I know all about it and has no bearing on when insider sales are reported. Just gives protection against claims of trading on insider information. The fact remains that the sales were made of over 10% of the float and were also made by the 10x fund the largest shareholder. Because of the current cash position if there is no partnership or buy out very soon there will be need for a cash raise secondary offering. Likely at a discount the the current blow off topping action. However if partnership or buyout then would likely be considerably higher. I would have been a buyer but for the signal given by the insider sells especially the 10 x fund. They have not tapped the 10 million loan yet and one would expect that they would raise more cash first. The science looks good. I will wait until after the next stock issue to add shares or miss out. Biotechs have a nasty habit of precipitous drops on surprise dilutive stock issuance.
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