A UK government Committee on Science and Technology hearing was held at the end of March to investigate who was to blame for misleading the stockmarket about the progress of Cortecs' (Cambridge, UK) lead products. In December 1998, Cortecs announced that its oral calcitonin osteoporosis drug, Macrotonin, and its Pseudostat vaccine were "not as advanced as had previously been indicated", and would therefore reach the market later than expected ( Nature Biotechnol. 17, 12, 1999). The select committee grilled Philip Gould, formerly Cortecs' R&D director but promoted to CEO following the incident, about whose responsibility it was to inform the board of the progress of therapies in clinical development. Initially, Gould said he was not a board member at the time and therefore could not comment. But under cross-examination he admitted that the CSO had ultimate responsibility. The CSO at the time was Michael Flynn, who subsequently resigned. On questioning, Flynn denied withholding information and said he still believes his original estimates to be accurate. In his view, which Gould shared, only a "new interpretation" by Gould of the data had led to the revised time-scales. As Flynn did not agree with the new interpretation he resigned. The committee has yet to decide whether legal action will be taken.