-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NReRHenfKp6mbUjtlqFr9Xl4JthIRAcbuQcfoVR7O1zt1il/iUd1x4DbAoZXezKQ YUXwUjOcjLM+kvofqMyoIA== 0001193805-03-000602.txt : 20030729 0001193805-03-000602.hdr.sgml : 20030729 20030729114948 ACCESSION NUMBER: 0001193805-03-000602 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20030729 GROUP MEMBERS: DURUS CAPITAL MANAGEMENT (N.A.), LLC GROUP MEMBERS: SCOTT SACANE SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ESPERION THERAPEUTICS INC/MI CENTRAL INDEX KEY: 0001066745 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 383419139 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-60849 FILM NUMBER: 03807650 BUSINESS ADDRESS: STREET 1: 3621 S STATE STREET 695KMS PLACE STREET 2: 734-332-0506 CITY: ANN ARBOR STATE: MI ZIP: 48108 MAIL ADDRESS: STREET 1: 3621 STATE STREET STREET 2: 695 KMS PLACE CITY: ANN ARBOR STATE: MI ZIP: 48108 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: DURUS CAPITAL MANAGEMENT CENTRAL INDEX KEY: 0001166014 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 113 POST RD. EAST CITY: VESTPORT STATE: CT ZIP: 06880 BUSINESS PHONE: 2033410667 MAIL ADDRESS: STREET 1: 113 POST RD. EAST CITY: WESTPORT STATE: CT ZIP: 06880 SC 13D 1 e300517_esperion-sc13d.txt SCHEDULE 13D UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ---------------- SCHEDULE 13D (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) (Amendment No. __)* Esperion Therapeutics, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, $.01 par value per share - -------------------------------------------------------------------------------- (Title of Class of Securities) 29664R106 - -------------------------------------------------------------------------------- (CUSIP Number) Scott Sacane William Natbony, Esq. c/o Durus Capital Management, LLC c/o Katten Muchin Zavis Rosenman 20 Marshall Street, ste 320 575 Madison Avenue South Norwalk, CT 06854 New York, New York 10022 (212) 940-8930 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) October 31, 2002 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing of This Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box |X|. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent. - ---------- * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 29664R106 SCHEDULE 13D - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Durus Capital Management (N.A.), LLC - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* N/A - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 356,900 shares ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 0 shares OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 356,900 shares WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 356,900 shares - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 1.2% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 2 of 17 CUSIP No. 29664R106 SCHEDULE 13D - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Durus Capital Management, LLC - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* N/A - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 9,370,000 shares ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 0 shares OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 9,370,000 shares WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9,370,000 shares - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 31.8% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 3 of 17 CUSIP No. 29664R106 SCHEDULE 13D - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Scott Sacane - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* N/A - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_| - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION U.S.A. - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 9,726,900 shares ----------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 0 shares OWNED BY ----------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 9,726,900 shares WITH ----------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 shares - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9,726,900 shares - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 33.0% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 4 of 17 SCHEDULE 13D Item 1. Security and Issuer This Statement on Schedule 13D relates to the Common Stock, par value $.01 per share (the "Common Stock") of Esperion Therapeutics, Inc. (the "Company"), a company organized and existing under the laws of the State of Delaware. The address of the Company's principal executive offices is 3621 S. State Street, 695 KMS Place, Ann Arbor, MI 48108. Item 2. Identity and Background (a) This Statement is filed as a joint statement pursuant to Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934 (the "Exchange Act") by (i) Durus Capital Management, LLC ("Capital"), a Delaware limited liability company, in respect of shares held by Durus Life Sciences Master Fund Ltd. ("MF"), over which shares Capital has sole voting and dispositive power, (ii) Durus Capital Management (N.A.), LLC ("Management"), in respect of shares held by Artal Long Biotech Portfolio LLC ("Artal"), over which shares Management has sole voting and dispositive power, and (iii) Scott Sacane, the Managing Member of Capital and Managing Director of Management (Capital, Mr. Sacane and Management are hereinafter collectively referred to as the "Reporting Persons"). The Reporting Persons are making a group filing because, due to the relationships between them, the Reporting Persons may be deemed to constitute a "group" for purposes of Section 13(d)(3) of the Exchange Act. (b) The address of the principal business and principal office of each of the Reporting Persons is 20 Marshall Street, Suite 320, South Norwalk, CT 06854. (c) The principal business of Capital and Management is that of portfolio manager. The principal business of Mr. Sacane is acting as managing member of Capital. (d) None of the Reporting Persons has during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) None of the Reporting Persons has during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect thereto. (f) Mr. Sacane is a citizen of the United States. Item 3. Source and Amount of Funds or Other Consideration. From July 25, 2001 through July 24, 2003, Capital acquired an aggregate of 12,626,475 shares of Common Stock for an aggregate cost of $117,223,347, and sold an aggregate of 3,256,475 shares for aggregate proceeds of $57,695,323. The source of funds used to purchase such shares was working capital of MF. Page 5 of 17 From to July 25, 2001 through July 24, 2003, Management acquired an aggregate of 356,900 shares of Common Stock for an aggregate cost of $4,304,708. The source of funds used to purchase such shares was working capital of Artal. A portion of the shares were purchased in margin accounts maintained with Goldman Sachs and UBS Securities. However, none of such shares are currently maintained in a margin account. Item 4. Purpose of Transaction. The Reporting Persons acquired the shares of Common Stock reported herein, and continue to hold such shares, for investment purposes, with no intention to influence or change the management or other affairs of the Company. On November 22, 2002, the Company notified Mr. Sacane that the Board of Directors may consider excluding the Reporting Persons from the definition of "Acquiring Persons" under the Company's Rights Agreement, notwithstanding the Reporting Persons ownership percentage in the Company, if certain of the Reporting Persons make certain representations to the Board. A copy of such representations is attached hereto as Exhibit 1. On November 26, 2002, the Company amended its Rights Agreement to exclude the Reporting Persons from the definition of "Acquiring Persons", subject to certain limitations. In July 2003, the Reporting Persons discovered that from November 22, 2002 through July 24 2003, they had inadvertently purchased additional shares of the Company, as reported herein. On July 25, 2003, the Reporting Persons informed the Company that the Reporting Persons had inadvertently acquired additional shares of the Company. On July 29, 2003 (i) the Reporting Persons entered into an agreeement with the Company in which the Reporting Persons agreed to certain restrictions on their ability to transfer and vote shares of the Company and (ii) the Company amended its Rights Agreement to exclude the Reporting Persons from the definition of "Acquiring Persons," subject to certain limitations. A copy of the July 29, 2003 agreement is attached as Exhibit 2. The Reporting Persons reserve the right to dispose of shares, in their sole discretion, subject to the agreement and applicable securities laws and market conditions. Except as otherwise indicated in this report, the Reporting Persons currently have no plans or proposals that relate to any of the matters described in subparagraphs (a) through (j) of Item 4 to Schedule 13D. Item 5. Interest in Securities of the Issuer. (a) The aggregate percentage of the outstanding shares of Common Stock reported owned by each Reporting Person is based upon 29,480,766 shares of Common Stock outstanding as of June 30, 2003, as reported in the Company's Form S-3 filed with the SEC on July 11, 2003. Page 6 of 17 As of the close of business on July 25, 2003: (i) Capital beneficially owns 9,370,000 shares of Common Stock constituting approximately 31.8% of the shares of Common Stock outstanding; (ii) Management beneficially owns 356,900 shares of Common Stock constituting approximately 1.2% of the shares of Common Stock outstanding; and (iii) As Managing Director and Managing Member of Management and Capital, respectively, Mr. Sacane beneficially owns the 9,726,900 shares of Common Stock that are beneficially owned by Capital and Management. Such shares, in the aggregate, constitute approximately 33.0% of the shares of Common Stock outstanding. (b) Capital and Management each have the sole power to vote or direct the vote and to dispose or to direct the disposition of the shares reported herein as being beneficially owned by such entities, respectively, which power is exercisable in each case by Mr. Sacane as Managing Member of Capital and Managing Director of Management. (c) Set forth below is a description of all reportable transactions in shares of Common Stock that have been effected by the Reporting Persons from August 31, 2002 through July 24, 2003. All such transactions were effected on the open market. Share price information reflects the incurrence of brokerage commissions which generally range from between $0.015 and $0.05 per share. The following transactions were effected by Capital through its exercise of sole voting and dispositive power over the shares held through MF. - -------------------------------------------------------------------------------- Date Transaction Number of Shares Price per share - -------------------------------------------------------------------------------- 9/3/2002 Purchase 22,000 $5.862300 - -------------------------------------------------------------------------------- 9/3/2002 Purchase 28,400 $5.835800 - -------------------------------------------------------------------------------- 9/3/2002 Purchase 25,000 $5.850000 - -------------------------------------------------------------------------------- 9/3/2002 Purchase 5,000 $5.950000 - -------------------------------------------------------------------------------- 9/4/2002 Purchase 5,100 $5.818000 - -------------------------------------------------------------------------------- 9/4/2002 Purchase 7,500 $5.950000 - -------------------------------------------------------------------------------- 9/4/2002 Purchase 5,000 $5.755000 - -------------------------------------------------------------------------------- 9/5/2002 Purchase 5,500 $6.030000 - -------------------------------------------------------------------------------- 9/5/2002 Purchase 5,000 $6.070000 - -------------------------------------------------------------------------------- 9/6/2002 Purchase 12,000 $5.922100 - -------------------------------------------------------------------------------- 9/6/2002 Purchase 7,500 $5.940000 - -------------------------------------------------------------------------------- 