The Cleveland Clinic said it "took action not to reappoint" cardiologist Jay Yadav to its staff, reportedly because Yadav failed to disclose financial interests in a stroke-prevention product he helped invent and market. "There were some disclosure issues that led our board of governors to act," said Eileen Sheil, the clinic's executive director of public and media relations. The clinic initiated an outside review of its conflict-of-interest policies in December 2005 following a Wall Street Journal report that raised questions about relationships between the clinic's financial interests and research conducted by its physicians on patients. In May, the clinic adopted new policies that included a "renewed commitment by the board to maintain and preserve a balance between innovation and transparency," according to a statement.
Yadav, 46, joined the clinic in 1998 and was named chairman of Cleveland Clinic Foundation Innovations, its technology transfer and commercialization division, in October 2005. AngioGuard, a company Yadav founded prior to joining the clinic, was sold to Cordis Corp., a division of Johnson & Johnson, in 1999 for about $40 million, plus royalties, according to the Cleveland Plain Dealer. Yesterday, Yadav offered to donate his proceeds from the deal to charity, the Plain Dealer reported. At deadline, Yadav and a spokesperson for Cordis could not be reached for comment.