<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(RULE 13d-101)
UNDER THE SECURITIES EXCHANGE ACT OF 1934/1/
SYNAPTIC PHARMACEUTICAL CORPORATION
-----------------------------------
(Name of Issuer)
Common Stock
------------
(Title of Class of Securities)
87156 R 109
-----------
(CUSIP Number)
Hope Flack
BVF Partners L.P.
333 West Wacker Drive, Suite 1600
Chicago, Illinois 60606
(312) 263-7777
--------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 19, 1997
--------------
(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 which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom
copies are to be sent.
(Continued on following pages)
(Page 1 of 8 Pages)
- --------------------
/1/ 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).
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CUSIP NO. 87156 R 109 13D Page 2 of 8 Pages
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- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
BIOTECHNOLOGY VALUE FUND, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X] (b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES -----------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 378,126
REPORTING -----------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
- --------------- -----------------------------------
10 SHARED DISPOSITIVE POWER
378,126
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
378,126
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
4.9%
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14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 87156 R 109 13D Page 3 of 8 Pages
- ------------------------ -----------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
BVF PARTNERS L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X] (b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES -----------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 726,526
REPORTING -----------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
-----------------------------------
10 SHARED DISPOSITIVE POWER
726,526
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
726,526
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
9.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ---------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 87156 R 109 13D Page 4 of 8 Pages
- ------------------------ -----------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
BVF INC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X] (b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC, OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
NUMBER 7 SOLE VOTING POWER
OF -0-
SHARES ------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 726,526
REPORTING -----------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
-----------------------------------
10 SHARED DISPOSITIVE POWER
726,526
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
726,526
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES
CERTAIN SHARES* [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
9.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, CO
- ---------------------------------------------------------------------
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
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CUSIP NO. 87156 R 109 13D Page 5 of 8 Pages
- ------------------------ -----------------------
ITEM 1. SECURITY AND ISSUER.
This Statement on Schedule 13D (this "Statement") relates to the Common
Stock, par value $0.01 per share (the "Stock"), of Synaptic Pharmaceutical
Corporation, a Delaware corporation ("Synaptic"). The principle executive
office of Synaptic is located at 215 College Road, Paramus, New Jersey 07652-
1431.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this Statement, the persons enumerated in Instruction C
of Schedule 13D and, where applicable, their respective places of organization,
general partners, directors, executive officers and controlling persons, and
certain information regarding each of them, are as follows:
(a) Biotechnology Value Fund, L.P., a Delaware limited partnership ("BVF,
L.P."), BVF Partners L.P., a Delaware limited partnership ("Partners"), BVF
Inc., a Delaware corporation ("BVF Inc."), and Mark N. Lampert, an individual
("Lampert") (collectively, the "Reporting Persons").
(b) The business address of BVF, L.P. and Partners is 333 West Wacker
Drive, Suite 1600, Chicago, Illinois 60606. The business address of BVF Inc.
and Lampert is One Sansome Street, 39th Floor, San Francisco, California 94104.
(c) Partners is the general partner of BVF, L.P., which is an investment
limited partnership. BVF Inc. is an investment adviser to and general partner
of Partners. Lampert is the sole shareholder, sole director and an officer of
BVF Inc.
(d) During the last five years, none of such persons has been convicted in
a criminal proceeding (excluding traffic violations and similar misdemeanors).
(e) During the last five years, none of such persons was 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 to such laws.
(f) Lampert is a citizen of the United States of America.
<PAGE>
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CUSIP NO. 87156 R 109 13D Page 6 of 8 Pages
- ------------------------ -----------------------
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Since February 5, 1997, Partners, in its capacity as general partner of
BVF, L.P., has purchased on behalf of such limited partnership an aggregate
number of 277,500 shares of the Stock for an aggregate consideration of
$3,637,073.70, utilizing funds provided by BVF, L.P., from its working capital
pursuant to the terms of its limited partnership agreement with Partners. In
addition, Partners, in its capacity as investment manager with respect to
certain managed accounts, has purchased on behalf of such managed accounts an
aggregate number of 256,000 shares of the Stock for an aggregate consideration
of $3,377,386.50, utilizing funds under management by Partners pursuant to an
investment management agreement between Partners and such managed accounts.
