T h e N e w Y o r k T i m e s : A p r i l 2 9 , 1 9 5 0
Print Article | Open Image Viewer
Waksman Royalty Is Put at $350,000
Earnings From Streptomycin Bared as Trial of Suit by Former Student Nears
Special to The New York Times.
TRENTON, April 28-Russell E. Watson, counsel to Dr. Selman A. Waksman, discoverer of streptomycin, announced today that the scientist earned $350,000 from the product before he turned over royalty control to Rutgers University for microbiology research.
The disclosure came during preparations for trial of a suit for a share of the royalties by Dr. Albert Schatz of Brooklyn. He charged that he, as a research student aiding Dr. Waksman, was a co-discoverer of the product.
Dr. Waksman gave testimony on his earnings at a closed pre-trial hearing in the Superior Court March 25, but Mr. Watson did not reveal the financial information until today during an appearance before the court.
In doing so, he said that $180,000 of income taxes and $30,000 given for research cut the net income to Dr. Waksman to about $140,000. When the eleven years of research that preceded perfection of streptomycin were considered, counsel said Dr. Waksman's net annual return was about $13,000.
Dr. Schatz, in the suit for a share of royalties, charged that Dr. Waksman had given an impression that he turned over all return from the discovery to the university research foundation.
Dr. Waksman denied that Dr. Schatz was a co-discoverer of the germ-killer. He said he was only one of a number of students, who helped with experiments and happened to be "in at the finish."