Any interpretations on the 13G report...
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 158,150 shares of the Stock for an aggregate consideration of $2,732,959.48.00, utilizing funds provided by BVF from its working capital pursuant to the terms of its limited partnership agreement with Partners and has sold an aggregate number of 98,000 shares of the Stock for an aggregate consideration of $1,519,949.33. 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 238,750 shares of the Stock for an aggregate consideration of $6,705,048.10, utilizing funds under
management by Partners pursuant to investment management agreements between Partners and such managed accounts and has sold an aggregate number of 117,000 shares of the Stock for an aggregate consideration of $3,329,608.97.
ITEM 4. PURPOSE OF TRANSACTION.
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.
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
1,492,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
5.5%
TRANSACTIONS IN THE STOCK BY THE REPORTING PERSONS
DURING THE LAST 60 DAYS
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Settlement For the Price per
Date By Account of Quantity Share Type of Trade Broker
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07/07/98 Partners BVF, Ltd. 1,000 $16.6875 Purchase INET
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07/08/98 Partners BVF 3,000 $16.6563 Purchase MIST
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07/08/98 Partners BVF, Ltd. 10,000 $16.6563 Purchase MIST
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07/08/98 Partners BVF, Ltd. 4,000 $16.6719 Purchase INET
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07/09/98 Partners BVF, Ltd. 12,000 $16.6827 Purchase NESB
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07/09/98 Partners BVF, Ltd. 4,000 $16.7500 Purchase INET
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07/09/98 Partners BVF, Ltd. 25,000 $16.5601 Purchase TDSI
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07/09/98 Partners BVF 12,000 $16.6827 Purchase NESB
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07/09/98 Partners BVF (52,000) $16.6250 Sale BTAB
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07/09/98 Partners ILL10 (5,000) $16.6250 Sale BTAB
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07/09/98 Partners PAL (4,000) $16.6250 Sale BTAB
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07/09/98 Partners ZPG (2,500) $16.6250 Sale BTAB
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07/09/98 Partners BVF, Ltd. (48,500) $16.6250 Sale BTAB
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07/10/98 Partners BVF 1,600 $16.8971 Purchase INET
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07/10/98 Partners BVF, Ltd. 8,000 $16.8971 Purchase INET
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07/13/98 Partners BVF 11,000 $17.5625 Purchase NESB
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07/13/98 Partners BVF, Ltd. 10,400 $17.5625 Purchase NESB
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07/17/98 Partners BVF 12,400 $16.0671 Purchase NESB
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07/17/98 Partners PAL 2,000 $16.0671 Purchase NESB
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07/17/98 Partners ZPG 1,000 $16.0671 Purchase NESB
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07/17/98 Partners BVF, Ltd. 10,000 $16.0671 Purchase NESB
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07/20/98 Partners BVF 13,700 $15.9422 Purchase NESB
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07/20/98 Partners ILL10 1,850 $15.9422 Purchase NESB
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07/20/98 Partners PAL 1,150 $15.9422 Purchase NESB
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07/20/98 Partners ZPG 800 $15.9422 Purchase NESB
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07/20/98 Partners BVF, Ltd. 12,500 $15.9422 Purchase NESB
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07/24/98 Partners BVF 21,000 $16.6523 Purchase NESB
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07/24/98 Partners PAL 2,000 $16.6523 Purchase NESB
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07/24/98 Partners ZPG 1,000 $16.6523 Purchase NESB
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07/24/98 Partners BVF, Ltd. 21,000 $16.6523 Purchase NESB
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Settlement For the Price per
Date By Account of Quantity Share Type of Trade Broker
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07/27/98 Partners BVF 10,400 $16.4240 Purchase NESB
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07/27/98 Partners ILL10 1,600 $16.4240 Purchase NESB
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07/27/98 Partners BVF, Ltd. 10,000 $16.4240 Purchase NESB
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07/28/98 Partners BVF 3,900 $16.3423 Purchase NESB
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07/28/98 Partners BVF, Ltd. 3,000 $16.3423 Purchase NESB
