New York financier David Blech sold 4.5 million shares of his stock inBio-Technology General Corp. on Friday, reducing his stake in theIselin, N.J.-based company from 18 percent to 6.2 percent. The stockwas sold to institutional investors, according to the company.Blech retained 2.3 million shares of Biotechnology General(NASDAQ:BTGC), worth approximately $7 million at Friday's closeof $3.12 per share. In addition, he owns 1.8 million warrantsexercisable at prices ranging from $4.92 to $10.53 per share.The sell-off of stock comes in the wake of other financial moves byBlech in recent weeks. Between Jan. 13 and Jan. 18, Blech sold 1.2million shares of his shares in Hamilton, Mont.-based RibiImmunochem Research Inc. He has also sold his entire position inNeoRx Corp., of Seattle.Sim Fass, president and chief executive officer of BiotechnologyGeneral, said that the transaction would increase and solidify hiscompany's institutional investor base.
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