Biotech Values

[mouton29]

Kunath filed 4 form 4's over a several day period; you have linked to one of the earlier ones, and in fact I think she sold the shares underlying the option shown on form you linked to a few days later. She has the 4 most recent Form 4's on the SEC website for DNDN. As I read the, she exercised and then sold 54,000 shares on 4/4, 3,950 on 4/5, 21,000 on 4/9 and 15,000 on 4/10. I think she left herself with about 19,500. Actually this seems a little inconsistent with the 10-K (http://www.sec.gov/Archives/edgar/data/1107332/000089102007000097/v25967a1e10vkza.htm) which indicates on page 16 that as of 12/31/2006, she had options to acquire 106,900 shares, only 27,950 of which were veted as of 4/11/2007 or within 60 days thereafter.

In any event, if you think these sales are periodic, I suppose you are right, if by periodic, you mean, daily.

To fit this within the requirement that the plan "included a written formula or algorithm, or computer program, for determining the amount of securities to be purchased or sold and the price at which and the date on which the securities were to be purchased or sold," perhaps she specified something like, sell exercise X options and sell X shares on the first date that the stock trades above Y, with 4 different thresholds. She certainly did a better job selling than did Gold, about half of her sales were in the 20's.

However, this has no bearing on Gold's sale, it is just an discussion/argument for argument's sake (nothing wrong with that).