In May 1995, the Company entered into a consulting agreement with
Shalom Hirschman, M.D., Professor of Medicine of Mt. Sinai School of
Medicine, New York, New York and Director of Mt. Sinai"s Division of
Infectious Diseases, whereby Dr. Hirschman was to provide consulting
services to the Company through May 1997. The consulting services
included the development and location of pharmacological and
biotechnology companies and assisting the Company in seeking joint
ventures with and financing of companies in such industries. In
connection with the consulting agreement, the Company issued to Dr.
Hirschman 1,000,000 shares of the Company"s common stock and the option
to acquire 5,000,000 shares of the Company"s common stock for a period
of three years as per the vesting schedule as referred to in the
agreement, at a purchase price of $0.18 per share. As of September 30,
2002, 900,000 shares have been issued upon exercise of these options
for cash consideration of $162,000 under this Agreement
yank, note that Doc was not CEO then, only a consultant. To my knowledge
SZH has never owned stock during his tenure as CEO.
Your previous posting implied that H "saved" the company with a huge exercise of options. What I see is ADVR gave him 1,000,000 shares, he exercised 900,000 options at .18 or $162,000 to the company.
Now using the gator school of averaging down his total almost 2 million shares acost him .09 roughly. Now what did he sell them for when he flipped them into the market? Anyone?
As of: 8-K filed on 09/03/2003 Company Filings
ADVANCED VIRAL RESEARCH CORP.
COMMON STOCK OPTIONS ISSUED TO SHALOM Z. HIRSCHMAN, M.D.
Shares Exercise Price
To All: Due to spending time with family and friends over the Holidays
and the INORDINATE number of posts, I have not be able to keep up
with the ADVR RB message board.
I apologize if this has already been posted, but my son informed me this morning that ADVR's S-1/A was declared effective on 12/23/03. Therefore, Cornell can "officially" sell their converted shares to the public.
Assuming that they have by now converted the remaining $700,000 of convertible bonds into shares at @0.08, this will bring their total to roughly 44MM shares. Again, IMO, the majority of Cornell's shares have already been sold.
Everyone have a Happy New Year!!!
ADVR patent NEWS 12/30/03 re: Human Papilloma Virus: