If Zalicus was going to release significant news that would put the stock well above a dollar, then would it not make sense to instruct LP to acquire a significant amount of shares prior to PR as an act of good faith?
I think you're creating a causal relationship where one doesn't exist. The company theoretically shouldn't know one way or another whether or not results are good or bad, so their selling isn't related to results. They are likely selling some in order to have cash in case the results are bad. They are simply being cautious. It is what it is. Other successful companies have done so prior to good data, such as ACAD and SRPT last year around this time.
The second trial was $9+ million, so they need the money now. Likewise, Lincoln wants its shares cheap and already has some well below these levels. If news is good, there will be a press release and no R/S.
Maybe because LPC agreed to purchase $25 million. As far as being unfair, not really because they have a contractual agreement that has nothing to do with if they know results or not. This proceeds so to speak.