To: Arthur Radley who wrote (1901 ) 1/25/2002 11:07:47 PM From: Miljenko Zuanic Read Replies (1) | Respond to of 2515 TD, I am well aware what fraud means, and what FRAUD stand for. Depend where you sit. So, before going further, small disclosure for everyone. BTRN: Have no position, had position, now neutral. IMCL: Have no position, never have, probably will not, but one can not say *never*. May interest in IMCL is from anti-EGFr and anti-VEGFr. After BLA rejection it was predictable (but not at this magnitude) that BT *lovers* will use it as prime target to discredit sector. So, one very important additional reason to follow story. It will impact sector. In 1997, and after Rick’s article on *angiogenesis* (at that time I was doing my own DD on this topic) I had opinion that EGF will be good target for cancer, but C225 will not be the best candidate. That opinion stay today. So, my current view is that C225 will reach market (regardless all this mess). When? No idea?Message 16865181 Back to insider trading. As I said arrogance is one thing, but neutrality and objectivity is other one. Every insider activity, buy or sell, is in part based on inside info not regularly available to public. It is illusion and naive to think that we know what is exactly going on behind the scene. While insider do tried to follow SEC regulation, the *fraud* (or trading based on INFO) become issue when they have huge profit and SH loses from stock decline (like today IMCL). INFO is many things? News (bad or good) which will become public in time, but also what Company present (business, expectation, future,..) to public relative to real and true status. AS investor I prefer to avoid (or ignore if hits me) first one, but am very careful on second. In this case insider trading (even very small one, neglected) may (and in many cases does) pinpoint truth about real picture, or how far they are from what they are talking. So, company is doing fraud in this case, in my book. In SEC file they called it *risk factors*., or *hide under*. TD, you can read insider activity from BTRN (or any other company) as you want, or as you are pleased. <<And Miljenko..invest in those biotechs that don't offer secondary stock offers and guess what...you won't be investing in ANY biotechs.>> There is secondary, .. and secondary. Thanks for all advice. I think that I will stick with my criteria for investment. Miljenko