The insider trading cases which sent ImClone CEO Sam Waksal and pal Martha Stewart to jail only happened because the company kept material FDA communications secret from investors. Hemispherx Biopharma ( HEB ), Aveo Oncology ( AVEO ), Genzyme (now part of Sanofi ( SNY ) ), Map Pharma, Introgen Therapeutics, Ampio Pharmaceuticals ( AMPE ) have run into problems understating -- or not disclosing at all -- concerns raised by FDA about clinical trials. Eventually, this information gets out at FDA advisory committee meetings or when drugs are rejected. But by then investors are hurt. It's encouraging to hear the SEC's Ceresney raise the FDA transparency issue with an audience of pharmaceutical executives, but more needs to be done. No one is naive enough to believe drug companies will post FDA letters voluntarily. There are companies out there whose business model essentially depends on being secretive and misleading with investors about their FDA interactions.