Read Ora Pescovitz's email to U-M Health System employees regarding insider trading scheme
After news broke Nov. 18 of a University of Michigan medical professor's alleged involvement with a multimillion dollar insider trading scheme, Dr. Ora Pescovitz, executive vice president for medical affairs at U-M, sent an email to her entire staff at the health system Saturday afternoon in response.
Dr. Sidney Gilman, 80, a neurology professor at U-M, is accused of leaking nonpublic information regarding the outcome of a drug trial to a former portfolio adviser at CR Intrinsic Investors LLC that led to a massive trade of pharmaceutical company shares.
Though Pescovitz did not name Gilman in the email, Pete Barkey, director of public relations for UMHS, confirmed Sunday that Pescovitz was referring to Gilman.
Following is the full text of the email:
However, this is an opportune time for all of us in the Health System to reaffirm our commitment to follow the highest standards of integrity in the conduct of research and in the delivery of patient care - standards that are governed by the National Institutes of Health, The Joint Commission and American Medical Association but grounded in our own values of what is right.
In our teaching, patient care and research roles, we are entrusted with confidential information of many types, and we work hard to never betray that trust. We are proud of our rich legacy and disappointed when we fail.
This unfortunate occurrence has triggered much media attention. Should you receive a call for information or comment from the media, please call Public Relations at 734-764-2220 for handling.
Ora H. Pescovitz, M.D.
Executive Vice President for Medical Affairs, U-M CEO, U-M Health System
Douglas L. Strong
CEO, University of Michigan Hospitals and Health Centers
James O. Woolliscroft, M.D.
Dean, Medical School
Lyle C. Roll Professor of Medicine"