Biotech Values

[mouton29]

<<I do grant that some non-lawyers use the term "secondary" more broadly to cover all sorts of follow-on offerings. >>

I am ashamed to report that I hear corporate lawyers at large law corporate law misusing the "secondary" term quite frequently -- so frequently, that it is dangerous to assume you know what they mean. Just as, if someone tells you that they "perused" a document, it is foolish to assume that they meant "read carefully."

<< No member of the public can automatically acquire shares in an underwritten offering - it's up to the underwriters to decide who gets them.>>

That's true, but when I think of the typical public offering, at least I have a chance to call up a broker and beg for an allocation and he can at least check around. In this case, there was no syndicate -- only LS -- and no publicity so there was no way for me to even make a call were I so inclined.