I-Team In-Depth
Doc Solicited Patients’ Money For Private Firms
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On the website for his stem-cell research company, Dr. Wayne P. Franco of Middletown promises “new hope” to patients suffering from heart disease, stroke and other ailments. New Heart, LLC, which is developing “revolutionary” adult stem cell treatments, offers investors the chance to join in the “economic goal of achieving financial profits from licensing our technology,” the website says. New Heart boasts at least 40 investors. But the way that Franco has attracted some of those investors is the subject of complaints to two state agencies.