Regen BioPharma Inc (RGBP)

[DaveInMadisonWI]

If the company (in conjunction with the FDA) has completed it's evaluation and there is bad news, the question becomes when must the company reveal it. It's my understanding two principal events create a duty to disclose material facts. Those are:
1. Trading in the biotech's stock.
2. Statements by the company that attempt to mislead w/o disclosure.
The first of these events presents a bright line test: a company can easily determine when it is buying or selling its own stock and, in most cases, should be able to determine when its principal officers or its directors buy or sell. In either case, a company having material information about bad test results must publicly disclose that information before the trades occur.
The second disclosure trigger is somewhat more difficult to apply. But in a case where RGBP has reached a conclusion that test results on Hema or dCellVax are negative, it may, as a practical matter, be difficult to provide any progress report on the product to the investment community that fails to include this bad news without the report being arguably incomplete or misleading. News from RGBP continues to be that this is moving forward, albeit not as fast as we shareholders would like.