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Business

Biotech BioChemics Fingered By Feds

by Michael McCoy
April 6, 2015 | APPEARED IN VOLUME 93, ISSUE 14

The Securities & Exchange Commission has ordered the biotech firm BioChemics to pay more than $17 million to settle charges that it misled about 70 investors from whom it raised $9 million. According to the SEC, executives from the Danvers, Mass.-based firm falsely claimed that it had collaborations with other pharmaceutical companies and that it had drugs under Food & Drug Administration review. The SEC is separately pursuing a case against three BioChemics executives.

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