Insiders Sell Benda Pharmaceutical, Inc. Shares Despite Positive India News

November 15, 2007 -- After the closing bell yesterday, Benda Pharmaceutical (OTCBB: BPMA) reported the company’s gene therapy for cancer, Gendicine®, was doing well in clinical trials in India. Benda said Gendicine® had “passed major milestones,” and Benda expects the drug to eventually be approved for sale in India during 2008. Nevertheless, Benda sold off 30% in today’s trading, hitting a new 52-week low. ChinaBio(tm) Today found out that the selling came from an unrelated source: the shares from a one-year-old, $12 million PIPE transaction were free to trade today and some investors were cashing out. More details...