Chicago Physician and Researcher Charged With Insider Trading Connected to Biotechnology Company in California

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Accused of Knowing Breach of Fiduciary Duty

CHICAGO — A Chicago physician used insider information to purchase shares of a California-based biotechnology company before it publicly announced positive results from a clinical trial of an experimental cancer drug, according to a federal criminal charge filed by the U.S. Attorney’s Office in Chicago.

Daniel V.T. Catenacci, a gastrointestinal medical oncologist in Chicago, served as one of the lead physicians and primary field investigators on the biotechnology company’s clinical trial. Dr. Catenacci through this position allegedly received confidential information about the company and its clinical trial results. The company’s Phase 2 clinical drug trial showed positive results in treating advanced gastric/gastroesophageal cancer.

In November 2020, Dr. Catenacci used material, non-public information about the trial results to make more than $134,000 in illegal profits from the purchase and sale of securities in the company, according to a criminal information filed Friday in U.S. District Court in Chicago. Dr. Catenacci allegedly purchased 8,743 shares trading at $5.49 per share on NASDAQ on November 10, 2020 before the company announced positive results from the trial. Allegedly, Dr. Catenacci then sold those shares at prices ranging from about $17.00 to $23.27 per share shortly after the announcement on November 11, 2021, according to court documents. In the interim, the shares held by Dr. Catenacci tripled or quadrupled in value, the information states.

The information charges Dr. Catenacci, 45, of Chicago, with one count of securities fraud. The charge is punishable by up to 20 years in federal prison. Arraignment in federal court in Chicago has not yet been scheduled.

The charge was announced by John R. Lausch, Jr., United States Attorney for the Northern District of Illinois; and Emmerson Buie, Jr., Special Agent-in-Charge of the Chicago Field Office of the FBI. The U.S. Securities and Exchange Commission provided valuable assistance. Assistant U.S. Attorney Brian Havey represents the government.

The public is reminded that an information is not evidence of guilt. The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.

According to Linkedin and a University of Chicago Biological Sciences web page, there is a Daniel Catenacci, M.D. who is listed as an Associate Professor of Medicine, and who serves on the Committee on Cancer Biology, and Committee on Clinical Pharmacology and Pharmacogenomics; and who has Research and Scholarly Interests in Gastroesophageal Cancer, Molecular Heterogeneity, an Precision Medicine



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