[Read more LifeLube posts on Prometa.]
SEAN ROBINSON; The News Tribune (Tacoma)
Published: December 23rd, 2007 01:00 AM
The record of success is uneven. The stock price is sinking in a morass of government scrutiny and media skepticism. The hype machine is running on fumes.
It's been a rocky two months for Prometa, the anti- addiction treatment regimen hailed by some as a life-changer, scoffed at by others who doubt its reputed virtues.
The slide started Oct. 24, when Pierce County auditors released a report debunking Prometa's claimed effectiveness in the local drug court.
Members of the Pierce County Council later voted to cut county funding for the program, though it's still backed by state funding.
In the aftermath, Hythiam Inc., Prometa's parent company in Santa Monica, Calif., endured tough local and national media coverage, capped by a Dec. 7 report on the "60 Minutes" television news program.
Hythiam stock is sucking air in the fallout. It's lost almost two-thirds of its value in eight weeks. On Oct. 23, it was trading for $8.56 a share. Friday, it struggled to stay above $3.
For Terren Peizer, Hythiam's chairman and CEO (right), who owns about 13.7 million shares of company stock, that represents a loss of more than $75 million.
NO COMMENT FROM HYTHIAM
The first quarter of 2008 could be Prometa's make-or-break moment.
Results from several studies of the treatment are due to arrive, including a preliminary evaluation by the University of Washington, which is studying Pierce County's Prometa program.
The News Tribune took a closer look at Prometa's performance in drug courts around the country, seeking records of results and assessments from court leaders. Hythiam officials were also consulted, but they declined to answer questions.
"I don't think we are going to be able to comment at this time,"
spokeswoman Rachel Carr said in an e-mail Tuesday.
Read the rest of this story.
Read more LifeLube posts on Prometa.
BONUS - Check out LifeLuber Jim Pickett spouting off about Prometa on The Morning Show with Mike and Juliet here, and afterwards in the Green Room here.
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