Momenta Pharmaceuticals, Inc. (MNTA)

[Rocky3]

Annual Meeting - first quick report (hope to be more complete tonight):

I've been to ~15 annual meetings. They are usually very UNinteresting. This one was interesting. Not many shareholders, maybe 10. Employees and others outnumbered shareholders 2/3-1.

Almost all shareholders asked questions - far more questions than any other annual meeting that I have attended.

Most interesting was a presentation from a major shareholder - Palo Alto Investors. I am familiar with Palo Alto. They have been a shareholder for 5 years, and have not made much money over that time. Their big thing is share count - dilution by another name. Proposed buying back stock. Had 4-5 boards with graphs and "fiduiary duty" definition. Clear that they had been talking to management and board of directors on topic for months.

Wheeler had made interesting presentation, though probably nothing new to most who have listened to other presentations.

Will study notes tonight to give more color. Wheeler did make clear that delay in trial date on mLov suit was not MNTA's idea or "agreement," but driven by court's docket.