Could it possibly be timing?

Not knowing the details but just speculating. Would dumping more shares on the market require more lead time to work the logistics than just exercising his and Dr. Kelly's shares? Perhaps he was optimistic that funding via grants or a deal would have been completed by now but was caught by surprise when they weren't and had to act quick? The medicalnewsfirst article implied he was being held over a barrel by the venture firm so I am assuming something wasn't expected.

You guys understand this better than I do so just throwing out the idea to see if it has any merit.