"The Worst Biotech CEO of 2012 Is...
BY Adam Feuerstein| 12/07/12 - 09:00 AM EST
BOSTON (TheStreet) -- The Worst Biotech CEO of 2012 award goes to Jim Bianco of Cell Therapeutics (CTIC_)!
(Cue wild applause)
Bianco, a longtime worst biotech CEO nominee, broke through this year and finally shoved his way into loser's circle by managing to engineer a 77% drop in his company's price despite finally winning European approval for the its lymphoma drug.
In many ways, TheStreet's biotechnology readers are (dis)honoring Bianco for a lifetime of investor bamboozlement and self-enrichment. The numbers that define Bianco's career as chief executive of Cell Therapeutics are stunning: Total losses of more than $1.7 billion, a 99.99999999% drop in the value of company shares and total compensation for him and his hand-picked team of executive cronies in the tens of millions of dollars."
Bianco wins this year's Worst Biotech CEO Award with 37% of the record-breaking 30,239 total votes cast.