9/6/2002 Purchase 25,800 $5.938000 - -------------------------------------------------------------------------------- 9/9/2002 Purchase 4,300 $5.785600 - -------------------------------------------------------------------------------- 9/9/2002 Purchase 44,300 $5.782500 - -------------------------------------------------------------------------------- 9/10/2002 Purchase 13,100 $5.762800 - -------------------------------------------------------------------------------- 9/10/2002 Purchase 3,200 $5.778800 - -------------------------------------------------------------------------------- 9/10/2002 Purchase 175,000 $5.300000 - -------------------------------------------------------------------------------- 9/10/2002 Sale 7,400 $5.642230 - -------------------------------------------------------------------------------- 9/11/2002 Purchase 8,890 $5.626900 - -------------------------------------------------------------------------------- 9/11/2002 Purchase 5,000 $5.880000 - -------------------------------------------------------------------------------- 9/11/2002 Purchase 5,000 $5.880000 - -------------------------------------------------------------------------------- 9/11/2002 Purchase 30,200 $5.651700 - -------------------------------------------------------------------------------- 9/12/2002 Purchase 18,600 $5.664200 - -------------------------------------------------------------------------------- 9/12/2002 Purchase 5,000 $5.800000 - -------------------------------------------------------------------------------- 9/12/2002 Purchase 26,600 $5.650100 - -------------------------------------------------------------------------------- 9/12/2002 Sale 2,800 $5.594832 - -------------------------------------------------------------------------------- 9/13/2002 Purchase 8,500 $5.750600 - -------------------------------------------------------------------------------- 9/13/2002 Purchase 5,000 $6.080000 - -------------------------------------------------------------------------------- 9/13/2002 Purchase 7,600 $5.811300 - -------------------------------------------------------------------------------- 9/13/2002 Sale 1,100 $5.609827 - -------------------------------------------------------------------------------- 9/16/2002 Purchase 10,000 $5.917100 - -------------------------------------------------------------------------------- 9/16/2002 Purchase 32,900 $5.939800 - -------------------------------------------------------------------------------- 9/16/2002 Sale 2,700 $5.876522 - -------------------------------------------------------------------------------- 9/17/2002 Purchase 13,600 $5.813400 - -------------------------------------------------------------------------------- 9/17/2002 Purchase 5,700 $5.853800 - -------------------------------------------------------------------------------- 9/17/2002 Sale 1,500 $5.785827 - -------------------------------------------------------------------------------- 9/18/2002 Purchase 5,100 $5.798400 - -------------------------------------------------------------------------------- 9/18/2002 Purchase 8,000 $5.794800 - -------------------------------------------------------------------------------- 9/18/2002 Sale 200 $5.744850 - -------------------------------------------------------------------------------- 9/19/2002 Purchase 15,900 $5.798700 - -------------------------------------------------------------------------------- 9/19/2002 Purchase 5,000 $5.800000 - -------------------------------------------------------------------------------- 9/19/2002 Purchase 5,000 $5.800000 - -------------------------------------------------------------------------------- 9/19/2002 Purchase 49,125 $5.735000 - -------------------------------------------------------------------------------- 9/20/2002 Purchase 17,700 $5.838200 - -------------------------------------------------------------------------------- 9/20/2002 Purchase 20,000 $5.900000 - -------------------------------------------------------------------------------- 9/20/2002 Purchase 10,000 $5.900000 - -------------------------------------------------------------------------------- 9/20/2002 Purchase 16,700 $5.814500 - -------------------------------------------------------------------------------- 9/20/2002 Sale 12,800 $5.784825 - -------------------------------------------------------------------------------- 9/23/2002 Purchase 63,735 $5.691700 - -------------------------------------------------------------------------------- 9/23/2002 Purchase 2,900 $5.823800 - -------------------------------------------------------------------------------- 9/23/2002 Purchase 26,200 $5.742200 - -------------------------------------------------------------------------------- 9/24/2002 Purchase 21,600 $5.759500 - -------------------------------------------------------------------------------- 9/24/2002 Purchase 26,000 $5.781700 - -------------------------------------------------------------------------------- 9/25/2002 Purchase 600 $5.930000 - -------------------------------------------------------------------------------- 9/25/2002 Purchase 9,800 $5.823500 - -------------------------------------------------------------------------------- 9/25/2002 Purchase 8,500 $5.906000 - -------------------------------------------------------------------------------- 9/25/2002 Sale 3,200 $5.779825 - -------------------------------------------------------------------------------- 9/26/2002 Purchase 15,300 $5.867900 - -------------------------------------------------------------------------------- 9/26/2002 Purchase 600 $5.855000 - -------------------------------------------------------------------------------- 9/27/2002 Purchase 8,500 $5.749900 - -------------------------------------------------------------------------------- 9/27/2002 Purchase 12,500 $5.740100 - -------------------------------------------------------------------------------- 9/30/2002 Purchase 6,000 $5.668200 - -------------------------------------------------------------------------------- 9/30/2002 Purchase 29,700 $5.689700 - -------------------------------------------------------------------------------- 9/30/2002 Sale 9,400 $5.669428 - -------------------------------------------------------------------------------- 10/1/2002 Purchase 8,500 $5.694400 - -------------------------------------------------------------------------------- 10/2/2002 Purchase 3,700 $5.616800 - -------------------------------------------------------------------------------- 10/2/2002 Purchase 11,600 $5.615500 - -------------------------------------------------------------------------------- 10/3/2002 Purchase 9,100 $5.526300 - -------------------------------------------------------------------------------- 10/4/2002 Purchase 10,700 $5.466300 - -------------------------------------------------------------------------------- 10/4/2002 Purchase 12,170 $5.480500 - -------------------------------------------------------------------------------- 10/7/2002 Purchase 27,677 $5.441100 - -------------------------------------------------------------------------------- 10/7/2002 Purchase 20,300 $5.418600 - -------------------------------------------------------------------------------- 10/8/2002 Purchase 5,800 $5.364300 - -------------------------------------------------------------------------------- 10/8/2002 Purchase 2,200 $5.455900 - -------------------------------------------------------------------------------- 10/8/2002 Sale 300 $5.399833 - -------------------------------------------------------------------------------- 10/9/2002 Purchase 3,148 $5.360801 - -------------------------------------------------------------------------------- 10/9/2002 Purchase 10,000 $5.390000 - -------------------------------------------------------------------------------- 10/9/2002 Purchase 6,500 $5.360700 - -------------------------------------------------------------------------------- 10/9/2002 Purchase 7,700 $5.413100 - -------------------------------------------------------------------------------- 10/10/2002 Purchase 600 $5.376700 - -------------------------------------------------------------------------------- 10/10/2002 Purchase 400 $5.365000 - -------------------------------------------------------------------------------- 10/11/2002 Purchase 10,200 $5.380500 - -------------------------------------------------------------------------------- 10/11/2002 Purchase 9,000 $5.377200 - -------------------------------------------------------------------------------- 10/11/2002 Purchase 17,250 $5.388600 - -------------------------------------------------------------------------------- 10/14/2002 Purchase 27,500 $5.239200 - -------------------------------------------------------------------------------- 10/14/2002 Purchase 4,300 $5.323100 - -------------------------------------------------------------------------------- 10/14/2002 Sale 12,100 $5.244841 - -------------------------------------------------------------------------------- 10/15/2002 Purchase 18,399 $5.289000 - -------------------------------------------------------------------------------- 10/15/2002 Purchase 9,100 $5.230800 - -------------------------------------------------------------------------------- 10/15/2002 Purchase 17,000 $5.440000 - -------------------------------------------------------------------------------- 10/16/2002 Purchase 37,000 $5.241400 - -------------------------------------------------------------------------------- 10/16/2002 Purchase 42,600 $5.263800 - -------------------------------------------------------------------------------- 10/16/2002 Sale 1,800 $5.224839 - -------------------------------------------------------------------------------- 10/17/2002 Purchase 13,588 $5.395700 - -------------------------------------------------------------------------------- 10/17/2002 Purchase 18,700 $5.413700 - -------------------------------------------------------------------------------- 10/17/2002 Purchase 2,500 $5.360000 - -------------------------------------------------------------------------------- 10/18/2002 Purchase 12,100 $5.649000 - -------------------------------------------------------------------------------- 10/18/2002 Purchase 10,000 $5.632400 - -------------------------------------------------------------------------------- 10/21/2002 Purchase 15,500 $5.661000 - -------------------------------------------------------------------------------- 10/21/2002 Purchase 21,000 $5.630200 - -------------------------------------------------------------------------------- 10/22/2002 Purchase 33,700 $5.405800 - -------------------------------------------------------------------------------- 10/22/2002 Purchase 30,000 $5.250000 - -------------------------------------------------------------------------------- 10/22/2002 Purchase 5,000 $5.285000 - -------------------------------------------------------------------------------- 10/22/2002 Purchase 48,700 $5.356900 - -------------------------------------------------------------------------------- 10/22/2002 Purchase 10,000 $5.700000 - -------------------------------------------------------------------------------- 10/23/2002 Purchase 5,200 $5.627300 - -------------------------------------------------------------------------------- 10/23/2002 Purchase 8,200 $5.493200 - -------------------------------------------------------------------------------- 10/24/2002 Purchase 11,700 $5.714700 - -------------------------------------------------------------------------------- 10/25/2002 Purchase 11,000 $5.678800 - -------------------------------------------------------------------------------- 10/25/2002 Purchase 5,000 $5.700000 - -------------------------------------------------------------------------------- 10/28/2002 Purchase 2,700 $5.719800 - -------------------------------------------------------------------------------- 10/28/2002 Purchase 1,754 $5.732298 - -------------------------------------------------------------------------------- 10/29/2002 Purchase 13,200 $5.718300 - -------------------------------------------------------------------------------- 10/29/2002 Purchase 1,500 $5.740000 - -------------------------------------------------------------------------------- 10/30/2002 Purchase 1,450 $5.758600 - -------------------------------------------------------------------------------- 