Question-and-Answer Session
Unidentified Audience Member
(Question Inaudible)
Douglas Able
The question asked was our recent stock performance as well as our shareholder base? I will start, and since Mike is here, he can throw something at me if I misspeak or jump up and grab the mic. Our share price recently has been trading in the low mid 20s, $25.06 when we came over today. That did -- we did certainly experience a rundown when we announced the lack of efficacy in our obesity trial and our decision to shutdown that program. Prior to that we were bouncing between $0.75 and $1, you know how the markets are in the current environment. And so we did suffer that penalty.
I will point out though that I believe for our shareholders, we made the right decision, based on having seen all the data from that product and the deep in-depth analysis, I think it's far better to shut a program like that down, rather than to continue, trying to find money to throw at the wall and I hope that something wonderful happens. And so I think that really is our recent stock experience. And certainly we believe in the value of the underlying pipeline and want to build the company back out of the circumstances based on progress with the four molecules that we are now focusing on.
Our shareholder base has historically been largely retail investors. I think our institutional holdings are about right in the high teens, low 20% holdings. Those are distributed across a number of funds. If you have access to the underlying data bases you can easily get those. But not a large number of funds, four or five tend to hold a significant piece.
We do have some significant holdings by some of our Board members and the balance really spread across a very retail-oriented base based on the history, especially as an obesity company with a potential for a fat pill it seems to generate a lot of interest in the retail space historically for the company.
Other questions? Yes sir.
Unidentified Audience Member
I went through your article in New York Times recently about the fat pill and the fat shot. Can you go into that?
Douglas Able
The question is about the recent New York Times article about obesity and number of the options. There have been historic articles about the fat pill. Some of those articles over the last several have included a discussion of our product candidate that we are no longer pursuing. But most of have been focused on a product that was under development in the FDA process called Rimonabant, that or Acomplia. That product that had been submitted for approval had a FDA hearing that's with a negative recommendation from the panel.
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