Two men have been charged in connection with schemes that allegedly defrauded investors of biotech company CytoDyn, the Justice Department said Dec. 20.
Nader Pourhassan, 59, and Kazem Kazempour, 69, allegedly defrauded investors through false and misleading statements related to CytoDyn's development of PRO 140, a monoclonal antibody investigational drug known as a potential treatment for HIV, according to a news release.
At the time of the alleged fraud, Mr. Pourhassen was CytoDyn's CEO and president, and Mr. Kazempour is president and CEO of Amarex Clinical Research, a company that manages CytoDyn's clinical trials and interactions with the FDA.
Each is charged with one count of conspiracy to commit securities fraud and wire fraud, three counts of securities fraud and two counts of wire fraud related to the HIV drug scheme, according to the release.