ITEM 4. PURPOSE OF TRANSACTION.
The sole purpose of the acquisitions of the Stock reported herein is and
was for investment. The Reporting Persons did not at the time of such
acquisitions of the Stock, and do not presently, have any plan to acquire
control of Synaptic. The Reporting Persons may acquire or dispose of additional
shares of the Stock from time to time.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) BVF, L.P., beneficially owns 378,126 shares of the Stock, Partners
beneficially owns 726,526 shares of the Stock, and BVF Inc. beneficially owns
726,526 shares of the Stock, approximately 4.9%, 9.5% and 9.5%, respectively, of
the aggregate number of shares outstanding as of April 22, 1997.
(b) BVF, L.P., shares voting and dispositive power over the 378,126 shares
of the Stock it beneficially owns with Partners. Partners and BVF Inc. share
voting and dispositive power over the 726,526 shares of the Stock they
beneficially own with, in addition to BVF, L.P., the managed accounts on whose
behalf Partners, as investment manager, purchased such shares. The managed
accounts on whose behalf Partners owns shares of the Stock are Investment 10
L.L.C., an Illinois limited liability company ("ILL10"), Palamundo, L.D.C., a
limited duration company organized under the laws of the Cayman Islands
("Palamundo"), ZPG Securities, L.L.C., a New York limited liability company
("ZPG") and Biotechnology Value Fund, Ltd., a Cayman Islands Corporation ("BVF
Ltd."). ILL10, Palamundo, ZPG and BVF Ltd. are collectively referred to herein
as the "Accounts." The Accounts specialize in holding biotechnology stocks for
investment purposes and the business address of each is % BVF Partners L.P., 333
West Wacker Drive, Suite 1600, Chicago, Illinois 60606.
(c) Exhibit B attached hereto contains information as to all transactions
in the Stock by the Reporting Persons during the past 60 days. All such
transactions were made for
<PAGE>
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CUSIP NO. 87156 R 109 13D Page 7 of 8 Pages
- ------------------------ -----------------------
cash in open market, over-the-counter transactions. No other transactions in the
Stock have been effected by the Reporting Persons during the past 60 days.
(d) The Accounts are entitled to receive dividends and any sale proceeds
with respect to the Stock in proportion to their respective ownership interests
therein.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Partners is the general partner of BVF, L.P. pursuant to a limited
partnership agreement which authorizes Partners, among other things, to invest
the funds of BVF, L.P. in the Stock and to vote and dispose of the Stock.
Pursuant to such limited partnership agreement, Partners is entitled to
allocations based on assets under management and realized and unrealized gains
thereon. Pursuant to investment management agreements with the Accounts,
Partners and BVF Inc. have the authority, among other things, to invest funds of
the Accounts in the Stock and to vote and dispose of the Stock. Pursuant to
such agreements, Partners and BVF Inc. receive fees based on assets under
management and realized and unrealized gains thereon. BVF Inc. is the general
partner of Partners and may be deemed to own beneficially securities over which
Partners exercises voting and dispositive power.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A - Agreement Regarding Joint Filing
Exhibit B - Transactions in the Stock by the Reporting Persons during the
last 60 days.
<PAGE>
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CUSIP NO. 87156 R 109 13D Page 8 of 8 Pages
- ------------------------ -----------------------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: April 22, 1997
BIOTECHNOLOGY VALUE FUND, L.P.
By: BVF Partners L.P., its general partner
By: BVF Inc., its general partner
By: /s/ MARK N. LAMPERT
---------------------------------
Mark N. Lampert
President
BVF PARTNERS L.P.
By: BVF Inc., its general partner
By: /s/ MARK N. LAMPERT
-------------------------------------
Mark N. Lampert
President
BVF INC.
