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Theodore Cohen

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  • What's Up With Vical? [View article]
    Don't mention it.

    Ted
    Mar 31 02:55 PM | 1 Like Like |Link to Comment
  • What's Up With Vical? [View article]
    I don't see any big mystery here. If you click on the link, you see the Confidential Treatment Order granting an extension of the previously granted confidential treatment of Exhibit 10.57 attached to the 10-K/A filed March 3, 2009. If you look at the Exhibit filed with that 10-K/A, you'll see that the confidential treatment relates to specific financial terms under the company's license of technology from the University of Michigan. This is very standard practice to prevent potential competitors and sublicensees from learning the specific deal terms, which could give them a competitive advantage. The request and grant of an extension simply suggests that the licensed technology is still of interest and that the company still believes (and the SEC agrees) that there is still value in protecting this information.

    Ted
    Mar 30 09:30 PM | 1 Like Like |Link to Comment
  • What's Up With Vical? [View article]
    We all get the picture, SS113. You don't like the company or the president. I don't think you could make it any, well, simpler.

    Thanks for your opinion(s).

    Ted
    Jan 27 12:27 PM | Likes Like |Link to Comment
  • What's Up With Vical? [View article]
    All of Vical's programs are based on the same core technology, which is their patented method of delivering genetic material (DNA or RNA) into living cells in the body. Once delivered, that genetic material is designed to cause production of the specific protein it encodes. Some applications use DNA (typically in closed loop form called plasmids) in a simple saline solution. Others use DNA plasmids in a lipid or polymer formulation. Some are injected into muscle. Some are injected into tumor lesions or other tissues. The delivery location, formulation and specific gene encoded within the plasmids determines which protein will be produced, in what quantity, for what duration, and in what location within the body. After that, the produced proteins will cause the specific biological or physiological effect for which they are selected. In the case of a vaccine, for example, the encoded protein would be one from the target pathogen. The desired physiological effect would be to develop an immune response against that protein to provide advance protection against the pathogen bearing that same protein.

    In the case of Allovectin, the selected protein(s) were designed to trigger an immune response against the cancer cells prevalent at the injection site. In the case of the AnGes angiogenesis treatment, the selected proteins were designed to induce production of new blood vessels at the injection site.

    So while the underlying gene delivery mechanism is the same, the encoded proteins really have unique mechanisms which differentiate the products.
    Jan 24 03:59 PM | Likes Like |Link to Comment
  • What's Up With Vical? [View article]
    No. And much to early to speculate.

    Ted
    Jan 18 11:44 AM | Likes Like |Link to Comment
  • What's Up With Vical? [View article]
    Inept! They have no dedicated CFO, as I pointed out above. The original filings never should have been made in error.

    Ted
    Jan 17 01:29 PM | Likes Like |Link to Comment
  • What's Up With Vical? [View article]
    Well, one good thing is that we're not going to have to wait very long (relatively speaking) to learn the results of the herpes vaccine trial.

    Ted
    Jan 16 07:28 PM | Likes Like |Link to Comment
  • What's Up With Vical? [View article]
    Indeed.
    Jan 16 05:57 PM | Likes Like |Link to Comment
  • What's Up With Vical? [View article]
    I simply asked the question "What's up with Vical?," Monzie. And I did raise the question in the Comments section above regarding how the purchases were tagged (P vs. A). Regardless of whether or not people read the Form 4's (and 4/A's) as did you and I, I think the matter was a valid topic for airing on Seeking Alpha.

    That said, like you, I was surprised the stock held up as well as it did when the Form 4/A's were issued.

    Ted
    Jan 16 05:57 PM | Likes Like |Link to Comment
  • What's Up With Vical? [View article]
    Remember, the CFO departed April 1, 2013 (from the From 8-K, March 15, 2013):

    "On March 15, 2013, Jill M. Broadfoot notified us that she was resigning as the Company’s Senior Vice President, Chief Financial Officer and Secretary. On the same date, we entered into a separation agreement with Ms. Broadfoot. Pursuant to the terms of the separation agreement, Ms. Broadfoot’s last day of employment will be April 1, 2013 and she will be entitled to receive severance benefits consisting of continued base salary payments and the payment of health insurance premiums for a period of 12 months, plus a payment equal to her cash bonus paid in the previous year. Ms. Broadfoot will also receive accelerated vesting on all her unvested stock awards as if she had remained employed by the Company for 12 months from the date of termination. In addition, the post termination exercise period for Ms. Broadfoot’s stock options will be extended to 12 months. In exchange for the severance benefits, Ms. Broadfoot provided the Company with a general waiver and release of claims. The Company’s obligation to pay the severance benefits will also be subject to certain confidentiality, non-solicit and non-competition obligations."

    http://bit.ly/1atx2yE;FilePath=013>;File...

    VJ became the acting CFO. I think this was a case of someone not being familiar with the forms and their proper completion. An honest but totally unnecessary mistake for a company to make.

    Ted
    Jan 16 05:47 PM | Likes Like |Link to Comment
  • What's Up With Vical? [View article]
    Read the amended SEC Form 4/A's...the price was $0.01.

    Ted
    Jan 16 03:26 PM | 1 Like Like |Link to Comment
  • What's Up With Vical? [View article]
    Here are the amended Form 4/A's

    http://bit.ly/1aFNIDw

    Not hard to get it right the first time! Really a botched job, to be sure!

    Ted
    Jan 16 07:59 AM | Likes Like |Link to Comment
  • What's Up With Vical? [View article]
    The military trial data has not been released.

    Ted
    Jan 16 07:54 AM | Likes Like |Link to Comment
  • What's Up With Vical? [View article]
    Still, it was coded 'P,' which is confusing. Again, if it was linked to a bonus, this may explain the coding.
    Jan 16 07:53 AM | Likes Like |Link to Comment
  • What's Up With Vical? [View article]
    Questions have been raised as to whether or not the transactions were coded properly, as I noted below. You will note they were coded as 'P.'

    Transaction Codes

    Each transaction listed on the Form 4 filing has a transaction code:

    General Transaction Codes
    P – Open market or private purchase of securities

    http://bit.ly/1ajrSWm

    If these had been options that were exercised, with only the taxes paid, they should have been coded "A:"

    Rule 16b-3 Transaction Codes
    A – Grant, award, or other acquisition

    These 'grants' may have been in lieu of cash bonuses, which is why they may be coded as they were. If that's the case, it's still 'real' money (i.e., instead of receiving cash, he received stock).

    Here's the applicable footnote for the 'purchase:'
    Explanation of Responses:
    ( 1) Shares were acquired pursuant to a restricted stock grant and generally vest one-third on the first anniversary of the grant, with the remainder vesting quarterly over the remaining two years.

    http://bit.ly/1dQI8v9

    Note this for the last item in the filing:

    ( 6)
    The right to exercise the above stock option is tied to performance-based objectives relating to the timing of patient enrollment and positive data release for the Company's Phase 1/2 HSV-2 clinical trial. Mr. Samant's salary remained unchanged at 2013 levels and he received no cash bonus.

    So, VJ has a lot riding on the outcome of the HSV-2 trial.

    Ted
    Jan 15 08:26 PM | Likes Like |Link to Comment
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