I think the question is not the exercising of the options, but the granting of them
in the first place. Assuming that the Peregrine management knows the results of the
second-line NSCLC redo, does the granting of the stock options now violate insider
trading laws? I would guess not since they have plenty of attorneys to answer that
question. In that case it would be a strong bullish signal, would it not? Maybe
there is some sort of time interval involved as to when it is legal, or some
waiting period needed before the options can be exercised. Bungler, do you know?
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