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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: Biomaven who wrote (6830)	7/30/2002 2:41:08 PM
From: Sam Citron	Read Replies (1) \| Respond to of 52153

Peter, I notice that SEPR has recently dropped on the "favorite stocks" section of your SI profile from #1 AND #2 to #3. Can you please explain what, if any, significance to attach to this change and whether you still regard SEPR as a LT buy or as a hopelessly broken stock. Sam

To: Biomaven who wrote (6830)	7/30/2002 2:55:46 PM
From: rkrw	Read Replies (1) \| Respond to of 52153

Point well taken, but it's unlikely they even approach that kind of net effect. As of the latest proxy (exercisable and unexercisable options): Timothy J. Barberich 1,236,346 624,834 William J. O'Shea 236,666 775,834 David P. Southwell 318,000 412,500 Paul D. Rubin, M.D. 333,334 493,334 Robert F. Scumaci 133,667 355,667 Can't say I feel sorry for these guys.

To: Biomaven who wrote (6830)	7/30/2002 4:13:34 PM
From: Ian@SI	Read Replies (2) \| Respond to of 52153

...what I call revolving door repricing. Not quite the same thing. Options issued to the departing executive will expire worthless rather than being returned to the treasury. The new guy gets new options reducing the total amount available for issue. It's unlikely that shareholders will approve any new allotments any time soon. I also think that repricing should be banned. ...until the company is willing to reimburse me for any loss I took as an owner of their company by buying too soon. To the extent that they have the shareholders' blessing they can always issue new options any time they so choose.