Pharmaxis CEO sells shares a day ahead of meltdown

A European regulatory group informally turned thumbs down on Pharmaxis's lead drug, triggering a staggering 74 percent drop in the Australian biotech's share price. And the Sydney Morning Herald follows up with the intriguing addendum that Pharmaxis CEO Alan Robertson sold 500,000 shares of company stock the day ahead of the vote. Robertson says he had a tax bill to pay. Pharmaxis has been seeking approval to sell Bronchitol for cystic fibrosis. Report