Ann: Ceasing to be a substantial holder, page-3

certainly appears that way:
Sold a smaller chunk (700K shares) in September 2014, then 21.5M shares @ $0.035 in March and about the same number in April (this notice) for ~$0.025.

Never a good look - directors can of course have lots of reasons to sell (e.g. may need the money to pay tax, go on holidays, buy a house, pay school fees...) - they really only have one reason to buy - good old-fashioned GREED - i.e. they believe there is a potential for profit.

Most concerning for me is that he sold around 21M shares @ $0.025 (this notice) - basically swapped for 3-4M picked up in the rights issue.

Begs the question... if the CEO - who theoretically knows everything about the company and it's potential - perhaps some idea of forthcoming trial results even - if they don't have faith that the company has upside worth more than 2.5c/share, why should anyone else buy/hold?

I am consequently out of IVX - GLTAH, however I think this is not a promising sign...