information to the Food and Drug Administration. The company was fined the maximum $1.2 million. An FDA audit of Gliatech clinical trial procedures in 2000 found that some information in a follow-up study of the gel's effectiveness were different from original results in a way that seemed to favor the product.

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