This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
BioVie Inc. is a clinical-stage biopharmaceutical company whose primary business activity is developing and testing new drug candidates. Its leading product candidate, NE3107, has progressed through clinical trials, a process that inherently involves animal testing during preclinical research phases. As a company whose pipeline and valuation are predicated on successful drug development, animal-based research is central to its operational model.
The company has faced significant allegations regarding the integrity of its clinical trial processes. A 2023 shareholder class action lawsuit alleged BioVie failed to disclose scientific misconduct and protocol violations at key clinical trial sites for NE3107. The complaint cites internal company communications and a Freedom of Information Act request revealing evidence of data falsification and violations of good clinical practices at numerous study sites. These allegations pertain to human trials, but they indicate a pattern of operational conduct that raises fundamental questions about the company's adherence to ethical and scientific standards in all its research activities.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.