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Theodore Cohen

 
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  • 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, 2014. 07:28 PM | Likes Like |Link to Comment
  • What's Up With Vical? [View article]
    Indeed.
    Jan 16, 2014. 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, 2014. 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, 2014. 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, 2014. 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, 2014. 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, 2014. 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, 2014. 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, 2014. 08:26 PM | Likes Like |Link to Comment
  • What's Up With Vical? [View article]
    Yes, they exercised grants and purchased the shares for the full price.

    What surprises me is why they laid out the money. Why not simply award themselves gobs of options at the beginning of the year (valued at $0 or the current price) and keep their money in other instruments...unless it was urgent to start the clock running on long-term capital gains now.

    By the way, it is possible the transactions were miscoded on the forms. Here is VJ's:

    http://bit.ly/1dQI8v9

    The first transaction is coded 'P,' which is for an open market purchase.

    But here is the relevant footnote:

    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.

    The remainder of the transactions were for tax purposes, as you say.

    Here are the Form 4 codes:

    http://bit.ly/1ajrSWm

    Perhaps the transaction should have been coded 'A.'

    Ted
    Jan 15, 2014. 12:04 PM | 1 Like Like |Link to Comment
  • What's Up With Vical? [View article]
    By the way, James Singer still holds 8,670,000 shares.

    Ted
    Jan 15, 2014. 09:28 AM | 1 Like Like |Link to Comment
  • What's Up With Vical? [View article]
    It's always possible someone has been poking around and doing their DD.

    As an aside, I had expected the dengue fever vaccine trial to read out by now, as well. This is the Phase 1 trial with the US military:

    http://1.usa.gov/1aFQ1qj

    But that's way too early in the pipeline to have a significant impact (though dengue is growing as a threat, to be sure).

    Ted
    Jan 15, 2014. 09:25 AM | Likes Like |Link to Comment
  • What's Up With Vical? [View article]
    There actually were four insider buys. You can track all insider activity for VICL on this site:

    http://bit.ly/1aFNIDw

    Ted
    Jan 15, 2014. 09:14 AM | 2 Likes Like |Link to Comment
  • Vical Initiates Trial Of Therapeutic HSV-2 Vaccine [View article]
    Actually, he bought them a few days ago, last Friday, to be exact.

    http://bit.ly/1hocTvL

    By the way, the CAO purchased 70,000 shares and a VP purchased 90,000 shares on the same day. Hmmmmmm

    http://bit.ly/1hUN9tS

    Insiders buy for one reason...they expect to make money. I wonder if someone is 'poking' around, doing DD? It will be interesting to see if the officers begin exercising their options.

    Ted
    Jan 14, 2014. 05:31 PM | Likes Like |Link to Comment
  • Vical Initiates Trial Of Therapeutic HSV-2 Vaccine [View article]
    Details of Vical's HSV-2 trial on the FDA's Web site:

    http://1.usa.gov/KPrcyy

    Locations

    United States, Oregon
    Westover Heights Clinic Recruiting
    Portland, Oregon, United States, 97210
    Contact: Amanda Atkinson 503-226-6678 amanda@westoverheights...
    Principal Investigator: Terri Warren, ANP, RN

    United States, Texas
    Center for Clinical Studies Recruiting
    Houston, Texas, United States, 77004
    Contact: Jesse Villanueva 713-528-8818 ext 1201 info@ccstexas.com
    Principal Investigator: Steve K. Tyring, MD
    Jan 10, 2014. 01:45 PM | Likes Like |Link to Comment
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