A Slight Chill: Quigley quivers on sale By Bill Alpert
02/03/1997
Barron's
Page 15
(Copyright (c) 1997, Dow Jones & Company, Inc.)
A chill ran through shares of Quigley Thursday, after the cold-cure firm's
chief outside medical investigator filed to sell 10,000 shares. Dr. Michael
Macknin, chairman of the Cleveland Clinic Foundation's pediatrics
department, was lead author of a controversial study published last summer
that claimed Quigley 's zinc lozenges cut colds' duration by 42% ("Cure for
the Common Cold?" Jan. 13). He's also involved in a follow-up study.
Quigley shares, which split 2-for-1 in January, fell 10% to around 11, on
Macknin's report that he would sell the shares for his children. So-called
Form 144 reports may be filed simultaneously with a sale. Macknin didn't
return calls from Barron's seeking comment.
Last summer's report in the Annals of Internal Medicine didn't disclose
Macknin's Quigley stake. Quigley says Macknin bought his children's shares
in a '94 private placement, along with other restricted shares for himself.
In March 1996, moreover, Macknin got options to buy 10,000 shares at $1
each. The stock closed Friday at 10 5/8. |
