BVF (Lampert) picked up a few more shares, but revised a filing with this disclosure (below). Sounds like Lampert is ticked (and scared).......
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since July 6, 1998, Partners, in its capacity as general partner of BVF,
has purchased on behalf of such limited partnership an aggregate number of
20,000 shares of the Stock for an aggregate consideration of $63,178.00,
utilizing funds provided by BVF from its working capital pursuant to the terms
of its limited partnership agreement with Partners. In addition, Partners, in
its capacity as investment manager with respect to certain managed accounts, has
purchased on behalf of such managed accounts an aggregate number of 26,600
shares of the Stock for an aggregate consideration of $83,504.50, utilizing
funds under management by Partners pursuant to investment manager agreements
between Partners and such managed accounts.
ITEM 4. PURPOSE OF TRANSACTIONS.
The external environment for small, quality biotechnology companies is
undergoing a period of rapid and profound change. The convergence of a
depressed equity market, the possible slowing pace of a corporate partnering
activity, and escalating cash burn rates could produce an industry shake-out in
which financially conservative companies prosper and financially weak companies
falter. This changing environment may call for managements and Boards to
husband capital by significantly reducing cash burn rates and to otherwise alter
preconceived business plans. If managed pro-actively and intelligently, this
period could yield attractive returns for shareholders. However, the
consequences of complacency and the potential for irreparable missteps are
great. BVF may seek to work with company managements, Boards and shareholders
to maximize shareholder value and, specifically, to protect the substantial
value of funded, partnered programs from unnecessary dilution. BVF IS AMENDING
ALL ITS 13-D FILINGS WITH THIS NOTICE.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF beneficially owns 495,500 shares of the Stock, Partners
beneficially owns 1,042,600 shares of the Stock, and BVF Inc. beneficially owns
1,042,600 shares of the Stock, approximately 5.2%, 11.0% and 11.0%,
respectively, of the aggregate number of shares outstanding as of July 31, 1998
(as reported in Sibia's most recent quarterly statement). |
