X0303 4 2008-03-14 0 0000897075 REPROS THERAPEUTICS INC. RPRX 0001350855 Efficacy Capital, Ltd. 11622 EL CAMINO REAL, SUITE 100 SAN DIEGO CA 92130 0 0 1 0 0001366074 Lappe Mark 11622 EL CAMINO REAL, SUITE 100 SAN DIEGO CA 92130 0 0 1 0 0001366268 Kayyem Jon Faiz 11622 EL CAMINO REAL, SUITE 100 SAN DIEGO CA 92130 0 0 1 0 0001366073 Efficacy Biotech Fund L.P. 11622 EL CAMINO REAL, SUITE 100 SAN DIEGO CA 92130 0 0 1 0 0001366071 Efficacy Biotech Fund LTD 11622 EL CAMINO REAL, SUITE 100 SAN DIEGO CA 92130 0 0 1 0 0001366070 Efficacy Biotech Master Fund Ltd. 11622 EL CAMINO REAL, SUITE 100 SAN DIEGO CA 92130 0 0 1 0 Common Stock 2008-03-14 4 S 0 26300 8.59 D 2553713 I See Footnote Common Stock 2008-03-17 4 S 0 55357 8.54 D 2498356 I See Footnote Common Stock 2008-03-18 4 S 0 10600 8.90 D 2487756 I See Footnote Common Stock 2008-03-20 4 S 0 34000 8.94 D 2453756 I See Footnote Common Stock 2008-03-24 4 S 0 50000 9.61 D 2403756 I See Footnote Common Stock 2008-03-25 4 S 0 60000 9.58 D 2343756 I See Footnote Common Stock 2008-03-26 4 S 0 10000 9.82 D 2333756 I See Footnote Common Stock 2008-03-27 4 S 0 55800 9.55 D 2277956 I See Footnote The sales of Common Stock were involuntary sales effected without notice by the Reporting Persons' prime broker, Fidelity Capital Markets Services, a division of National Financial Services LLC ("Fidelity"), acting unilaterally and without direction from or authority provided by the Reporting Persons. Prior to the sales, Fidelity affirmatively represented that margin maintenance requirements would not increase until April 4, 2008. The Reporting Persons were within all agreed upon and known margin maintenance requirements at the time the sales were made and met all such requirements established by Fidelity prior to April 4, 2008. In each instance, the Reporting Persons immediately demanded that these unauthorized trades be reversed, and subsequently commenced legal action against Fidelity (which is now pending) and terminated their prime brokerage relationship with Fidelity. The shares are held by investment funds. Includes 1,956,056 shares held by Efficacy Biotech Master Fund, Ltd., a Bermuda Exempted Mutual Fund Company and 321,900 shares held by FMG Special Opportunity Fund. The Reporting Persons act as investment advisors with investment and voting discretion over portfolio investments. The Reporting Persons are indirect owners of the reported securities. The Reporting Persons' sales of the issuer's common stock reported herein were matchable under Section 16(b) of the Securities Exchange Act of 1934, as amended, to the extent of all 302,057 shares, with all of the Reporting Persons' purchases over the past six months. The Reporting Persons have paid the issuer $327,320.14, which is the full amount of the profit realized in connection with the short-swing transaction, less transaction costs. Exhibit List Exhibit 99 - Joint Filer Information Efficacy Capital Ltd. /s/ by Mark Lappe, Managing Partner 2008-07-03