Dear Fellow Stockholder:
You are cordially invited to attend the Company's Annual Meeting of
stockholders to be held at 10:00 a.m., on Thursday, July 26, 2001 at the Kitano
Hotel, 66 Park Avenue, New York, New York 10016.
This year you are being asked to: (i) elect seven directors; (ii)
approve an amendment to the Company's Certificate of Incorporation to increase
the Company's authorized shares of common stock from 35,000,000 shares to
100,000,000 shares; (iii) approve an increase in the number of authorized shares
that may be granted under the Amended and Restated 1993 Stock Option Plan; and
(iv) ratify the appointment of Ernst & Young LLP as the Company's independent
auditors for 2001. At the meeting, I will be pleased to report on the affairs of
the Company and a discussion period will be provided for questions and comments
of general interest to stockholders.
Number of shares Percent of outstanding
Directors, Officers & 5% Stockholders beneficially owned shares of Common Stock
------------------------------------- ------------------ ----------------------
Michel C. Bergerac........................................ 28,250(1) *
Stephen K. Carter ........................................ 0 *
Frank T. Cary............................................. 80,968(2) *
Alan Kessman.............................................. 436,500(3) 1.7%
William R. Miller......................................... 199,406(4) *
Alan C. Sartorelli, Ph.D.................................. 418,455(5) 1.6%
Walter B. Wriston......................................... 75,968(6) *
Charles MacDonald......................................... 10,000(7) *
Mario Sznol, M.D.......................................... 50,000(8) *
Terrence W. Doyle, Ph.D................................... 280,224(9) 1.1%
Bijan Almassian, Ph.D..................................... 66,625(10) *
Ivan King, Ph.D........................................... 86,400(11) *
Thomas Mizelle............................................ 162,960(12) *
Thomas E. Klein........................................... 40,102(13) *
All directors and executive officers as a group
(12 persons) ........................................... 1,732,796(14) 6.6%
Other Beneficial Owners
-----------------------
Elliott Associates, L.P.
Elliott International, L.P. (f/k/a Westgate
International, L.P.)
Martley International, Inc.
c/o Elliott Associates, L.P.
712 Fifth Avenue, 36th Floor
New York, NY 10019..................................... 2,966,113(15) 11.3%
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