Two former executives at Immuomedics were charged with insider trading by U.S. authorities in connection with information about late-stage clinical trial results of a promising cancer drug, which later prompted Gilead Sciences (GILD) to buy the company.
Usama Malik, who had been chief financial officer, and Lauren Wood, the former chief communications officer, were arrested for purchasing Immunomedics stock shortly before positive trial results were released publicly in April 2020. At the time, the pair was romantically involved and lived together in Washington, D.C., according to a criminal complaint filed in federal court in New Jersey.
Malik was one of the few Immunomedics employees who received advance results of a trial that was testing an experimental medicine for treating an aggressive form of breast cancer. The outcome was considered crucial for the company, which encountered a setback in 2019 when manufacturing issues prompted regulators to delay approval.
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