Imclone Systems

Late in the afternoon of December 28, 2001, the fax machine at the SoHo offices of ImClone Systems, spit out a stunning announcement. Citing sloppy data and poor research design, the FDA had spiked the company's application to file for approval for its much-anticipated cancer drug, Erbitux. For the officers and employees of the hot young biotech firm, it was a very bad day -- and the start of two very bad years. One month later, in …

…says, "instilled more camaraderie than it destroyed. It was almost a moral booster. Because we thought, 'If we can rise to meet this challenge and succeed, we're incredible.' " Lynch and his brave-hearted crew finally had their celebration earlier this year, when the FDA approved Erbitux for patient use. Even the buttoned-up CEO risks a smile at the memory. "When it actually happened, it was mind-blowing. Like having a child." This time, there was champagne.