Biotech Values

[DewDiligence]

BusyAnt re GTCB:

>What's your cost basis on GTCB? I'm not sure if that question is gauche, but since you've divulged that you own or control ~ 1% of the company (pre-recent-financing),I figure this is probably an acceptable in polite company. Are you under water, or were you one of the crazies who purchased in the $1 range?<

I was one of the crazies. I’ve bought GTCB in many separate lots but my largest lot by far was bought at less than $0.90 in May, 2005, immediately after Dr Cox revealed that the EMEA was planning to conduct on-site inspections (#msg-6231451). I sold approximately 1/3 of my holding in the run anticipating the original EMEA decision in Feb 2006, but after the rejection I added back at 1.15 (http://c9.iurl.biz – much too early in hindsight) and then in lesser amounts at 1.00 and below. All told, at the time of the EMEA approval on appeal, my trade-adjusted average cost was just under 1.00. However, since the EMEA approval on June 2, I’ve added some shares in the 1.35-1.60 range, which brought my average cost up to around 1.12.

>Also, I believe that you once indicated (around the time of the + opinion) that you owned or controlled 1% of GTCB. Since you are a man of precise wording, is there any nuance associated with your phrasing? i.e. why not just say "own ~1%"?<

If I said 1% rather than ~1%, my omitting the “~” symbol had no significance. It’s hard to be precise in any case because the denominator I use in calculating the percentage owned is the diluted share count as described in #msg-12105238, and there is a some degree of subjectivity in the method. Regards, Dew