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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 | ||||||||
Stock Option | $ 8.85 | 05/23/2006 | A | 7,500 | (1) | 05/23/2016 | Common Stock | 7,500 | (2) | 7,500 | D |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
GALE JAMES C 126 EAST 56TH STREET 24TH FLOOR NEW YORK, NY 10022 |
X | X | See Remarks |
James C. Gale | 05/25/2006 | |
**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) | This option completely vests on 5/23/07. |
(2) | This is an option grant for which there is no purchase price. |
Remarks: Mr. Gale is a Managing Director of Sanders Morris Harris, Inc. ("SMH"), a registered broker dealer and investment adviser, that is a 10% beneficial owner, through certain affiliated funds, of shares of common stock of Valera Pharmaceuticals, Inc. ("Valera"). Mr. Gale is the investment manager of such funds that hold shares of Valera and has sole voting and dispositive power over such shares. Mr. Gale disclaims beneficial ownership of the shares beneficially owned by SMH and its affiliates except to the extent of his pecuniary interest in the SMH funds. This option was granted to Mr. Gale in his individual capacity as a director of Valera and none of SMH or its affiliates have a direct or indirect ownership interest in the option or the shares of common stock underlying such option. |