WASHINGTON: US authorities have charged a Chicago doctor with insider trading, accusing him of using nonpublic information about drug trial results to reap illicit profits from buying shares of a California-based biotechnology company.

The US Securities and Exchange Commission (SEC) and federal prosecutors in Illinois said in statements on Monday they have charged a gastrointestinal medical oncologist Daniel V.T. Catenacci related to trading in securities of Five Prime Therapeutics Inc.

The doctor, Daniel V.T. Catenacci, bought shares of the biotechnology company in advance of a Nov. 10, 2020 announcement it had gotten positive drug trial results for a cancer drug.