The bizarre saga of biotech executive Frank Reynolds took another turn today when federal authorities arrested the PixarBio (OTC:PXRB) CEO and two associates on securities fraud charges, claiming they misled investors about its opioid substitute and falsely claimed a $1 billion valuation.
PixarBio is purportedly developing a drug to replace morphine and other opiates, but prosecutors alleged that the product is actually an older anti-convulsant called carbamazepine, sold under the trade name Tegretol, that’s used to treat epilepsy and neuralgia; PixarBio plans to re-formulate the drug as a time-release injection called NeuroRelease.
Get the full story at our sister site, Drug Delivery Business News.
The post Feds arrest PixarBio CEO Reynolds on securities fraud charges appeared first on MassDevice.
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