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Private placements are generally done without a prospectus -a document that discloses the risks associated with aninvestment and gives buyers certain legal rights if they aremisled - relying on the fact that "accredited investors" will beaware of the risks.
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"We rate shares 'market perform', reflecting a lack of confidence in Vical's pipeline candidates and a frustration with the slow pace at which Vical's DNA-based gene delivery platform has advanced," he said in a note.
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Time Warner Inc Chief Executive Jeff Bewkes said in astatement that John Martin, the current chief financial officerat Time Warner, will take over Kent's post at Turner, the cableunit which owns CNN, TBS and TNT. The premium cable channel HBOis under different leadership. "At Phil's initiation, he and Iagreed that now is the right time to announce the nextgeneration of leadership," Bewkes said.
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