Isotechnika Pharma Inc IPHAF

ISA insider trading scandal

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ISA shareholders seem to be left holding the bag again. One can only hope that ISA's business, research and clinical advisors are not of the same calibre as their legal advisors. Did this same legal advisor help with ISA's partnering deals? Isotechnika president traded shares without required disclosure Yatscoff blames incorrect legal advice; reports filed as soon as error discovered Ron Chalmers, The Edmonton Journal Published: Friday, June 08, 2007 EDMONTON - Randall Yatscoff, the president of Isotechnika Inc., has reported to the Alberta Securities Commission that he traded Isotechnika securities 42 times over the past five years without filing insider trading reports within the required 10 days. His trades of common shares and options were executed from Aug. 19, 2002 until March 14, 2006 but were not disclosed until May 27 and 28, 2007 -- up to 57 months late. Yatscoff told The Journal that all of those trades involved securities issued by the company treasury. "I originally received legal advice that these (transactions) did not have to be filed," he said. "That advice was incorrect." Email to a friendPrinter friendly Font: When he learned of his error, Yastscoff said, he immediately filed the required reports. "It was not the result of any investigation." The ASC normally does not penalize late filers but did report Yatscoff's late filings in its latest weekly summary. An insider is allowed to buy or sell securities unless he acts on inside information that has not been publicly released. The late-reported trades were "absolutely not" based on unpublicized insider information, Yatscoff said. Isotechnika is conducting clinical trials of ISA247, a drug to treat both psoriasis, an autoimmune skin disorder, and organ rejection after kidney transplantation. Its shares have been publicly traded since 1999, originally on the Alberta Stock Exchange and now on the TSX. [e-mail]