Nastech Pharmaceutical went public March 1984 a month before I became a stockbroker. Nastech was a true penny stock even before the SEC defined penny stocks as $4.99 a share or less. Nastech went public as a Unit, which included a 1 common, an A warrant and a B warrant all for $ .01. Since I started in April, I missed the .01 shares and began to buy the shares at .03 in the aftermarket. This company raised a mere $500,000, so fully diluted there were 1.5 billion shares. Nastech had the patent on the nasal administration of countless drugs including progesterone and vitamin B12.
Nastech started off trading slowly, but soon I was buying it for everyone I knew: family, friends, and strangers. I became a big believer and admired its PhD. CEO Jeffrey Winig, who was absolutely brilliant, incredibly well-spoken, and knew his business. We became great friends until his untimely passing in 1991.
As a rookie stockbroker barely knowing anything about the stock market, I just kept accumulating as many shares as I could from 8 AM to 8 PM every single day. After six months I had started to build a book with hundreds of clients holding millions of shares. Slowly, but surely, the Nastech shares started to move higher, the units were split and the common and the A & B warrants began to trade separately until the combined price began to exceed .20 per unit, or 20 times the underwriting price.
And then it happened.
The NY Times wrote a front page story in the science section with a picture of a man’s face with a ladder up to his nose praising the technology of nasal administration. The stock price simply exploded uncontrollably. Over time I had accumulated over 50 Million shares so once the unit reached $1.84 I had made my clients fortunes. From stock sales my clients bought homes, boats, cars and I was invited to too many Bar Mitzvahs and weddings to count. This still remains as the biggest win of my career. I became Rookie of the year, a top producer, and obviously fell in love with penny stocks and Wall Street forever.
Nastech Pharmaceutical had a name change to Marina Biotech, Inc., MRNA ,and now trades at around $ .58 a share on the OTC Markets.
© 2017 Stock News Now
Supported by Superior Web Solutions