Securities and Exchange Commission statements show that two executives of Regeneron, a biotechnology company that is at the forefront of coronavirus treatment, raised about $ 1 million by selling shares in the company after President Trump praised what he praised. defined as “Regeneron’s coronavirus treatment,” although the company told NBC News sales occurred as part of “pre-established”
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SEC statements and the Regeneron website show that board member Joseph L. Goldstein and Marion McCourt, senior vice president and chief business officer, earned about $ 740,000 and $ 260,000, respectively, after selling shares on Oct. 5.
REGENERON SAYS PRESIDENT Trump’S ANTIBLE COCKTAIL TREATMENT IS A “CASE REPORT”
President Trump praised Regeneron and Eli Lilly’s antibody treatment, which he said helped him after being diagnosed with coronavirus.
“If you look at the therapies I’m taking right now, some of them will come out soon and others that seem, frankly, to be miracles, if you want to know the truth. They are miracles. .. coming down from God, “Trump said in a video on Oct. 3.” I’m starting to feel good. “
A Regeneron spokesman said Goldstein and McCourt’s sales were pre-planned to avoid insider trading.
“The latest transactions were carried out in accordance with pre-established trading plans, known as plans 10b5-1,” a Regeneron spokesman told Fox News. “They are pre-established at a time when the CEO is not aware of any relevant, non-public information about Regeneron and is automatically triggered when the shares reach a certain price.”
“In addition, Regeneron’s practice is to require at least a 30-day ‘waiting period’ before a plan takes effect,” the spokesman continued.
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Later in October, Trump specifically highlighted the Regeneron antibody cocktail as a key aspect of his treatment, likening it to “treatment” rather than therapeutic treatment.
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Lucas Manfredi of FOX Business contributed to this report.