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Biotech / Medical : Sepracor-Looks very promising -- Ignore unavailable to you. Want to Upgrade?

To: M. Ramle who wrote (2397)	4/16/1999 6:26:00 PM
From: quidditch	Respond to of 10280

I think that IR may have had an obligation, if asked, to disclose the existence of the FDA letter (once made public--I am not sure if the letter is considered as "public information" before it hits the FDA's website, i.e., if there is any other way of determining its existence prior to web publication). I don't think that IR has an obligation to speculate on the motivation for sales by insiders, particularly if an argument could be fashioned that the insider was selling on material, non-public information. Whether this letter can be considered material is open to debate, especially since we do not have all the facts. Mazen: I was thinking about you and your NAKED April puts, gave an iota of consideration to joining you and glad that you decided not to. The heavens were not auguring underlying strength. Regards. Liacos_samui

To: M. Ramle who wrote (2397)	4/16/1999 6:31:00 PM
From: Biomaven	Read Replies (2) \| Respond to of 10280

Bob and Mazen, I doubt the director selling had anything at all to do with this letter. Remember they can likely only sell during certain windows after earnings are released, so short-term timing of sales doesn't usually mean much. What has been incredible about SEPR has been the lack of options-related selling. If you look at the 10-K, you'll see that there is about a $100m potential gain in currently exercisable options for employees as of year end. Virtually every other company I know that has had a similar run-up has had far more in the way of insider selling than has SEPR. SEPR employees are basically telling us that they are leaving their stake on the table; diversification be damned. I do want to say again that it's important not to blow this letter out of proportion - this was just a sharp but pretty routine reminder to SEPR that they are living in a different world now when they speak - one governed as much by the FDA as the SEC. Peter