10/30/2002 Purchase 5,000 $5.750000 - -------------------------------------------------------------------------------- 10/30/2002 Purchase 5,000 $5.735000 - -------------------------------------------------------------------------------- 10/30/2002 Purchase 7,000 $5.728800 - -------------------------------------------------------------------------------- 10/31/2002 Purchase 4,000 $5.855500 - -------------------------------------------------------------------------------- 10/31/2002 Purchase 6,400 $5.813100 - -------------------------------------------------------------------------------- 10/31/2002 Purchase 10,000 $5.890000 - -------------------------------------------------------------------------------- 11/1/2002 Purchase 500 $5.830000 - -------------------------------------------------------------------------------- 11/1/2002 Purchase 8,000 $5.822500 - -------------------------------------------------------------------------------- 11/1/2002 Purchase 10,000 $5.950000 - -------------------------------------------------------------------------------- 11/4/2002 Purchase 1,600 $5.926900 - -------------------------------------------------------------------------------- 11/4/2002 Purchase 3,000 $5.915000 - -------------------------------------------------------------------------------- 11/5/2002 Purchase 1,000 $5.950000 - -------------------------------------------------------------------------------- 11/6/2002 Purchase 2,000 $6.040000 - -------------------------------------------------------------------------------- 11/7/2002 Purchase 5,188 $6.073899 - -------------------------------------------------------------------------------- 11/8/2002 Purchase 12,350 $6.021300 - -------------------------------------------------------------------------------- 11/8/2002 Purchase 7,500 $6.000000 - -------------------------------------------------------------------------------- 11/11/2002 Purchase 9,400 $5.843400 - -------------------------------------------------------------------------------- 11/11/2002 Purchase 8,500 $5.920600 - -------------------------------------------------------------------------------- 11/12/2002 Purchase 700 $5.630000 - -------------------------------------------------------------------------------- 11/13/2002 Purchase 1,600 $6.117500 - -------------------------------------------------------------------------------- 11/14/2002 Purchase 5,200 $6.265200 - -------------------------------------------------------------------------------- 11/14/2002 Purchase 3,950 $6.287101 - -------------------------------------------------------------------------------- Page 7 of 17 - -------------------------------------------------------------------------------- Date Transaction Number of Shares Price per share - -------------------------------------------------------------------------------- 11/15/2002 Purchase 7,000 $6.401400 - -------------------------------------------------------------------------------- 11/15/2002 Purchase 22,000 $6.328500 - -------------------------------------------------------------------------------- 11/15/2002 Purchase 1,550 $6.380161 - -------------------------------------------------------------------------------- 11/18/2002 Purchase 1,800 $6.342800 - -------------------------------------------------------------------------------- 11/18/2002 Purchase 7,500 $6.431000 - -------------------------------------------------------------------------------- 11/19/2002 Purchase 2,090 $6.389301 - -------------------------------------------------------------------------------- 11/19/2002 Purchase 3,500 $6.450700 - -------------------------------------------------------------------------------- 11/20/2002 Purchase 1,600 $6.367500 - -------------------------------------------------------------------------------- 11/20/2002 Purchase 2,000 $6.265000 - -------------------------------------------------------------------------------- 11/20/2002 Purchase 2,500 $6.700000 - -------------------------------------------------------------------------------- 11/21/2002 Purchase 7,450 $6.686400 - -------------------------------------------------------------------------------- 11/21/2002 Purchase 500 $6.685000 - -------------------------------------------------------------------------------- 11/21/2002 Purchase 12,900 $6.709700 - -------------------------------------------------------------------------------- 11/22/2002 Purchase 3,285 $6.710700 - -------------------------------------------------------------------------------- 11/22/2002 Purchase 600 $6.710000 - -------------------------------------------------------------------------------- 11/22/2002 Purchase 3,200 $6.685300 - -------------------------------------------------------------------------------- 11/25/2002 Purchase 818 $6.902103 - -------------------------------------------------------------------------------- 11/26/2002 Purchase 4,500 $6.901100 - -------------------------------------------------------------------------------- 11/26/2002 Purchase 500 $6.985000 - -------------------------------------------------------------------------------- 11/26/2002 Purchase 24,100 $6.824500 - -------------------------------------------------------------------------------- 11/27/2002 Purchase 15,000 $6.710500 - -------------------------------------------------------------------------------- 11/27/2002 Purchase 2,150 $6.668102 - -------------------------------------------------------------------------------- 11/29/2002 Purchase 1,000 $6.888000 - -------------------------------------------------------------------------------- 11/29/2002 Purchase 1,513 $6.871599 - -------------------------------------------------------------------------------- 12/2/2002 Purchase 1,000 $6.498900 - -------------------------------------------------------------------------------- 12/2/2002 Purchase 24,300 $6.564100 - -------------------------------------------------------------------------------- 12/2/2002 Purchase 19,100 $6.559600 - -------------------------------------------------------------------------------- 12/3/2002 Purchase 5,100 $6.518600 - -------------------------------------------------------------------------------- 12/3/2002 Purchase 3,800 $6.538700 - -------------------------------------------------------------------------------- 12/4/2002 Purchase 4,700 $6.367400 - -------------------------------------------------------------------------------- 12/4/2002 Purchase 7,500 $6.490000 - -------------------------------------------------------------------------------- 12/4/2002 Purchase 700 $6.390600 - -------------------------------------------------------------------------------- 12/5/2002 Purchase 6,500 $6.286400 - -------------------------------------------------------------------------------- 12/5/2002 Purchase 7,500 $6.250000 - -------------------------------------------------------------------------------- 12/5/2002 Purchase 4,000 $6.273400 - -------------------------------------------------------------------------------- 12/6/2002 Purchase 5,000 $6.250000 - -------------------------------------------------------------------------------- 12/6/2002 Purchase 8,000 $6.251400 - -------------------------------------------------------------------------------- 12/6/2002 Purchase 3,450 $6.268101 - -------------------------------------------------------------------------------- 12/9/2002 Purchase 7,800 $6.318100 - -------------------------------------------------------------------------------- 12/9/2002 Purchase 4,600 $6.297000 - -------------------------------------------------------------------------------- 12/10/2002 Purchase 8,000 $6.290000 - -------------------------------------------------------------------------------- 12/10/2002 Purchase 9,000 $6.273700 - -------------------------------------------------------------------------------- 12/10/2002 Purchase 7,550 $6.274301 - -------------------------------------------------------------------------------- 12/11/2002 Purchase 1,200 $6.259200 - -------------------------------------------------------------------------------- 12/11/2002 Purchase 6,700 $6.268300 - -------------------------------------------------------------------------------- 12/12/2002 Purchase 8,000 $6.196300 - -------------------------------------------------------------------------------- 12/12/2002 Purchase 5,000 $6.010000 - -------------------------------------------------------------------------------- 12/12/2002 Purchase 1,000 $6.245000 - -------------------------------------------------------------------------------- 12/12/2002 Purchase 10,100 $6.137200 - -------------------------------------------------------------------------------- 12/13/2002 Purchase 35,700 $6.089700 - -------------------------------------------------------------------------------- 12/16/2002 Purchase 9,200 $6.402700 - -------------------------------------------------------------------------------- 12/16/2002 Purchase 5,552 $6.394800 - -------------------------------------------------------------------------------- Page 8 of 17 - -------------------------------------------------------------------------------- Date Transaction Number of Shares Price per share - -------------------------------------------------------------------------------- 12/17/2002 Purchase 6,397 $6.541201 - -------------------------------------------------------------------------------- 12/17/2002 Purchase 6,100 $6.541900 - -------------------------------------------------------------------------------- 12/18/2002 Purchase 4,010 $6.588000 - -------------------------------------------------------------------------------- 12/18/2002 Purchase 5,100 $6.591900 - -------------------------------------------------------------------------------- 12/19/2002 Purchase 5,157 $6.561400 - -------------------------------------------------------------------------------- 12/19/2002 Purchase 11,000 $6.651200 - -------------------------------------------------------------------------------- 12/20/2002 Purchase 2,000 $6.790000 - -------------------------------------------------------------------------------- 12/20/2002 Purchase 41,144 $6.971200 - -------------------------------------------------------------------------------- 12/20/2002 Purchase 43,100 $6.949700 - -------------------------------------------------------------------------------- 12/23/2002 Purchase 6,500 $7.026500 - -------------------------------------------------------------------------------- 12/23/2002 Purchase 6,800 $6.947800 - -------------------------------------------------------------------------------- 12/24/2002 Purchase 100 $6.985000 - -------------------------------------------------------------------------------- 12/24/2002 Purchase 340 $6.980000 - -------------------------------------------------------------------------------- 12/26/2002 Purchase 14,420 $6.988800 - -------------------------------------------------------------------------------- 12/26/2002 Purchase 3,100 $6.964400 - -------------------------------------------------------------------------------- 12/27/2002 Purchase 27,819 $6.932200 - -------------------------------------------------------------------------------- 12/27/2002 Purchase 7,500 $6.958500 - -------------------------------------------------------------------------------- 12/30/2002 Purchase 14,456 $6.948000 - -------------------------------------------------------------------------------- 12/30/2002 Purchase 10,700 $6.956400 - -------------------------------------------------------------------------------- 12/31/2002 Purchase 11,800 $7.060600 - -------------------------------------------------------------------------------- 12/31/2002 Purchase 11,600 $7.123200 - -------------------------------------------------------------------------------- 12/31/2002 Purchase 20,000 $7.100000 - -------------------------------------------------------------------------------- 1/2/2003 Purchase 26,400 $7.070200 - -------------------------------------------------------------------------------- 1/2/2003 Purchase 2,000 $7.130500 - -------------------------------------------------------------------------------- 1/3/2003 Purchase 3,346 $6.953201 - -------------------------------------------------------------------------------- 1/6/2003 Purchase 30,600 $6.933800 - -------------------------------------------------------------------------------- 