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.
Traws Pharma Inc. is a clinical-stage biopharmaceutical company whose core business model involves developing new drug candidates. This process inherently requires animal testing for preclinical research and to meet regulatory requirements for drug approval, as indicated by the company's own disclosures referencing Animal Welfare Act compliance. The company’s pipeline, including its work on Tivoxavir Marboxil for H5N1 bird flu, is dependent on data from animal studies to advance toward human trials. As a pharmaceutical research entity, the exploitation of animals is a fundamental and unavoidable component of its operations.
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The Naughty List
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.