Harold, as you probably know, there has been a lot of selling going on with BTRN, and this has surely depressed the stock price. Health Care Ventures (HCV) owned about 1.5MM shares via HCV I, 775,000 shares via HCV II, and 228,000 shares via HCV III for a grand total of 2,500,000 shares. Their ownership was about 18-20% of the entire company (http://www.sec.gov/Archives/edgar/data/880259/0000912057-00-014174.txt), HCV has sold over 1.5MM shares this year beginning in late June and through September 28. (http://biz.yahoo.com/t/b/btrn.html). HCV’s selling, of course, has put tremendous pressure on the stock price, and we painfully are aware of that. We can assume here that the depressed stock price is a reflection of poor general market conditions (meaning that we are in a bear market) exacerbated by large institutional selling in BTRN.
I believe that HCV’s selling has continued up to the present time. The good news is that they must be out or nearly out by now. I would expect that the new buyers would want to see some good returns, especially if they are institutions, so we might see some pumping late this year or next year.
I listened to a presentation given by Eliot Lebowitz a few months ago. He indicated that MEDI would have exciting announcements regarding advancing MEDI 507 "prior" to the end of the year. So far, those announcements have been pretty lame. The year is not over yet, but as Richard said, it would be nice to see MEDI step up to the microphone and make some exciting comments. Take care. Mark |
