At the time, the company’s decision to disclose the retraction hurt its finances, as WntResearch delayed its planned initial public offering for three weeks. It also offered investors and shareholders the opportunity to withdraw their shares of WntResearch stock.
In December, we reported on the retraction of a paper in the Proceedings of the National Academy of Sciences on a potential treatment for breast cancer. We later found out that the retracted research was part of the basis of a company that had an initial public offering a few weeks later. How the company dealt with the news of the retraction made for an interesting follow-up, and speaks well of the principles of the principals.
In fact, their initial public offering (IPO) happened today, and you can follow the price of their stock — listed on the Stockholm Stock Exchange as WNT — here. But what we learned when we looked into the IPO was that it was originally scheduled for late November, and was delayed because of the retraction.
The authors of a 2009 study in the Proceedings of the National Academy of Sciences (PNAS) have retracted the paper, which found a particular molecule could make breast tumors respond to a drug to which they’re not normally susceptible.
The paper — which has been cited five times, according to Thomson Scientific’s Web of Knowledge — was the subject of a fair amount of press coverage, although the molecule is not yet in clinical trials. In a Reuters story, lead author Caroline Ford said of the alleged tamoxifen-sensitizing compound, Foxy-5:
“It flips the switch basically,” Ford said in a telephone interview. “It makes breast cancer cells respond to tamoxifen in women who cannot be treated with the drug,” she added. “If you don’t have that molecule you can’t get tamoxifen because there is no target.”