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Breaking News

Former CEO of ImClone Pleads Not Guilty

Aired August 12, 2002 - 09:34   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

PAULA ZAHN:, CNN ANCHOR: Sam Waksal from ImClone is now making a statement about the plea he entered today, which is the "not guilty" plea.
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SAM WAKSAL, FMR. CEO OF IMCLONE: Fist I believe the drug Erbitux (ph), which I have worked to bring to the public for over 10 years, has the potential to help millions of cancer patients.

I found at ImClone in order to discover new drugs in order to meet the unmet medical needs of society. I know that this breakthrough therapy will one day make a real difference in the lives of many gravely ill people.

Secondly, ImClone itself is a strong solid company, whose scientists and other employees have devoted themselves to achieving a noble goal. ImClone will grow, prosper and continue its very important work.

QUESTION: Did you insider trade? Did you tell your relatives to sell?

UNIDENTIFIED MALE: Dr. Waksal came to court today to enter his plea: not guilty. He has faith in the judicial process. We know his case has been associated with a lot of other recent corporate scandals. As this matter proceeds, we hope that it will be judged on the merits. Thank you very much.

ZAHN: You've just seen the crazy scene as Sam Waksal approaches camera, as well as his attorney, after entering not guilty plea in federal court today, facing charges that he and others profited from illegal insider trading information on his company. He was arraigned on charges of obstruction of justice, bank frauds, securities fraud and perjury. Those charged were actually filed on Thursday by the U.S. attorney's office. He pleaded innocent to all the charges.

And as you heard, defended the power of his company. He talked about how there is hope for millions of cancer patients, coming from the developments of this Erbitux drug, that is all caught up in this ImClone scandal.

Once again, the news note is that Sam Waksal has pleaded not guilty to all of the charges filed against him.

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