Biotech Values

[DewDiligence]

We have a new director:

There has been an empty slot on the Board of Directors since Michael Dougherty resigned from the Board last September. Now the slot has been filled, according to an SEC Form 3 filing today, which shows that the company has granted Mr. Osagie Imasogie, who is listed as a Director, 20,000 stock options at an exercise price of $3.50:

http://www.sec.gov/Archives/edgar/data/880431/000088043104000002/xslF345X02/edgar.xml

Mr. Imasogie is a lawyer for GlaxoSmithKline who has heavy experience in the pharmaceutical industry. Here is his bio:

http://www.law.upenn.edu/cf/faculty/oimasogi/

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Osagie O. Imasogie is VP & Director, GSK Ventures, a new group created within GlaxoSmithKline that is responsible for the external value maximization of various GSK R&D assets that will not be further progressed. Osagie has led the Ventures Team in over 20 transactions that generated a portfolio of significant value for GSK. Previously, Osagie was VP, Product Development Strategy at SmithKline Beecham, VP International Division at DuPont Merck and the Founding General Counsel, Secretary and SVP, Business Development, for Endo Pharmaceuticals Inc., a specialist pharmaceutical company. In addition, Osagie has been the General Counsel for the Manufacturing, International and Generic Drug Divisions of DuPont Merck. Osagie has over 20 years of professional experience in business and law covering the Healthcare/Pharmaceutical Industry, Corporate Law, Intellectual Property, International Business and Financial Consulting. Osagie has also been a Partner in Price Waterhouse's Corporate Finance and Information Technology departments. Osagie, is a member of the New York State bar and holds postgraduate degrees from the University of Pennsylvania Law School and from the London School of Economics.
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Interestingly, Mr. Imasogie was recently appointed a Director at BEN FRANKLIN TECHNOLOGY PARTNERS, a Philadelphia-based consulting and capital firm:

http://www.sep.benfranklin.org/news/031105.html

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I do not know why GENR hasn’t issued a press release to announce the appointment. I expect they will soon.

Finally, I would be preempt speculation that Mr. Imasogie’s appointment suggests GENR is going to partner with GSK. I think the opposite is true --the appointment of Mr. Imasogie most likely rules out GSK as a partner. JMHO. Dew