Progenics CEO exercises options |
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Wed, 18 Apr 2007 22:04
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NEW YORK (AP) - The chief executive officer of drug developer Progenics Pharmaceuticals Inc. exercised options for 12,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing.In a Form 4 filed with the SEC Tuesday, Paul J. Maddon reported he exercised the options Monday for $5.33 apiece and then sold all 12,000 shares on the same day for $26.80 apiece.The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material non-public information.Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.Progenics is based in Tarrytown, N.Y.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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