Biotech Values

[AlpineBV_Miller]

The questions to ask on 10b-5s is what controls does the shareholder have over the execution.

1. Can they stop the sale.
2. Can they alter the amount being sold
3. Are there automatic share price restrictions on the sales
4. Does the program include share price buys.

If the answer to the first two are 'yes', then it must be determined how far in advance the shareholder has to declare the changes are in effect.

To the extent the shareholder has very little control over the sales, a 10b-5 program can be less of the indicator normally associated when executives sell shares. If they have lots of control, it really is a 10b-5 in name only.