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07/29/98 Partners BVF 4,500 $16.2915 Purchase NBSI
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07/29/98 Partners BVF, Ltd. 4,000 $16.2915 Purchase NBSI
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07/30/98 Partners BVF 5,300 $16.0971 Purchase NBSI
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07/30/98 Partners BVF, Ltd. 6,000 $16.0971 Purchase NBSI
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07/31/98 Partners BVF 3,000 $15.9909 Purchase NBSI
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07/31/98 Partners ILL10 400 $15.9909 Purchase NBSI
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07/31/98 Partners BVF, Ltd. 2,600 $15.9909 Purchase NBSI
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08/06/98 Partners BVF 1,000 $16.7500 Purchase INET
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08/06/98 Partners ILL10 500 $16.7500 Purchase INET
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08/07/98 Partners BVF 1,250 $16.5625 Purchase INET
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08/07/98 Partners ZPG 400 $16.5625 Purchase INET
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08/07/98 Partners BVF, Ltd. 1,250 $16.5625 Purchase INET
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08/10/98 Partners BVF 7,000 $16.2010 Purchase NBSI
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08/10/98 Partners ILL10 1,000 $16.2010 Purchase NBSI
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08/10/98 Partners PAL 500 $16.2010 Purchase NBSI
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08/10/98 Partners ZPG 400 $16.2010 Purchase NBSI
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08/10/98 Partners BVF, Ltd. 7,000 $16.2010 Purchase NBSI
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08/13/98 Partners BVF 6,800 $15.7836 Purchase INET
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08/13/98 Partners BVF, Ltd. 4,000 $15.7836 Purchase INET
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08/13/98 Partners PAL 3,000 $15.7461 Purchase NBSI
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08/13/98 Partners ZPG 2,000 $15.7461 Purchase NBSI
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08/13/98 Partners BVF, Ltd. 9,400 $15.7461 Purchase NBSI
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08/14/98 Partners BVF 1,500 $14.3750 Purchase INET
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08/14/98 Partners BVF 8,300 $14.5216 Purchase NBSI
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08/14/98 Partners BVF, Ltd. 10,000 $14.5216 Purchase NBSI
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Settlement For the Price per
Date By Account of Quantity Share Type of Trade Broker
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08/17/98 Partners BVF (46,000) $14.2500 Sale BEST
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08/17/98 Partners ILL10 (10,000) $14.2500 Sale BEST
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08/17/98 Partners PAL (3,500) $14.2500 Sale BEST
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08/17/98 Partners ZPG (2,500) $14.2500 Sale BEST
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08/17/98 Partners BVF, Ltd. (41,000) $14.2500 Sale BEST
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08/26/98 Partners BVF 15,000 $13.5832 Purchase NBSI
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08/26/98 Partners ILL10 3,000 $13.5832 Purchase NBSI
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08/26/98 Partners PAL 2,000 $13.5832 Purchase NBSI
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08/26/98 Partners ZPG 1,000 $13.5832 Purchase NBSI
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08/26/98 Partners BVF, Ltd. 14,000 $13.6832 Purchase NBSI
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08/27/98 Partners BVF 10,000 $14.2554 Purchase NBSI
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08/27/98 Partners ILL10 1,700 $14.2554 Purchase NBSI
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08/27/98 Partners BVF, Ltd. 10,000 $14.2054 Purchase NBSI
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08/31/98 Partners BVF 13,000 $14.9137 Purchase NBSI
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08/31/98 Partners PAL 900 $14.9137 Purchase NBSI
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08/31/98 Partners ZPG 900 $14.9137 Purchase NBSI
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08/31/98 Partners BVF, Ltd. 15,000 $14.9137 Purchase NBSI
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08/31/98 Partners BVF 6,000 $15.0341 Purchase INET
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08/31/98 Partners BVF, Ltd. 5,000 $15.0341 Purchase INET
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09/02/98 Partners BVF, Ltd. 1,500 $13.8125 Purchase INET
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BTAB = BT Alex Brown
INET = Instinet
NESB = Nesbitt & Burns
TDSI = TD Securities
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