1/7/2003 Purchase 200 $6.945000 - -------------------------------------------------------------------------------- 1/7/2003 Purchase 25,800 $6.892900 - -------------------------------------------------------------------------------- 1/8/2003 Purchase 100 $6.925000 - -------------------------------------------------------------------------------- 1/8/2003 Purchase 52,700 $6.866600 - -------------------------------------------------------------------------------- 1/9/2003 Purchase 39,500 $6.859400 - -------------------------------------------------------------------------------- 1/10/2003 Purchase 500 $6.895000 - -------------------------------------------------------------------------------- 1/10/2003 Purchase 26,000 $6.839600 - -------------------------------------------------------------------------------- 1/13/2003 Purchase 500 $7.005000 - -------------------------------------------------------------------------------- 1/13/2003 Purchase 19,600 $6.932000 - -------------------------------------------------------------------------------- 1/14/2003 Purchase 31,400 $6.881600 - -------------------------------------------------------------------------------- 1/15/2003 Purchase 1,500 $6.845000 - -------------------------------------------------------------------------------- 1/16/2003 Purchase 20,900 $7.045900 - -------------------------------------------------------------------------------- 1/17/2003 Purchase 14,400 $6.994000 - -------------------------------------------------------------------------------- 1/21/2003 Purchase 36,800 $6.862800 - -------------------------------------------------------------------------------- 1/22/2003 Purchase 20,500 $6.761400 - -------------------------------------------------------------------------------- 1/23/2003 Purchase 41,300 $6.784600 - -------------------------------------------------------------------------------- 1/23/2003 Purchase 10,000 $6.785000 - -------------------------------------------------------------------------------- 1/24/2003 Purchase 56,200 $6.781300 - -------------------------------------------------------------------------------- 1/24/2003 Purchase 7,500 $6.740000 - -------------------------------------------------------------------------------- 1/27/2003 Purchase 1,000 $6.735000 - -------------------------------------------------------------------------------- 1/27/2003 Purchase 19,200 $6.731000 - -------------------------------------------------------------------------------- 1/28/2003 Purchase 13,300 $6.772500 - -------------------------------------------------------------------------------- 1/29/2003 Purchase 7,700 $6.759300 - -------------------------------------------------------------------------------- 1/30/2003 Purchase 27,500 $6.739400 - -------------------------------------------------------------------------------- 1/31/2003 Purchase 27,200 $6.969000 - -------------------------------------------------------------------------------- Page 9 of 17 - -------------------------------------------------------------------------------- Date Transaction Number of Shares Price per share - -------------------------------------------------------------------------------- 1/31/2003 Purchase 20,000 $7.300000 - -------------------------------------------------------------------------------- 1/31/2003 Purchase 9,400 $6.780000 - -------------------------------------------------------------------------------- 2/3/2003 Purchase 25,800 $6.867700 - -------------------------------------------------------------------------------- 2/4/2003 Purchase 26,900 $6.752600 - -------------------------------------------------------------------------------- 2/5/2003 Purchase 7,700 $6.773300 - -------------------------------------------------------------------------------- 2/6/2003 Purchase 3,000 $6.730000 - -------------------------------------------------------------------------------- 2/6/2003 Purchase 35,900 $6.739600 - -------------------------------------------------------------------------------- 2/6/2003 Purchase 2,900 $6.745000 - -------------------------------------------------------------------------------- 2/7/2003 Purchase 34,700 $6.688700 - -------------------------------------------------------------------------------- 2/10/2003 Purchase 2,600 $6.731200 - -------------------------------------------------------------------------------- 2/11/2003 Purchase 35,100 $6.730600 - -------------------------------------------------------------------------------- 2/11/2003 Purchase 4,000 $6.745000 - -------------------------------------------------------------------------------- 2/12/2003 Purchase 18,300 $6.753600 - -------------------------------------------------------------------------------- 2/13/2003 Purchase 4,000 $6.757500 - -------------------------------------------------------------------------------- 2/14/2003 Purchase 1,500 $6.750000 - -------------------------------------------------------------------------------- 2/14/2003 Purchase 15,000 $6.742500 - -------------------------------------------------------------------------------- 2/18/2003 Purchase 27,800 $6.748500 - -------------------------------------------------------------------------------- 2/19/2003 Purchase 36,300 $6.718600 - -------------------------------------------------------------------------------- 2/20/2003 Purchase 11,300 $6.694800 - -------------------------------------------------------------------------------- 2/21/2003 Purchase 15,000 $6.735000 - -------------------------------------------------------------------------------- 2/21/2003 Purchase 13,300 $6.699700 - -------------------------------------------------------------------------------- 2/21/2003 Purchase 5,000 $6.740000 - -------------------------------------------------------------------------------- 2/24/2003 Purchase 20,100 $6.719900 - -------------------------------------------------------------------------------- 2/24/2003 Purchase 300 $6.745000 - -------------------------------------------------------------------------------- 2/25/2003 Purchase 19,000 $6.700900 - -------------------------------------------------------------------------------- 2/26/2003 Purchase 19,700 $6.754300 - -------------------------------------------------------------------------------- 2/27/2003 Purchase 22,900 $7.080300 - -------------------------------------------------------------------------------- 2/27/2003 Sale 400 $6.814800 - -------------------------------------------------------------------------------- 2/28/2003 Purchase 19,200 $7.177800 - -------------------------------------------------------------------------------- 3/3/2003 Purchase 400 $7.045000 - -------------------------------------------------------------------------------- 3/3/2003 Purchase 17,700 $7.138900 - -------------------------------------------------------------------------------- 3/4/2003 Purchase 17,500 $7.124700 - -------------------------------------------------------------------------------- 3/5/2003 Purchase 19,800 $7.296000 - -------------------------------------------------------------------------------- 3/6/2003 Purchase 26,500 $7.433200 - -------------------------------------------------------------------------------- 3/7/2003 Purchase 29,100 $8.119900 - -------------------------------------------------------------------------------- 3/10/2003 Purchase 103,900 $8.369200 - -------------------------------------------------------------------------------- 3/11/2003 Purchase 62,000 $8.477000 - -------------------------------------------------------------------------------- 3/12/2003 Purchase 31,000 $8.640200 - -------------------------------------------------------------------------------- 3/13/2003 Purchase 92,900 $9.054100 - -------------------------------------------------------------------------------- 3/14/2003 Purchase 17,200 $9.031500 - -------------------------------------------------------------------------------- 3/17/2003 Purchase 8,900 $9.308900 - -------------------------------------------------------------------------------- 3/18/2003 Purchase 30,800 $9.180400 - -------------------------------------------------------------------------------- 3/19/2003 Purchase 23,500 $9.330900 - -------------------------------------------------------------------------------- 3/20/2003 Purchase 39,000 $9.537900 - -------------------------------------------------------------------------------- 3/20/2003 Purchase 5,000 $9.560000 - -------------------------------------------------------------------------------- 3/21/2003 Purchase 22,600 $9.673800 - -------------------------------------------------------------------------------- 3/21/2003 Purchase 3,500 $9.649300 - -------------------------------------------------------------------------------- 3/24/2003 Purchase 56,700 $9.550600 - -------------------------------------------------------------------------------- 3/25/2003 Purchase 62,600 $9.521500 - -------------------------------------------------------------------------------- 3/26/2003 Purchase 91,400 $9.353700 - -------------------------------------------------------------------------------- 3/26/2003 Purchase 15,000 $9.370700 - -------------------------------------------------------------------------------- Page 10 of 17 - -------------------------------------------------------------------------------- Date Transaction Number of Shares Price per share - -------------------------------------------------------------------------------- 3/27/2003 Purchase 38,400 $9.362000 - -------------------------------------------------------------------------------- 3/28/2003 Purchase 9,500 $9.548400 - -------------------------------------------------------------------------------- 3/31/2003 Purchase 2,000 $9.830000 - -------------------------------------------------------------------------------- 3/31/2003 Purchase 32,300 $9.844500 - -------------------------------------------------------------------------------- 4/1/2003 Purchase 55,400 $9.997600 - -------------------------------------------------------------------------------- 4/2/2003 Purchase 165,300 $9.786400 - -------------------------------------------------------------------------------- 4/3/2003 Purchase 5,000 $9.450000 - -------------------------------------------------------------------------------- 4/3/2003 Purchase 5,000 $9.450000 - -------------------------------------------------------------------------------- 4/3/2003 Purchase 82,600 $9.478000 - -------------------------------------------------------------------------------- 4/3/2003 Purchase 4,500 $9.600000 - -------------------------------------------------------------------------------- 4/4/2003 Purchase 96,300 $9.146300 - -------------------------------------------------------------------------------- 4/7/2003 Purchase 10,100 $9.347700 - -------------------------------------------------------------------------------- 4/8/2003 Purchase 48,500 $9.309500 - -------------------------------------------------------------------------------- 4/9/2003 Purchase 38,000 $9.242900 - -------------------------------------------------------------------------------- 4/9/2003 Purchase 2,000 $9.210000 - -------------------------------------------------------------------------------- 4/10/2003 Purchase 20,500 $9.429800 - -------------------------------------------------------------------------------- 4/11/2003 Purchase 8,400 $9.453600 - -------------------------------------------------------------------------------- 4/14/2003 Purchase 8,100 $9.512200 - -------------------------------------------------------------------------------- 4/15/2003 Purchase 24,100 $9.696700 - -------------------------------------------------------------------------------- 4/15/2003 Sale 1,100 $9.684545 - -------------------------------------------------------------------------------- 4/15/2003 Sale 9,300 $9.946933 - -------------------------------------------------------------------------------- 4/16/2003 Purchase 83,000 $10.074900 - -------------------------------------------------------------------------------- 4/16/2003 Sale 300 $10.204533 - -------------------------------------------------------------------------------- 4/17/2003 Purchase 21,600 $10.099200 - -------------------------------------------------------------------------------- 