Biotech billionaire Philip Frost agrees to proposed judgment in SEC case

Biotech billionaire Philip Frost agrees to proposed judgment in SEC case

While you were holidaying

The latter days of December are famously slow when it comes to news, but it wasn’t entirely a snooze. Here are a few biotech stories you may have missed.

• Billionaire Phillip Frost is offering to pay $5.5 million to settle charges that he played a role in a $27 million penny-stock fraud. The proposed settlement wouldn’t amount to an admission or denial of guilt, and the SEC has until Feb. 9 to file an amended complaint, according to CNBC.
• Peter Meldrum, co-founder of the game-changing testing firm Myriad Genetics, died Dec. 20. Meldrum, alongside Dr. Mark Skolnick, founded Myriad in 1992, building a multibillion-dollar company in the then-nascent field of genetic testing. He was 71.
• Undaunted by recent returns, Gossamer Bio filed to raise about $265 million in an IPO. The company, led by former Receptos executives, is developing treatments for asthma, pulmonary arterial hypertension, and inflammatory bowel disease.