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Biotech / Medical : IDPH--Positive preliminary results for pivotal trial of ID
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To: I. Luttichuys who wrote (58)9/30/1996 7:16:00 PM
From: Brad C. Dunlap   of 1762
 
Hi Bennett, Your right the sale of the 360000 sh by SmithKline took place last November and released in January of this year. For some strange reason there was a duplicate Fed filing that was picked up by the Dow Jones news which is really old news. However today there was a S-3 filed with the SEC by Idec. Basically there were 712,915 of warrants from an earlier private placement that were converted to common stock and are free to be sold. The warrants involve three institutions and 400000 come from S.R. One Limited Ltd. which is the venture capital arm of SmithKline. This filing was effective at the close on Thursday so it appears that this is probably the reason for the weakness. Assuming that SmithKline sells their 400000 sh. it would leave them with 2,040,860 sh. Obviously we don't like to see SmithKline sell a single share but it appears that every fall they lighten up a bit. It will be interesting to see if the stock stays weak if we pick up additional analytical coverage. Hopefully some good will come from the weakness. Bennett, you might find the following of interest. Results from C2B8 as of 5/95 HAMA: none of 67 patients tested were positive, HACA 3 of 237 patients tested were positive. No clinical or laboratory abnomalities attributable to the presence of HAMA or HACA were noted. Rick, if your out there,good luck on your timing if you decide to purchase more shares.
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