TLC Share Sale Probed

- Three executives at The Liposome Company of the USA, including its chief executive, sold shares for a profit of around $2.56 million in April, as the company's shares reached a four-year high. The sales all came shortly before the firm's chief operating officer resigned, reports the Record of Northern New Jersey. After the close of trading on May 3, the company announced that Edward Silverman, chief operating officer, was leaving and gave no explanation. Chairman and chief executive Charles Baker is reported to have told the Record that the sales were partly done for tax purposes. The share price of TLC was up in April on optimism that 1996 sales of Abelcet (amphotericin B lipid complex) were on target to reach $50 million.