Executives of the Canadian pharmaceutical company Biochem, which discovered lamivudine (formerly known as 3TC) and is developing the compound with Glaxo (Marketletter November 28), made a gain of C$581,250 ($421,755) on an investment in Biochem shares of around C$1.8 million.
The executives of the company were among 13 investors who privately purchased a block of 1.1 million shares in October, according to local reports. The company has said that the executives were not aware of the clinical test results announced at the end of November, which sent Biochem's stock price soaring on North American stock markets.
A company spokesperson said that the people who reported the results of the trials were Glaxo's scientific investigators. "We only got the results moments before they were put into a press release and disclosed to the public. It's proprietary information," she said.
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