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Ebb & Flow Focus

Senior management at GPC Biotech AG sold stock worth more than E10 million in the months running up to July's FDA panel meeting that turned down the company's Orplatna satraplatin cancer compound. The fact that the sales were made through pre-arranged stock trading plans with pre-defined price triggers hasn't assuaged investors who held onto the stock in anticipation of the company's milestone and think management should have done the same.

Investors had a chance to get together and grumble at last week's BIO-Europe meeting in Hamburg. Although none were talking for the record, the fact the executives' transactions were both pre-arranged and independent of any insider

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