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Cambridge Biotech Chief Leaves

May 10, 1994

WORCESTER, Mass. (AP) _ The president of Cambridge Biotech Corp. has left his job after an investigation found the company claimed credit for at least $1.5 million in revenue it apparently did not receive.

Two other top company officials also resigned their posts.

A special committee of independent directors discovered that several ″significant transactions″ in 1991 and 1992 appeared to have been fabricated.

Patrick J. Leonard, president and chief executive, left the company. A company spokeswoman, Alyson Button Stone, declined on Monday to say whether he was fired or resigned.

Frederick V. Casselman, vice president, general counsel and secretary, resigned. And James C. Bass resigned as vice president of finance and chief financial officer.

Jeffrey Beaver, a member of the board of directors, was named acting president and chief executive officer.

Cambridge Biotech hired Coopers & Lybrand to audit its financial statements.

Discrepancies of $1.5 million were brought to light by the company’s former auditors, Deloitte & Touche, on March 30.

Cambridge Biotech is a therapeutics and diagnostics company that develops vaccines for animals and humans.

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