By: /s/ MARK N. LAMPERT
-------------------------------------
Mark N. Lampert
President
<PAGE>
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
--------------------------------
The undersigned, Biotechnology Value Fund, L.P., a Delaware limited
partnership, and BVF Partners L.P., a Delaware limited partnership, and BVF
Inc., a Delaware corporation, hereby agree and acknowledge that the statement
containing the information required by Schedule 13D, to which this Agreement is
attached as an exhibit, is filed on behalf of each of them. The undersigned
further agree that any amendments or supplements thereto shall also be filed on
behalf of each of them.
Dated: April 22, 1997
BIOTECHNOLOGY VALUE FUND, L.P.
By: BVF Partners L.P., its general partner
By: BVF Inc., its general partner
By: /s/ MARK N. LAMPERT
-------------------------------------
Mark N. Lampert
President
BVF PARTNERS L.P.
By: BVF Inc., its general partner
By: /s/ MARK N. LAMPERT
-----------------------------------------
Mark N. Lampert
President
BVF INC.
By: /s/ MARK N. LAMPERT
-------------------------------------
Mark N. Lampert
President
<PAGE>
EXHIBIT B
TRANSACTIONS IN THE STOCK BY THE REPORTING PERSONS
--------------------------------------------------
DURING THE LAST 60 DAYS
-----------------------
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
Settlement For the Price
- ---------- By ------- Quantity -----
Date -- Account of -------- per Type of Trade Broker
---- ---------- --- ------------- ------
Share
---------
======================================================================================
<C> <S> <C> <C> <C> <C> <C>
02/10/97 Partners BVF, L.P. 26,000 13.0847 Purchase MLCO
- --------------------------------------------------------------------------------------
02/10/97 Partners BVF, Ltd. 5,000 13.0847 Purchase MLCO
- --------------------------------------------------------------------------------------
02/12/97 Partners BVF, L.P. 17,500 13.625 Purchase MLCO
- --------------------------------------------------------------------------------------
02/12/97 Partners BVF, Ltd. 5,000 13.625 Purchase MLCO
- --------------------------------------------------------------------------------------
02/21/97 Partners BVF, L.P. 8,500 13.75 Purchase MLCO
- --------------------------------------------------------------------------------------
02/21/97 Partners BVF, Ltd. 4,000 13.75 Purchase MLCO
- --------------------------------------------------------------------------------------
02/27/97 Partners BVF, L.P. 5,000 13.25 Purchase MLCO
- --------------------------------------------------------------------------------------
02/28/97 Partners ILL10 2,500 13.625 Purchase MLCO
- --------------------------------------------------------------------------------------
02/28/97 Partners BVF, Ltd. 2,500 13.625 Purchase MLCO
- --------------------------------------------------------------------------------------
03/06/97 Partners BVF, L.P. 55,000 13.25 Purchase MLCO
- --------------------------------------------------------------------------------------
03/06/97 Partners ILL10 8,000 13.25 Purchase MLCO
- --------------------------------------------------------------------------------------
03/06/97 Partners BVF, Ltd. 30,000 13.25 Purchase MLCO
- --------------------------------------------------------------------------------------
03/19/97 Partners BVF, L.P. 7,000 14.4645 Purchase MLCO
- --------------------------------------------------------------------------------------
03/19/97 Partners PAL 15,000 14.4643 Purchase MLCO
- --------------------------------------------------------------------------------------
03/19/97 Partners ZPG 10,000 14.4645 Purchase MLCO
- --------------------------------------------------------------------------------------
03/19/97 Partners BVF, Ltd. 3,000 14.4645 Purchase MLCO
- --------------------------------------------------------------------------------------
03/20/97 Partners BVF, L.P. 1,000 14.25 Purchase MLCO
- --------------------------------------------------------------------------------------
03/20/97 Partners PAL 3,000 14.25 Purchase MLCO
- --------------------------------------------------------------------------------------
03/20/97 Partners ZPG 5,000 14.25 Purchase MLCO
- --------------------------------------------------------------------------------------
03/31/97 Partners BVF, L.P. 6,000 13.875 Purchase MLCO
- --------------------------------------------------------------------------------------
