EXHIBIT 10.20

 

Description Of December 8, 2003 Stock Repurchase Transaction With Insiders

 

 

On December 8, 2003, we repurchased from Marshall G. Cox, Chairman of the Board
of Directors, and Marc H. Hadrick, MD, Chief Scientific Officer and Director,
and from a trust for the benefit of the family of Christopher I. Calhoun, Chief
Executive Officer and Director, a total of 375,000 shares of common stock for
$1,393,000 in cash.  The repurchase price was established by the Board of
Directors as 100% of the mean average of the closing sale prices of our common
stock on the Frankfurt Stock Exchange over the 10 trading days before the
repurchase.  We are holding the 375,000 shares as treasury stock.

 

 

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