Rick, here it is, but remember this is just the part about Geron. While I know you know the science behind biotechs, I believe anyone who invest could not find a better source of information on the markets than thestreet.com. A bond dealer that I had done billions of dollars of business with per year, (not my billions), convinced me to subscribe. Had tried to subscribe before, he mentioned it, but had problems logging on. If anyone ends up subscribing they might understand why I feel obligated to try and pass it on. I can't repay anyone with my post on science, so I feel obligated to post recipes and urge others to try TSC. <g>
What follows is only part of Jesse Eisingers article from todays TSC. Also Eisinger is only a small , but important, part of what one gets at TSC.
Earth to Geron Shareholders
So here's a big surprise. Geron (GERN:Nasdaq) insiders have registered to sell
shares.
Here's a stock that regularly has Glenn-like orbits on sexy scientific
announcements that will take years to develop revenue and earnings. And then the
stock falls back to earth, but no one holds parades. Most recently, on Nov. 8, the
stock closed up 74% to 17 3/16 after two labs that Geron financially backs grew
human stem cells that could enable scientists to grow human tissue for transplants.
The discovery was hailed in the scientific and mainstream press, garnering
front-page coverage. Yet the company even said a commercial application was five
to 10 years away.
Now insiders are bailing. Monday, Thomas Okarma, a vice president, filed to sell
10,000 shares. Kevin Kaster, a vice president of intellectual property, registered
111,762 shares. As of the April proxy, Kaster had 124,800 shares and options.
David Greenwood, the CFO, filed to sell 40,000 shares. He had 154,200 shares and
options. Calvin and Deborah Harey, officers of the company, registered 33,617
shares.
Tuesday, Ronald Eastman, the CEO, and Patricia Eastman filed to sell 40,000
shares. Eastman, according to the company's proxy, beneficially owned 450,000
shares through stocks and options. A Kiley family partnership filed to sell 5,000
shares. One of the company's directors is Thomas Kiley. And yesterday, Greenwood
registered more shares and Kiley registered to sell 10,000 shares. In the proxy,
Kiley had 74,300 shares and options.
A similar thing happened in August 1997, when Geron skyrocketed on a similar
situation: widespread scientific and mainstream media attention for the cloning of a
cancer-related gene. Late in August, who was among the raft of insiders selling?
Eastmans, both Ron and son Patrick; Greenwood and Kaster.
Geron officials did not return a call seeking comment. |
