Neogenix Oncology was organized in 2004 when Dr. Ariel Hollinswhead, professor of medicine and head of the George Washington University Cancer Research Laboratory, assigned her research on developing therapeutic and diagnostic products to treat pancreatic, colon, lung, prostate and colorectal cancers to the company. Its efforts focused primarily on the development of therapeutic monoclonal antibodies targeted against pancreatic and colorectal cancer. To fund itself through the start-up and developmental stages it relied on the sale of its common stock to third parties. And this is where our tale of woe begins.1
Between 2004 and 2011 Neogenix raised $47.1 million through the sale of shares using third-party finders who were not registered to sell stock either with the Securities and Exchange Commission or any state securities commission. These finders made a total of 83 placements and were paid $3.8 million.2
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