Neoprobe Corp. (NYSE Amex:NEOP) are prepping to sell off about 500,000 shares of stock should the company’s new drug application get the green light from the FDA.
Senior vice president & CFO Brent Larson, regulatory affairs & quality assurance VP Rodger Brown and former president & CEO David Bupp revealed plans to sell substantial portions of their stakes at various times over up to one year.
Larson will sell up to 125,000 shares, representing 12 percent of his holdings, over the course of the 12 months beginning Sept. 14, according to documents filed with the SEC.
Brown plans to unload 28,715 in the first month, beginning Sept. 14, and will sell a total of 73,715 shares over a year, representing 14 of his total shares. Bupp intends to sell 300,000 shares, representing 6 percent of his holdings, over six months beginning Sept. 13.
NEOP shares were up 2.5 percent to $2.87 in afternoon trading today.
The Dublin, Ohio-based cancer diagnostics firmfiled the NDA for its flagship Lymphoseek radiopharmaceutical, a diagnostic tracing agent for detecting and treating certain types of cancer, with the FDA in August.
The application came amid controversy around the company’s clinical trail for the NDA. Neoprobe weathered a storm of criticism, including a citizen’s petition filed by hedge fund MSMB Capital Management asking the FDA to block the application on the grounds that the drug’s pivotal trials suffered from vital mistakes, allegations that Neoprobe has officially rebutted.