If at First You Don't Succeed …

Samuel Waksal, the former CEO of ImClone who was made famous when he went to prison for an insider trading scheme involving home crafts maven Martha Stewart, is out and ready to try again, reports the New York Times' Andrew Pollack. Less than two years after being released from prison, Waksal has started a new biotech company called Kadmon Pharmaceuticals, which he says will have "significant revenues," five Phase 3 products, and a couple of Phase 2 products by next year. Kadmon is focusing on cancer, infections, and autoimmune diseases, Pollack says. The company has already licensed an experimental hepatitis C drug from Valeant Pharmaceuticals International, and has acquired Three Rivers Pharmaceuticals, which specializes in hepatitis drugs, according to Pollack.