Ex-Genta Exec Settles SEC Insider Suit Over Melanoma Drug

Law360, Los Angeles (April 21, 2014, 10:13 PM EDT) -- A former Genta Inc. executive and two others agreed to pay penalties to resolve allegations of insider trading on confidential information about the now-defunct drugmaker's disappointing clinical tests for the experimental melanoma drug Genasense, the U.S. Securities and Exchange Commission announced Monday.

The SEC filed a federal complaint Monday against the drugmaker's chief medical officer, Dr. Loretta Itri, along with her longtime friend Dr. Neil T. Moskowitz and his patient Matthew Cashin. The agency alleged that Itri tipped off stockholder Moskowitz a day before bad results from the key clinical trial went public, prompting him to alert Cashin and others, who...

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