4/21/2003 Purchase 65,400 $10.261200 - -------------------------------------------------------------------------------- 4/22/2003 Purchase 200 $10.434500 - -------------------------------------------------------------------------------- 4/22/2003 Purchase 41,000 $10.372900 - -------------------------------------------------------------------------------- 4/23/2003 Purchase 2,300 $10.919300 - -------------------------------------------------------------------------------- 4/23/2003 Purchase 36,400 $10.789200 - -------------------------------------------------------------------------------- 4/24/2003 Purchase 7,500 $10.914700 - -------------------------------------------------------------------------------- 4/24/2003 Purchase 19,700 $10.897800 - -------------------------------------------------------------------------------- 4/24/2003 Sale 500 $10.914480 - -------------------------------------------------------------------------------- 4/24/2003 Sale 30,025 $10.932386 - -------------------------------------------------------------------------------- 4/25/2003 Purchase 5,000 $11.054800 - -------------------------------------------------------------------------------- 4/25/2003 Purchase 79,700 $11.049400 - -------------------------------------------------------------------------------- 4/25/2003 Sale 6,600 $11.279371 - -------------------------------------------------------------------------------- 4/28/2003 Purchase 23,500 $11.218500 - -------------------------------------------------------------------------------- 4/29/2003 Purchase 59,700 $11.278200 - -------------------------------------------------------------------------------- 4/29/2003 Sale 6,000 $11.193473 - -------------------------------------------------------------------------------- 4/29/2003 Sale 7,700 $11.250871 - -------------------------------------------------------------------------------- 4/30/2003 Purchase 16,500 $11.360600 - -------------------------------------------------------------------------------- 4/30/2003 Sale 26,400 $11.353267 - -------------------------------------------------------------------------------- 4/30/2003 Sale 4,000 $11.311970 - -------------------------------------------------------------------------------- 5/1/2003 Purchase 18,600 $11.389900 - -------------------------------------------------------------------------------- 5/1/2003 Purchase 300 $11.261700 - -------------------------------------------------------------------------------- 5/1/2003 Sale 6,000 $11.374467 - -------------------------------------------------------------------------------- 5/1/2003 Sale 1,400 $11.285171 - -------------------------------------------------------------------------------- 5/1/2003 Sale 25,300 $11.319668 - -------------------------------------------------------------------------------- 5/2/2003 Purchase 14,200 $11.800700 - -------------------------------------------------------------------------------- 5/2/2003 Purchase 200 $11.835000 - -------------------------------------------------------------------------------- 5/2/2003 Purchase 8,500 $11.640000 - -------------------------------------------------------------------------------- Page 11 of 17 - -------------------------------------------------------------------------------- Date Transaction Number of Shares Price per share - -------------------------------------------------------------------------------- 5/2/2003 Sale 6,100 $11.604554 - -------------------------------------------------------------------------------- 5/2/2003 Sale 11,800 $11.749148 - -------------------------------------------------------------------------------- 5/2/2003 Sale 29,300 $11.474161 - -------------------------------------------------------------------------------- 5/5/2003 Purchase 1,600 $12.056300 - -------------------------------------------------------------------------------- 5/5/2003 Purchase 3,100 $12.059100 - -------------------------------------------------------------------------------- 5/5/2003 Purchase 4,000 $12.060000 - -------------------------------------------------------------------------------- 5/5/2003 Sale 17,300 $11.914440 - -------------------------------------------------------------------------------- 5/5/2003 Sale 31,500 $12.001336 - -------------------------------------------------------------------------------- 5/6/2003 Purchase 12,500 $11.937700 - -------------------------------------------------------------------------------- 5/6/2003 Purchase 103,600 $11.926000 - -------------------------------------------------------------------------------- 5/7/2003 Purchase 24,700 $11.937200 - -------------------------------------------------------------------------------- 5/7/2003 Purchase 3,000 $11.940000 - -------------------------------------------------------------------------------- 5/7/2003 Sale 12,700 $11.844444 - -------------------------------------------------------------------------------- 5/7/2003 Sale 1,000 $11.854440 - -------------------------------------------------------------------------------- 5/7/2003 Sale 700 $11.964443 - -------------------------------------------------------------------------------- 5/8/2003 Purchase 99,800 $11.863700 - -------------------------------------------------------------------------------- 5/8/2003 Sale 6,400 $11.901141 - -------------------------------------------------------------------------------- 5/8/2003 Sale 4,600 $12.001537 - -------------------------------------------------------------------------------- 5/9/2003 Purchase 85,600 $11.871800 - -------------------------------------------------------------------------------- 5/9/2003 Sale 2,400 $11.929442 - -------------------------------------------------------------------------------- 5/12/2003 Purchase 100 $12.025000 - -------------------------------------------------------------------------------- 5/12/2003 Purchase 5,400 $12.035759 - -------------------------------------------------------------------------------- 5/12/2003 Sale 600 $11.929433 - -------------------------------------------------------------------------------- 5/12/2003 Sale 11,900 $11.974838 - -------------------------------------------------------------------------------- 5/13/2003 Purchase 3,200 $12.006900 - -------------------------------------------------------------------------------- 5/13/2003 Purchase 10,200 $11.982100 - -------------------------------------------------------------------------------- 5/13/2003 Sale 1,500 $11.978440 - -------------------------------------------------------------------------------- 5/14/2003 Purchase 55,200 $11.914700 - -------------------------------------------------------------------------------- 5/14/2003 Sale 1,800 $11.955039 - -------------------------------------------------------------------------------- 5/15/2003 Purchase 6,500 $12.055000 - -------------------------------------------------------------------------------- 5/15/2003 Purchase 39,800 $12.024700 - -------------------------------------------------------------------------------- 5/15/2003 Purchase 2,000 $12.070000 - -------------------------------------------------------------------------------- 5/15/2003 Sale 4,900 $11.954439 - -------------------------------------------------------------------------------- 5/15/2003 Sale 4,000 $11.964438 - -------------------------------------------------------------------------------- 5/15/2003 Sale 600 $12.000033 - -------------------------------------------------------------------------------- 5/16/2003 Purchase 6,800 $11.976800 - -------------------------------------------------------------------------------- 5/16/2003 Purchase 20,000 $11.990000 - -------------------------------------------------------------------------------- 5/16/2003 Sale 7,100 $11.939439 - -------------------------------------------------------------------------------- 5/16/2003 Sale 5,200 $11.949038 - -------------------------------------------------------------------------------- 5/16/2003 Sale 800 $11.859438 - -------------------------------------------------------------------------------- 5/19/2003 Purchase 37,700 $11.880700 - -------------------------------------------------------------------------------- 5/19/2003 Sale 714 $12.004440 - -------------------------------------------------------------------------------- 5/20/2003 Purchase 174,000 $11.755400 - -------------------------------------------------------------------------------- 5/20/2003 Purchase 700 $11.755400 - -------------------------------------------------------------------------------- 5/21/2003 Purchase 47,600 $11.640100 - -------------------------------------------------------------------------------- 5/22/2003 Purchase 25,000 $12.294200 - -------------------------------------------------------------------------------- 5/22/2003 Purchase 5,000 $12.350000 - -------------------------------------------------------------------------------- 5/22/2003 Purchase 25,000 $12.294200 - -------------------------------------------------------------------------------- 5/23/2003 Purchase 52,400 $12.309400 - -------------------------------------------------------------------------------- 5/23/2003 Purchase 9,300 $12.309400 - -------------------------------------------------------------------------------- 5/23/2003 Sale 13,500 $12.197427 - -------------------------------------------------------------------------------- Page 12 of 17 - -------------------------------------------------------------------------------- Date Transaction Number of Shares Price per share - -------------------------------------------------------------------------------- 5/23/2003 Sale 200 $12.244950 - -------------------------------------------------------------------------------- 5/27/2003 Purchase 56,200 $12.829800 - -------------------------------------------------------------------------------- 5/27/2003 Purchase 1,000 $12.975000 - -------------------------------------------------------------------------------- 5/27/2003 Purchase 9,900 $12.829800 - -------------------------------------------------------------------------------- 5/27/2003 Sale 600 $12.709400 - -------------------------------------------------------------------------------- 5/27/2003 Sale 1,300 $12.996692 - -------------------------------------------------------------------------------- 5/28/2003 Purchase 88,200 $13.099200 - -------------------------------------------------------------------------------- 5/28/2003 Purchase 15,500 $13.099200 - -------------------------------------------------------------------------------- 5/28/2003 Sale 14,800 $13.307276 - -------------------------------------------------------------------------------- 5/29/2003 Purchase 101,000 $13.060600 - -------------------------------------------------------------------------------- 5/29/2003 Purchase 17,900 $13.060600 - -------------------------------------------------------------------------------- 5/29/2003 Sale 2,600 $13.184381 - -------------------------------------------------------------------------------- 5/30/2003 Purchase 41,000 $13.130600 - -------------------------------------------------------------------------------- 6/2/2003 Purchase 53,600 $13.856300 - -------------------------------------------------------------------------------- 6/2/2003 Purchase 5,000 $13.250000 - -------------------------------------------------------------------------------- 6/2/2003 Purchase 9,500 $13.856300 - -------------------------------------------------------------------------------- 6/3/2003 Purchase 49,700 $13.917200 - -------------------------------------------------------------------------------- 6/3/2003 Purchase 8,700 $13.917200 - -------------------------------------------------------------------------------- 6/4/2003 Purchase 37,200 $13.933100 - -------------------------------------------------------------------------------- 6/4/2003 Purchase 6,600 $13.933100 - -------------------------------------------------------------------------------- 6/5/2003 Purchase 22,500 $14.177300 - -------------------------------------------------------------------------------- 6/5/2003 Purchase 3,800 $14.177300 - -------------------------------------------------------------------------------- 6/6/2003 Purchase 1,600 $16.045000 - -------------------------------------------------------------------------------- 