I know I've told this one before, but for some reason I just can't get enough of these stories about mavericks coming in from the fringe to collect their cash and have the last laugh.
The Mavericks: Patrick Soon-Shiong - doctor, pioneer, billionaire (Razor Magazine)
Soon-Shiong left UCLA to open American BioScience, a private development laboratory which focuses on nanoparticles, a science aimed at making injectable medicines. Through this research he developed Abraxane, an experimental breast cancer treatment that was found to significantly slow tumor growths with fewer side effects than traditional chemotherapy drugs. In January of this year, the FDA approved Abraxane, opening the door to nanotechnology, and making Soon-Shiong one very rich man.
With the announcement, stock in American Pharmaceutical Partners (APPX), which will market and sell Abraxane as well some 130 generic injectable drugs, shot up 50 percent. Soon-Shiong, who is executive chairman and majority shareholder, predicts sales of Abraxane will run between $125 million and $155 million this year - and analysts predict it will generate $250 million in 2006 - meaning a hefty payday for Soon-Shiong, who is already worth an estimated $1.2 billion. More here
A Spoonful of Nano
Nanoparticles clobber cancer with sneak attack