The number of restricted shares is difficult to compile but from analyzing several SEC filings, an approximate figure can be obtained. That number would include the initial shares issued in the March 2001 placement and from exercise of warrants during the subsequent years. Also some of the older notes held by investors have been converted into restricted common shares. The current number of restricted shares is at least 18 million and likely more. If you called Dr. Moro and asked for the specific number of restricted shares, he would probably not be able to quickly give an exact number. His response during the interview "most of the stock is restricted. That will pay off for you." is no doubt quite accurate.
As an item of interest, 2.4 million restricted shares were among the number of total shares in the recent 2005 offering. The holders of restricted shares are undoubtedly very aware of the small float. Any attempt to register and sell their shares on the open market could adversely affect the stock, thus, you can expect those restricted holders to maintain their positions. Any future sale of restricted shares will no doubt be in a placement similar to the one recently offered. Those shares were to be sold in large blocks directly from the company.
BTW, here is a nice tidbit from a 2005 SEC filing, "BOCX will receive a royalty for each product sold by Abbott and 20% of any upfront sublicense fees received by Abbott for the sublicense."
For instance, Abbott might sublicense one of their RECAF products for use on Bayer's Centaur system. kag
