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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 1474 (9-02) |
1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) |
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) |
6. Date Exercisable and Expiration Date (Month/Day/Year) |
7. Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Employee Stock Option (Right to buy) | $ 2.36 | 01/07/2008 | A | 350,000 | 03/31/2008(1) | 01/07/2018 | Common stock | 350,000 | (1) | 705,000 | D | ||||
Employee Stock Option (Right to buy) | $ 2.36 | 01/07/2008 | A | 100,000 | (2) | 01/07/2018 | Common stock | 100,000 | (2) | 805,000 | D |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
DALY DECLAN 405 EAGLEVIEW BOULEVARD EXTON, PA 19341 |
CEO & CFO |
/s/ Declan Daly | 01/09/2008 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | Issued pursuant to an employment agreement with the Company. The shares underlying the option vest pro rata in twelve equal quarterly installments (1/12th each at the end of each fiscal quarter) commencing March 31, 2008. |
(2) | Issued pursuant to an employment agreement with the Company. The shares underlying the option vest as follows. Fifty percent (50%) of the Performance Stock Option Grant shall vest, and no longer be subject to forfeiture, upon the Company's accepted filing of a Biologics License Application by the U.S. Food and Drug Administration (the "FDA") and the remaining fifty percent (50%) of the Performance Stock Option Grant shall vest, and no longer be subject to forfeiture, upon the FDA's approval of the Company's Biologics License Application filing; provided in each case that Mr. Daly is the Company's Chief Executive Officer at the time of said event. |