6/6/2003 Purchase 5,000 $14.650000 - -------------------------------------------------------------------------------- 6/6/2003 Purchase 5,000 $14.750000 - -------------------------------------------------------------------------------- 6/6/2003 Purchase 31,700 $15.536500 - -------------------------------------------------------------------------------- 6/6/2003 Purchase 5,600 $15.536500 - -------------------------------------------------------------------------------- 6/6/2003 Sale 700 $15.354286 - -------------------------------------------------------------------------------- 6/6/2003 Sale 12,700 $15.394278 - -------------------------------------------------------------------------------- 6/6/2003 Sale 18,200 $15.555870 - -------------------------------------------------------------------------------- 6/6/2003 Sale 3,200 $15.555872 - -------------------------------------------------------------------------------- 6/9/2003 Purchase 125,700 $15.189000 - -------------------------------------------------------------------------------- 6/9/2003 Purchase 22,000 $15.189000 - -------------------------------------------------------------------------------- 6/9/2003 Sale 97,400 $15.199287 - -------------------------------------------------------------------------------- 6/9/2003 Sale 17,100 $15.199287 - -------------------------------------------------------------------------------- 6/10/2003 Purchase 32,300 $15.186500 - -------------------------------------------------------------------------------- 6/10/2003 Purchase 5,700 $15.186500 - -------------------------------------------------------------------------------- 6/11/2003 Purchase 21,200 $15.319400 - -------------------------------------------------------------------------------- 6/11/2003 Purchase 400 $15.245000 - -------------------------------------------------------------------------------- 6/11/2003 Sale 22,800 $15.362379 - -------------------------------------------------------------------------------- 6/12/2003 Purchase 13,000 $15.990600 - -------------------------------------------------------------------------------- 6/12/2003 Sale 3,300 $16.284236 - -------------------------------------------------------------------------------- 6/12/2003 Sale 10,900 $15.464275 - -------------------------------------------------------------------------------- 6/12/2003 Sale 76,900 $16.072246 - -------------------------------------------------------------------------------- 6/12/2003 Sale 500 $15.728460 - -------------------------------------------------------------------------------- 6/13/2003 Purchase 100,300 $16.155900 - -------------------------------------------------------------------------------- 6/13/2003 Sale 37,764 $16.277736 - -------------------------------------------------------------------------------- 6/13/2003 Sale 3,400 $16.177741 - -------------------------------------------------------------------------------- 6/16/2003 Purchase 8,500 $16.314500 - -------------------------------------------------------------------------------- 6/16/2003 Sale 87,600 $16.237438 - -------------------------------------------------------------------------------- 6/17/2003 Purchase 16,800 $16.061000 - -------------------------------------------------------------------------------- Page 13 of 17 - -------------------------------------------------------------------------------- Date Transaction Number of Shares Price per share - -------------------------------------------------------------------------------- 6/17/2003 Purchase 84,300 $16.083500 - -------------------------------------------------------------------------------- 6/17/2003 Purchase 15,000 $16.083500 - -------------------------------------------------------------------------------- 6/17/2003 Sale 22,900 $15.982151 - -------------------------------------------------------------------------------- 6/17/2003 Sale 15,300 $16.135342 - -------------------------------------------------------------------------------- 6/18/2003 Purchase 13,800 $16.047500 - -------------------------------------------------------------------------------- 6/18/2003 Purchase 125,700 $16.053500 - -------------------------------------------------------------------------------- 6/18/2003 Purchase 22,000 $16.053500 - -------------------------------------------------------------------------------- 6/18/2003 Sale 471 $15.994246 - -------------------------------------------------------------------------------- 6/18/2003 Sale 500 $16.045240 - -------------------------------------------------------------------------------- 6/19/2003 Purchase 109,900 $15.835000 - -------------------------------------------------------------------------------- 6/19/2003 Purchase 73,359 $15.834800 - -------------------------------------------------------------------------------- 6/19/2003 Purchase 20,000 $15.835000 - -------------------------------------------------------------------------------- 6/19/2003 Sale 5,500 $15.808858 - -------------------------------------------------------------------------------- 6/19/2003 Sale 14,199 $15.873354 - -------------------------------------------------------------------------------- 6/19/2003 Sale 20,600 $16.109245 - -------------------------------------------------------------------------------- 6/20/2003 Purchase 22,600 $15.208300 - -------------------------------------------------------------------------------- 6/20/2003 Purchase 119,900 $15.315700 - -------------------------------------------------------------------------------- 6/20/2003 Purchase 15,000 $15.170000 - -------------------------------------------------------------------------------- 6/20/2003 Purchase 22,000 $15.315700 - -------------------------------------------------------------------------------- 6/20/2003 Sale 1,700 $15.754259 - -------------------------------------------------------------------------------- 6/23/2003 Purchase 50,000 $15.120300 - -------------------------------------------------------------------------------- 6/23/2003 Purchase 79,300 $15.120300 - -------------------------------------------------------------------------------- 6/23/2003 Sale 25,000 $15.549270 - -------------------------------------------------------------------------------- 6/24/2003 Purchase 30,100 $15.103300 - -------------------------------------------------------------------------------- 6/24/2003 Purchase 30,100 $15.103300 - -------------------------------------------------------------------------------- 6/24/2003 Sale 34,300 $15.064393 - -------------------------------------------------------------------------------- 6/24/2003 Sale 7,900 $15.084292 - -------------------------------------------------------------------------------- 6/25/2003 Purchase 50,000 $14.830800 - -------------------------------------------------------------------------------- 6/25/2003 Purchase 24,000 $14.830800 - -------------------------------------------------------------------------------- 6/25/2003 Sale 15,900 $14.751208 - -------------------------------------------------------------------------------- 6/26/2003 Purchase 468,000 $18.090900 - -------------------------------------------------------------------------------- 6/26/2003 Sale 12,400 $14.769307 - -------------------------------------------------------------------------------- 6/26/2003 Sale 20,000 $17.679171 - -------------------------------------------------------------------------------- 6/26/2003 Sale 214,900 $17.771167 - -------------------------------------------------------------------------------- 6/27/2003 Purchase 18,600 $18.807600 - -------------------------------------------------------------------------------- 6/27/2003 Sale 16,700 $18.584128 - -------------------------------------------------------------------------------- 6/27/2003 Sale 155,600 $18.561230 - -------------------------------------------------------------------------------- 6/30/2003 Purchase 12,500 $19.519000 - -------------------------------------------------------------------------------- 6/30/2003 Sale 62,400 $19.454887 - -------------------------------------------------------------------------------- 6/30/2003 Sale 19,500 $18.889114 - -------------------------------------------------------------------------------- 6/30/2003 Sale 38,100 $19.438088 - -------------------------------------------------------------------------------- 6/30/2003 Sale 50,000 $19.440588 - -------------------------------------------------------------------------------- 7/1/2003 Purchase 5,000 $19.173200 - -------------------------------------------------------------------------------- 7/1/2003 Sale 130,000 $19.238997 - -------------------------------------------------------------------------------- 7/1/2003 Sale 20,000 $19.551884 - -------------------------------------------------------------------------------- 7/1/2003 Sale 3,800 $19.414589 - -------------------------------------------------------------------------------- 7/2/2003 Purchase 39,300 $19.042400 - -------------------------------------------------------------------------------- 7/2/2003 Purchase 35,000 $19.025800 - -------------------------------------------------------------------------------- 7/2/2003 Sale 55,000 $19.012709 - -------------------------------------------------------------------------------- 7/2/2003 Sale 66,500 $19.017009 - -------------------------------------------------------------------------------- 7/2/2003 Sale 19,624 $19.063007 - -------------------------------------------------------------------------------- Page 14 of 17 - -------------------------------------------------------------------------------- Date Transaction Number of Shares Price per share - -------------------------------------------------------------------------------- 7/2/2003 Sale 26,900 $19.036608 - -------------------------------------------------------------------------------- 7/3/2003 Purchase 13,600 $19.137500 - -------------------------------------------------------------------------------- 7/3/2003 Sale 14,800 $19.089105 - -------------------------------------------------------------------------------- 7/3/2003 Sale 7,000 $19.129103 - -------------------------------------------------------------------------------- 7/3/2003 Sale 26,000 $19.119604 - -------------------------------------------------------------------------------- 7/7/2003 Purchase 2,700 $19.523800 - -------------------------------------------------------------------------------- 7/7/2003 Sale 37,600 $19.470387 - -------------------------------------------------------------------------------- 7/7/2003 Sale 40,000 $19.436589 - -------------------------------------------------------------------------------- 7/7/2003 Sale 200 $19.354100 - -------------------------------------------------------------------------------- 7/8/2003 Purchase 4,000 $20.165500 - -------------------------------------------------------------------------------- 7/8/2003 Sale 80,000 $20.296449 - -------------------------------------------------------------------------------- 7/8/2003 Sale 50,000 $20.116057 - -------------------------------------------------------------------------------- 7/8/2003 Sale 7,000 $19.409090 - -------------------------------------------------------------------------------- 7/8/2003 Sale 800 $20.299650 - -------------------------------------------------------------------------------- 7/9/2003 Purchase 5,100 $20.098300 - -------------------------------------------------------------------------------- 7/9/2003 Sale 10,500 $20.077460 - -------------------------------------------------------------------------------- 7/9/2003 Sale 50,800 $19.947565 - -------------------------------------------------------------------------------- 7/9/2003 Sale 75,000 $19.961564 - -------------------------------------------------------------------------------- 7/9/2003 Sale 25,000 $19.961564 - -------------------------------------------------------------------------------- 7/10/2003 Purchase 5,800 $20.004500 - -------------------------------------------------------------------------------- 7/10/2003 Purchase 16,100 $20.006200 - -------------------------------------------------------------------------------- 7/10/2003 Sale 5,800 $20.036962 - -------------------------------------------------------------------------------- 