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Biotech Growth manager denies allegations

Biotech Growth manager denies allegations – The board of The Biotech Growth Trust says that it notes that the General Partners of OrbiMed Capital LLC, which acts as portfolio manager to the company, released a statement late on 5 December concerning founding partner Samuel Isaly, who is the subject of a press article containing allegations of harassment.

Samuel Isaly denies the allegations. OrbiMed is retaining the services of an outside independent law firm to investigate the matter.

The board says that it remains closely in touch with OrbiMed and will keep shareholders informed of any relevant developments.

The STAT article said, amongst other things that “The founder of biotech’s largest and most powerful hedge fund has for years perpetuated a toxic culture of sexual harassment, former employees told STAT, routinely subjecting young female assistants to pornography in the workplace, lewd jokes, and pervasive sexist comments.

Five people who once worked at investing giant OrbiMed Advisors said Sam Isaly, the firm’s 72-year-old managing partner, kept a set of breast implants on his desk, palpating them like stress balls during idle conversation. He wantonly demeaned and verbally abused female employees, they said.

One woman said on several occasions, she glimpsed hardcore pornography playing on the large screens that dominated the trading room floor of the $15 billion fund.”

Update – statement from Worldwide Healthcare

The Board of Worldwide Healthcare Trust PLC has been advised by the General Partners of Orbimed Capital LLC, which acts as portfolio manager to the Company, of a statement released late on 5 December concerning Founding Partner Samuel Isaly, who is the subject of a press article containing allegations of harassment.

Samuel Isaly, who is also a director of the Company, denies the allegations. OrbiMed is retaining the services of an outside independent law firm to
investigate the matter.

The independent members of the Board remain closely in touch with OrbiMed and will keep shareholders informed of any relevant developments.

BIOG / WWH : Biotech Growth manager denies allegations

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