Biotech King Dethroned, A former king of the biotechnology industry, David Blech, has fallen far, facing a four-year prison term and now over $11M in debt. The former biotech king is said to have squandered his massive fortune with poor stock trading choices and investments, TechMit.edu reports this Friday, Sept. 6.
A biotech king dethroned indeed had fall to far, as David Blech once served as a key founder and industry leader in biotechnology, initiating Celgene — an uncommon disease specialist affiliated with Alexion Pharmaceuticals, cancer drug developer Alexion, and Icos. One of their popular contributions? The well-known Cialis, an impotence pill.
Over 20 years ago, the biotech king was estimated to be worth over $300M dollars. At the time, he was even included in the list of the 400 richest Americans, according to Forbes. Yet Blech is now preparing to haul himself in for a four-year prison term, on top of an $11M debt from bad business choices over the years.
The reason for the biotech king being dethroned seems to stem from a combination of factors, yet mostly of Blech recklessly spending his fortune too quickly by getting involved in the risky stock trade to make even more money. It wasn’t long before his Wall Street firm, D. Blech & Co., fell apart in 1994, pulling down with it the high prices of biotech shares. The specific day is remembered by some businessmen as “Blech Thursday.” His attempts to regain his wealth again only pulled him deeper into the hole.
“There’s no question that if I had been in a coma for the last 20 years, I would wake up a billionaire today,” said Blech, age 57, in an interview.
Yet the fall of the biotech king shows how far times have come. A former music major with little scientific background, Blech nonetheless demonstrated the valid possibility of rich-quick ways of success, at least in terms of the biotech industry. He was able to make a tremendous difference in the world of biotechnology with several million dollars at the time, though now billions are invested into the industry from high-end officials, ranging from medical doctors to expert scientists.
Blech recently pleaded guilty to stock manipulation of a couple of his biotech companies, and will be sent to prison in N.J. for a four-year sentencing this Sept. 18. The biotech king dethroned asks the public to remember him for starting an industry that has saved many lives across the U.S. and now the globe.
A biotech king dethroned indeed had fall to far, as David Blech once served as a key founder and industry leader in biotechnology, initiating Celgene — an uncommon disease specialist affiliated with Alexion Pharmaceuticals, cancer drug developer Alexion, and Icos. One of their popular contributions? The well-known Cialis, an impotence pill.Over 20 years ago, the biotech king was estimated to be worth over $300M dollars. At the time, he was even included in the list of the 400 richest Americans, according to Forbes. Yet Blech is now preparing to haul himself in for a four-year prison term, on top of an $11M debt from bad business choices over the years.
The reason for the biotech king being dethroned seems to stem from a combination of factors, yet mostly of Blech recklessly spending his fortune too quickly by getting involved in the risky stock trade to make even more money. It wasn’t long before his Wall Street firm, D. Blech & Co., fell apart in 1994, pulling down with it the high prices of biotech shares. The specific day is remembered by some businessmen as “Blech Thursday.” His attempts to regain his wealth again only pulled him deeper into the hole.
“There’s no question that if I had been in a coma for the last 20 years, I would wake up a billionaire today,” said Blech, age 57, in an interview.
Yet the fall of the biotech king shows how far times have come. A former music major with little scientific background, Blech nonetheless demonstrated the valid possibility of rich-quick ways of success, at least in terms of the biotech industry. He was able to make a tremendous difference in the world of biotechnology with several million dollars at the time, though now billions are invested into the industry from high-end officials, ranging from medical doctors to expert scientists.
Blech recently pleaded guilty to stock manipulation of a couple of his biotech companies, and will be sent to prison in N.J. for a four-year sentencing this Sept. 18. The biotech king dethroned asks the public to remember him for starting an industry that has saved many lives across the U.S. and now the globe.
