After the closing bell yesterday, Benda Pharmaceutical reported the company’s gene therapy for cancer, Gendicine®, was doing well in clinical trials in India. Benda said Gendicine® had “passed major milestones,” and Benda expects the drug to eventually be approved for sale in India during 2008. Nevertheless, Benda sold off 30% in today’s trading, hitting a new 52-week low. ChinaBio(tm) Today found out that the selling came from an unrelated source: the shares from a one-year-old, $12 million PIPE transaction were free to trade today and some investors were cashing out.  More details...

Stock Symbol: (OTCBB: BPMA)