7/10/2003 Sale 11,100 $20.049060 - -------------------------------------------------------------------------------- 7/10/2003 Sale 90,000 $19.946865 - -------------------------------------------------------------------------------- 7/10/2003 Sale 15,100 $19.981764 - -------------------------------------------------------------------------------- 7/11/2003 Purchase 5,000 $20.019600 - -------------------------------------------------------------------------------- 7/11/2003 Purchase 20,600 $20.012800 - -------------------------------------------------------------------------------- 7/11/2003 Sale 20,000 $19.919067 - -------------------------------------------------------------------------------- 7/11/2003 Sale 75,300 $19.987663 - -------------------------------------------------------------------------------- 7/14/2003 Purchase 12,814 $19.972200 - -------------------------------------------------------------------------------- 7/14/2003 Purchase 67,800 $19.957000 - -------------------------------------------------------------------------------- 7/14/2003 Sale 77,600 $19.882768 - -------------------------------------------------------------------------------- 7/14/2003 Sale 68,000 $19.914066 - -------------------------------------------------------------------------------- 7/14/2003 Sale 10,000 $20.059060 - -------------------------------------------------------------------------------- 7/14/2003 Sale 600 $20.244050 - -------------------------------------------------------------------------------- 7/15/2003 Purchase 23,300 $19.932400 - -------------------------------------------------------------------------------- 7/15/2003 Sale 67,000 $19.940065 - -------------------------------------------------------------------------------- 7/16/2003 Purchase 46,900 $19.893600 - -------------------------------------------------------------------------------- 7/16/2003 Sale 127,900 $19.875468 - -------------------------------------------------------------------------------- 7/16/2003 Sale 16,400 $19.969064 - -------------------------------------------------------------------------------- 7/17/2003 Purchase 72,500 $19.754100 - -------------------------------------------------------------------------------- 7/17/2003 Purchase 13,000 $19.754100 - -------------------------------------------------------------------------------- 7/17/2003 Sale 14,500 $19.673078 - -------------------------------------------------------------------------------- 7/18/2003 Purchase 17,300 $19.631200 - -------------------------------------------------------------------------------- 7/18/2003 Sale 41,400 $19.646180 - -------------------------------------------------------------------------------- 7/18/2003 Sale 500 $19.819080 - -------------------------------------------------------------------------------- 7/21/2003 Purchase 61,900 $19.133500 - -------------------------------------------------------------------------------- 7/21/2003 Purchase 11,000 $19.133500 - -------------------------------------------------------------------------------- 7/21/2003 Sale 11,200 $19.599081 - -------------------------------------------------------------------------------- 7/21/2003 Sale 32,400 $19.288096 - -------------------------------------------------------------------------------- 7/21/2003 Sale 1,300 $19.164100 - -------------------------------------------------------------------------------- Page 15 of 17 - -------------------------------------------------------------------------------- Date Transaction Number of Shares Price per share - -------------------------------------------------------------------------------- 7/22/2003 Purchase 1,700 $19.015000 - -------------------------------------------------------------------------------- 7/22/2003 Sale 2,100 $19.054105 - -------------------------------------------------------------------------------- 7/22/2003 Sale 97,500 $19.152702 - -------------------------------------------------------------------------------- 7/23/2003 Purchase 7,300 $19.429000 - -------------------------------------------------------------------------------- 7/23/2003 Sale 15,000 $19.419090 - -------------------------------------------------------------------------------- 7/23/2003 Sale 18,600 $19.269097 - -------------------------------------------------------------------------------- 7/23/2003 Sale 125,000 $19.391291 - -------------------------------------------------------------------------------- 7/24/2003 Sale 43,078 $19.686377 - -------------------------------------------------------------------------------- The following transactions were effected by Management through its exercise of sole voting and dispositive power over the shares held through Artal. - -------------------------------------------------------------------------------- Date Transaction Number of Shares Price - -------------------------------------------------------------------------------- 5/16/2003 Purchase 85,000 $11.976800 - -------------------------------------------------------------------------------- 5/19/2003 Purchase 90,000 $11.880700 - -------------------------------------------------------------------------------- 5/20/2003 Purchase 100,000 $11.755400 - -------------------------------------------------------------------------------- 5/22/2003 Purchase 16,900 $12.294200 - -------------------------------------------------------------------------------- 5/23/2003 Purchase 15,000 $12.309400 - -------------------------------------------------------------------------------- 5/27/2003 Purchase 20,000 $12.829800 - -------------------------------------------------------------------------------- 5/29/2003 Purchase 15,000 $13.060600 - -------------------------------------------------------------------------------- 5/30/2003 Purchase 15,000 $13.130600 - -------------------------------------------------------------------------------- (d) MF and Artal have the right to receive and the power to direct the receipt of dividends from, and the proceeds from the sale of the shares reported herein that are held by Capital and Management, respectively. MF has an interest by virtue of such relationship that relates to more than 5% of the Company's Common Stock. (e) Not applicable. Item 6. Contracts, Arrangements, Understandings or Relationships with respect to Securities of the Issuer. None. Item 7. Material to be Filed as Exhibits. Exhibit 1: Certification Letter Exhibit 2: Agreement dated July 29, 2003 Exhibit 3: Joint Filing Agreement dated as of July 29, 2003, by and among the Reporting Persons. Page 16 of 17 SIGNATURES After reasonable inquiry and to the best of their knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. Dated: July 29, 2003 Durus Capital Management, LLC By: /s/ Scott Sacane ---------------- Name: Scott Sacane Title: Managing Member /s/ Scott Sacane ---------------- Scott Sacane Durus Capital Management (N.A.), LLC By: /s/ Scott Sacane ---------------- Name: Scott Sacane Title: Managing Director Page 17 of 17 EX-99.1 3 e300517_esperion-ex1.txt CERTIFICATION LETTER Exhibit 1 Certification The undersigned (together, the "Sacane Group) hereby represent and warrant to Esperion Therapeutics, Inc. as follows: 1. The Sacane Group acquired beneficial ownership of the shares (the "Shares") of Common Stock of Esperion Therapeutics, Inc. (the "Company") as reported in an amendment to a Schedule 13G filed with the Securities and Exchange Commission on November 12, 2002, with a passive intent; that is, with no purpose, intent or effect of controlling the Company or changing or influencing the control of the Company, or in connection with or as a participant in any transaction having that purpose, intent or effect. 2. The Sacane Group will inform the Company orally by calling the Company's General Counsel at 734-222-1830 and in writing to the Company's General Counsel on the date that it ceases to hold the Shares (or any number of shares of Common Stock of the Company) with passive intent, as provided in the previous representation (and consistent with Rule 13d-1(c) under the Securities Exchange Act of 1934, as amended (the "Act")). 3. The Sacane Group will timely file reports of its beneficial ownership of the Company's Common Stock in accordance with Rule 13(d) and Regulation 13D-G under the Act, and will timely provide copies of the same to the Company in accordance with the Act. /s/ Scott Sacane - ---------------- Scott Sacane Date: 11/22/02 DURUS CAPITAL MANAGEMENT, LLC By: /s/ Scott Sacane ---------------- Scott Sacane, Managing Member PERSEUS, LLC By: /s/ Scott Sacane, Portfolio Manager ---------------- Date: 11/22/02 EX-99.2 4 e300517_esperion-ex2.txt AGREEMENT DATED JULY 29, 2003 Exhibit 2 VOTING AND TRANSFER RESTRICTION AGREEMENT This Voting and Transfer Restriction Agreement dated July 29, 2003 is by and among Esperion Therapeutics, Inc., a Delaware corporation (the "Company"), Scott Sacane ("Sacane"), Durus Capital Management, LLC and Durus Capital Management (NA), LLC (together, "Durus," and together with Sacane, referred to herein as the "Sacane Group"). RECITALS WHEREAS, as of the date hereof, the Sacane Group has reported that it is the beneficial owner (as such term is defined in Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of 9,726,900 shares of the Company's common stock, par value $0.001 per share (the "Common Stock"); WHEREAS, the Sacane Group has acquired shares of Common Stock in an amount that would cause the Sacane Group to be an Acquiring Person, as such term is defined in the Company's Rights Agreement, dated April 18, 2002, and amended by Amendment No. 1 dated November 26, 2002 (the "Rights Agreement"), but for the good faith determination by the Company's Board of Directors that such acquisition of Common Stock was inadvertent and without any intention of changing or influencing control of the Company; WHEREAS, the Board of Directors has determined in good faith to amend the Rights Agreement so as to exclude the Sacane Group from the definition of Acquiring Person unless and until the Sacane Group becomes the beneficial owner of more than 33% of the Company's outstanding Common Stock as set forth in the amended Rights Agreement; and WHEREAS, the Company and the Sacane Group desire to establish in this Agreement certain conditions of the Sacane Group's relationship with the Company. AGREEMENT NOW THEREFORE, the parties hereto, in consideration of the mutual covenants and agreements contained herein and intending to be legally bound, hereby agree as follows: Article I--Representations and Warranties Section 1.01. Representations and Warranties of the Sacane Group. The Sacane Group represents and warrants to the Company, as of the date hereof, as follows: (a) The execution, delivery and performance by the Sacane Group of this Agreement and the consummation by the Sacane Group of the transactions contemplated by this Agreement are within its corporate powers and have been duly authorized by all necessary corporate action on its part. This Agreement constitutes a legal, valid and binding agreement of the Sacane Group enforceable against the Sacane Group in accordance with its terms (i) except as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to or affecting creditors' rights generally, including the effect of statutory and other laws regarding fraudulent conveyances and preferential transfers, and (ii) subject to the limitations imposed by general equitable principles (regardless of whether such enforceability is considered in a proceeding at law or in equity); (b) The execution, delivery and performance of this Agreement by the Sacane Group does not and will not contravene or conflict with or constitute a default under the Sacane Group's relevant formation and operating documents; (c) The Sacane Group "beneficially owns" (as such term is defined in Rule 13d-3 under the Exchange Act) 9,726,900 shares of Common Stock and neither the Sacane Group, nor any "Affiliate" or "Associate" (as such terms are defined in Rule 12b-2 under the Exchange Act), owns any other Voting Securities (as defined in Section 2.01); and (d) The Sacane Group has acquired beneficial ownership of the Voting Securities with a "passive intent" (as used in Rule 13d-1(c) under the Exchange Act); that is, with no purpose, intent or effect of controlling the Company or changing or influencing the control of the Company, or in connection with or as a participant in any transaction having that purpose, intent or effect. The acquisition by the Sacane Group of beneficial ownership of more than 25% of the Company's outstanding Voting Securities was inadvertent. Section 1.02. Representations and Warranties of the Company. The Company represents and warrants to the Sacane Group as follows: (a) As of the date hereof, the execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the transactions contemplated by this Agreement are within its corporate powers and have been duly authorized by all necessary corporate action on its part. This Agreement constitutes a legal, valid and binding agreement of the Company enforceable against the Company in accordance with its terms (i) except as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to or affecting creditors' rights generally, including the effect of statutory and other laws regarding fraudulent conveyances and preferential transfers, and (ii) subject to the limitations imposed by general equitable principles (regardless of whether such enforceability is considered in a proceeding at law or in equity); and (b) As of June 30, 2002, the Company had outstanding 29,480,766 shares of Common Stock. 