Well, this is new finding us on opposite sides of the street. Somehow I thought you were up on Cadus. I've been following them since their IPO in July 1996, so I and others have known about the patent dispute for that long. Sibia trashed Cadus's IPO by having their suite coincide with offering, and then Cadus countered. Dirty stuff.
As far as the collapse in market cap, I clearly don't have the answer otherwise I'd be living next door to Sir John. Yes, the patent issue could possibly have taken a turn for the worst in the last few months. If Levin bailed out of his company because of this, good luck to him. Be surprised this was the case. If the board (Carl etc) thought they needed someone better suited to enhancing the company or SH value, then cool. I don't like a multiple role of CEO, Chair and Pres anyway. With the new uncertainty, a meager 3.2 million float, downgrades by two *insignificant* bio analysts and...a 110,410 shares for sale as filed by *one* shareholder last year will simply make the MM stand back. Conversely, some very notable institutions added positions last Q...stupid people ?.
If you go into the history of how the company started and the key people behind the science, I believe these folks are still intact. Maybe they will be justly rewarded with the new freshly minted DEC ISOs priced at this advantageous level. The only other thread I'm clinging to is Rachel Leheny Ph.D. of H&Q. The *only* analyst I pay attention to. If she goes thumbs down then all bets are off.
BTW: Hope you realize that Prof Hunter will never invite you to his biorobotics lab now that you made light of his Living Chip work :-). What you said may or may not be true, but are you aware of the work he and his lab team are involved in ? He used to have a cool web mug shot (now removed)...definitely suited for a lead role in western.
Let's see what unfolds and how low it can go. Bet tomorrow will be down !
P.S. Jay must be hiding in the hills by now ? :-).
Peace !
Dave
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