Hedge Funds

Medical experiment goes badly wrong for Durus

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Still no explanation, but other funds were buying alongside Scott Sacane

Weeks after news started to break that Durus, a little-known fund, had built up an enormous position in a micro-cap biomedical company, there has been no clear explanation of what happened, other than an extraordinary claim by manager Scott Sacane that he bought the position by mistake.

Whether it was 'by mistake' or deliberate, Durus was left holding a 76% stake in Aksys, the Illinois-based manufacturer of dialysis machines, which then threatened to trigger a 'poison pill' unless Sacane stopped his buying spree. It has since emerged that Durus