2 Article II--Term of Agreement Section 2.01. Term. The term (the "Term") of this Agreement shall commence on the date hereof and shall continue until the date on which the Sacane Group beneficially owns less than twenty percent (20%) of Company's outstanding Voting Securities. For purposes of this Agreement, the term "Voting Securities" shall mean any securities entitled to vote generally on matters required to be presented for a vote by the stockholders of the Company, or any direct or indirect rights or options to acquire any such securities or any securities convertible or exercisable into or exchangeable for such securities. Article III--Voting and Standstill Provisions Section 3.01. Restrictions on Voting Securities. For the Term of this Agreement, the Sacane Group agrees that any and all of the Voting Securities beneficially owned by the Sacane Group that represent more than 20% of the Company's outstanding Voting Securities shall be voted by the Sacane Group in proportion to the vote(s) cast by all of the other stockholders of the Company who beneficially own Voting Securities other than the Sacane Group. Section 3.02. Restrictions on Certain Actions by the Sacane Group. Subject to Article IV of this Agreement, during the Term, the Sacane Group covenants that it will not, and will cause each of its Affiliates and Associates not to, singly or as part of a partnership, limited partnership, syndicate or other group (as those terms are used in Section 13(d)(3) of the Exchange Act), directly or indirectly: (a) acquire beneficial ownership of more than 33% of the Company's outstanding Voting Securities; (b) make, or in any way participate in any "solicitation" of "proxies" to vote (as such terms are defined in Rule 14a-1 under the Exchange Act), solicit any consent or communicate with or seek to advise or influence any person or entity with respect to the voting of any Voting Securities or become a "participant" in any "election contest" (as such terms are defined or used in Rule 14a-11 under the Exchange Act) with respect to the Company; (c) form, join or encourage the formation of, any new "person" within the meaning of Section 13(d)(3) of the Exchange Act with respect to any Voting Securities; (d) deposit any Voting Securities into a voting trust or, other than as set forth in this Agreement, subject any such Voting Securities to any arrangement or agreement with respect to the voting thereof; (e) initiate, propose or otherwise solicit stockholders for the approval of one or more stockholder proposals with respect to the Company as described in Rule 14a-8 under the Exchange Act, or induce or attempt to induce any other person to initiate any stockholder proposal; 3 (f) seek election to or seek to place a representative on the Board of Directors of the Company or, except with the approval of management of the Company, seek the removal of any member of the Board of Directors of the Company; (g) except with the approval of management of the Company, call or seek to have called any meeting of the stockholders of the Company; (h) act to seek or control, disrupt or influence the management, policies or affairs of the Company, except with the approval of management of the Company; (i) make any public announcement, public comment, public statement or public proposal whatsoever with respect to, any form of business combination transaction involving the Company, including, without limitation, a merger, exchange offer or liquidation of the Company's assets, or any restructuring, recapitalization or similar transaction with respect to the Company; or (j) instigate or encourage any third party to do any of the foregoing. Article IV--Transfer Restrictions Section 4.01. Transfer Restrictions. (a) For the Term of this Agreement, the Sacane Group covenants that, without the prior written consent of the Company, the amount of Voting Securities sold or otherwise disposed of by the Sacane Group or its Affiliates or Associates in any three-month period shall not exceed the greater of (a) one percent (1%) of the outstanding shares of Common Stock as shown by the most recent report or statement published by the Company; (b) the average weekly reported volume of trading in the Company's Common stock on all national securities exchanges and/or reported through the automated quotation system of a registered securities association during the four calendar weeks preceding the notice required by Rule 144(h) under the Securities Act of 1933, as amended, or if no such notice is required, the date of receipt of the order to execute the transaction by the broker or the date of execution of the transaction directly with a market maker; or (c) the average weekly volume of trading in such securities reported through the consolidated transaction reporting system contemplated by Rule 11Aa3-1 under the Exchange Act during the four-week period specified in subsection (b) of this Section 4.01. Any transfers by members, partners or other such Affiliates or Associates of the Sacane Group of shares received by such persons from the Sacane Group or its Affiliates or Associates as a distribution shall be aggregated for the purposes of calculating the transfer limitations pursuant to this Section 4.01 for a period of two years after the date of the distribution. 4 (b) The Sacane Group covenants that it will not transfer any shares of the Voting Securities that it beneficially owns before October 29, 2003. Section 4.02. Reporting Obligations. The Sacane Group covenants to comply with all of the applicable reporting obligations under Section 13 of the Exchange Act and the rules promulgated thereunder and, as soon as reasonably practicable, the applicable reporting obligations under Section 16 of the Exchange Act and the rules promulgated thereunder. In addition, the Sacane Group covenants that it will deliver to the Company a copy of all beneficial ownership reports that are required to be filed pursuant to Sections 13 and 16 of the Exchange Act and the rules promulgated thereunder in accordance with the notice provisions herein, within three (3) business days of the date of the filing of such report with the Securities and Exchange Commission. Article V--Miscellaneous Section 5.01. Enforcement. The Sacane Group, on the one hand, and the Company, on the other, acknowledge and agree that irreparable damage would occur if any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, the parties will be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically its provisions in any court of the United States or any state having jurisdiction, this being in addition to any other remedy to which they may be entitled at law or in equity. Section 5.02. Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to the transactions contemplated by such parties and may be amended only by an agreement in writing executed by both parties. Section 5.03. Severability. If any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable, the remaining provisions shall remain in full force and effect. It is declared to be the intention of the parties that they would have executed the remaining provisions without including any that may be declared unenforceable. Section 5.04. Headings. Descriptive headings are for convenience only and will not control or affect the meaning or construction of any provision of this Agreement. Section 5.05. Counterparts. For the convenience of the parties, any number of counterparts of this Agreement may be executed by the parties, and each such executed counterpart will be an original instrument. Section 5.06. Notices. All notice, requests, demands and other communications required or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, telex, facsimile transmission or air courier guaranteeing overnight delivery: 5 (a) if to the Company, to: Esperion Therapeutics, Inc. 3621 South State Street 695 KMS Place Ann Arbor, Michigan 48108 Attention: General Counsel Telephone: (734) 332-0506 Facsimile: (734) 622-8334 with copies to: Linda Griggs, Esquire Morgan, Lewis & Bockius LLP 1111 Pennsylvania Ave, N.W. Washington, DC 20004 Telephone: (202) 739-3000 Facsimile: (202) 739-3001 or to other such person or address as the Company shall furnish to the Sacane Group in writing; (b) if to the Sacane Group, to Scott Sacane c/o Durus Capital Management, LLC 20 Marshall Street Suite 320 Norwalk, Connecticut 06854 Telephone:(203) 899-3100 Facsimile:(203) 899-3125 with copies to: William Natbony, Esq. Katten Muchin Zavis Rosenman 575 Madison Avenue New York, New York 10022 Telephone: (212) 940-8930 Facsimile: (212) 940-8994 or to other such persons or address as the Sacane Group shall furnish to the Company in writing. All notices, requests, demands and other communications shall be deemed to have been duly given; at the time of delivery by hand, if personally delivered; five (5) business days after having been deposited in the mail, postage pre-paid, if mailed; when answered back, if telexed; when received acknowledged, if by facsimile; and on the next business day, if timely delivered to an air courier guaranteeing overnight delivery. 6 Section 5.07. Successors and Assigns. This Agreement shall inure to the benefit of any successor or assign of the Company. Section 5.08. Governing Law. This Agreement will be governed and construed and enforced in accordance with the laws of the State of Delaware, without giving effect to the conflict of laws principles thereof. [The remainder of the page intentionally left blank.] 7 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first referred to above. ESPERION THERAPEUTICS, INC. By: /s/ Roger S. Newton, Ph.D -------------------------------- Name: Roger S. Newton, Ph.D Title: President and Chief Executive Officer /s/ Scott Sacane ------------------------------------ Scott Sacane DURUS CAPITAL MANAGEMENT, LLC By: /s/ Scott Sacane -------------------------------- Name: Scott Sacane, Managing Member DURUS CAPITAL MANAGEMENT (NA), LLC By: /s/ Scott Sacane -------------------------------- Name: Scott Sacane, Managing Member 8 EX-99.3 5 e300517_esperion-ex3.txt JOINT FILING AGREEMENT Exhibit 3 Joint Filing Agreement In accordance with Rule 13d-1(f) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the Common Stock, par value $0.01 per share, of Esperion Therapeutics, Inc., and that this Agreement be included as an Exhibit to such joint filing. This Agreement may be executed in any number of counterparts all of which taken together shall constitute one and the same instrument. In witness whereof, the undersigned hereby execute this Agreement this 29th day of July, 2003. Durus Capital Management, LLC By: /s/ Scott Sacane ---------------- Name: Scott Sacane Title: Managing Member /s/ Scott Sacane ---------------- Scott Sacane Durus Capital Management (N.A.), LLC By: /s/ Scott Sacane ---------------- Name: Scott Sacane Title: Managing Director -----END PRIVACY-ENHANCED MESSAGE-----