Biotech Values

[DewDiligence]

New restricted shares for GENR’s top executives:

SEC Form 4’s were just filed for new restricted shares granted under the 2004 incentive plan that shareholders approved yesterday: The new shares are:

Levitt 150K
Skolas 50K
Armstrong 50K
Shashlo 50K

FWIW: I voted against the new incentive plan. I think GENR’s executives are doing a good job, but not that good. I’d rather see them buy shares with their own money than receive them gratis at our expense.

On the positive side, these new restricted shares do address the concern I had that GENR executives’ actual shareholdings (excluding options) were very low. Note that the new restricted shares are the only shares that Skolas, Armstrong, and Shashlo own.

Updated insider shareholdings are as follows:

Executive officers

ROY LEVITT, CEO
259K shares
1.035M options at exercise prices of $0.40-$11.63

JOHN SKOLAS, CFO
50K shares (joined 10/03)
100K options at $5.19

ROGER VOGEL, CMO
No shares (joined 3/04)
Options holding not yet filed

JOHN ARMSTRONG, EVP (Operations)
50K shares (joined 10/03)
100K options at $4.45

ANGELINE SHASHLO, SVP (Regulatory)
50K shares
175K options at $0.40-$2.74

Independent directors

SHAPIRO ROBERT
188K shares
100K options at $0.40-$11.63

ZOLA HOROVITZ
29K shares
131K options at $0.40-$10.13

JAMES WYNGAARDEN
5k shares
100K options at $0.40-$10.19

FRANK ECOCK
40K shares
70K options at $0.40-$3.63

OSAGIE IMASOGIE
No shares (joined 1/04)
20K options at $3.50

Miscellaneous

KENNETH HOLROYD, Former COO
39K shares
661K options at $0.40-$8.00