Biotech Co. Execs Charged In $12.7M Painkiller Fraud

Law360, Boston (April 24, 2018, 5:00 PM EDT) -- The chief executive of a small Boston-born biotech company and two associates were arrested on Tuesday and charged with fraudulently raising about $12.7 million on false prospects of a time-release painkiller injection the company has allegedly been developing for years.

PixarBio Corp. CEO, chief financial officer and president Francis M. Reynolds, 55, and his friend who held stock in PixarBio, M. Jay Herod, 51, were arrested in Massachusetts and made an initial appearance Tuesday at the federal court in Boston, where they denied wrongdoing through their attorneys and were released from custody pending trial. The vice president of investor relations at PixarBio,...

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