03/31/97 Partners BVF, Ltd. 4,000 13.875 Purchase MLCO
- --------------------------------------------------------------------------------------
04/02/97 Partners BVF, L.P. 4,000 13.8125 Purchase PFTC
- --------------------------------------------------------------------------------------
04/02/97 Partners ZPG 1,000 13.8125 Purchase PFTC
- --------------------------------------------------------------------------------------
04/02/97 Partners BVF, Ltd. 3,000 13.8125 Purchase PFTC
- --------------------------------------------------------------------------------------
04/09/97 Partners BVF, L.P. 5,000 13.625 Purchase MLCO
- --------------------------------------------------------------------------------------
04/09/97 Partners ILL10 5,000 13.625 Purchase MLCO
- --------------------------------------------------------------------------------------
04/10/97 Partners BVF, L.P. 21,000 13.25 Purchase MLCO
- --------------------------------------------------------------------------------------
04/10/97 Partners PAL 4,000 13.25 Purchase MLCO
- --------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
Settlement For the Price
- ---------- By ------- Quantity -----
Date -- Account of -------- per Type of Trade Broker
---- ---------- --- ------------- ------
Share
---------
======================================================================================
<C> <S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------
04/10/97 Partners ZPG 3,000 13.25 Purchase MLCO
- --------------------------------------------------------------------------------------
04/10/97 Partners BVF, Ltd. 12,000 13.25 Purchase MLCO
- --------------------------------------------------------------------------------------
04/14/97 Partners ILL10 4,000 13.125 Purchase MLCO
- --------------------------------------------------------------------------------------
04/14/97 Partners BVF, Ltd. 6,000 13.125 Purchase MLCO
- --------------------------------------------------------------------------------------
04/16/97 Partners BVF, L.P. 10,000 13.125 Purchase MLCO
- --------------------------------------------------------------------------------------
04/16/97 Partners BVF, Ltd. 5,000 13.125 Purchase MLCO
- --------------------------------------------------------------------------------------
04/17/97 Partners BVF, L.P. 18,500 12.875 Purchase MLCO
- --------------------------------------------------------------------------------------
04/17/97 Partners ILL10 5,000 12.875 Purchase MLCO
- --------------------------------------------------------------------------------------
04/17/97 Partners PAL 6,000 12.875 Purchase MLCO
- --------------------------------------------------------------------------------------
04/17/97 Partners ZPG 3,000 12.875 Purchase MLCO
- --------------------------------------------------------------------------------------
04/17/97 Partners BVF, Ltd. 10,000 12.875 Purchase MLCO
- --------------------------------------------------------------------------------------
04/17/97 Partners BVF, L.P. 10,000 12.875 Purchase VECT
- --------------------------------------------------------------------------------------
04/18/97 Partners BVF, L.P. 5,000 12.625 Purchase VECT
- --------------------------------------------------------------------------------------
04/18/97 Partners BVF, L.P. 59,500 12.625 Purchase MLCO
- --------------------------------------------------------------------------------------
04/18/97 Partners ILL10 7,500 12.625 Purchase MLCO
- --------------------------------------------------------------------------------------
04/18/97 Partners ZPG 3,000 12.625 Purchase MLCO
- --------------------------------------------------------------------------------------
04/18/97 Partners BVF, Ltd. 37,000 12.625 Purchase MLCO
- --------------------------------------------------------------------------------------
04/21/97 Partners BVF, L.P. 11,000 12.625 Purchase MLCO
- --------------------------------------------------------------------------------------
04/21/97 Partners ILL10 2,000 12.625 Purchase MLCO
- --------------------------------------------------------------------------------------
04/21/97 Partners PAL 2,000 12.625 Purchase MLCO
- --------------------------------------------------------------------------------------
04/21/97 Partners BVF, Ltd. 5,000 12.625 Purchase MLCO
- --------------------------------------------------------------------------------------
04/23/97 Partners BVF, L.P. 2,500 12.625 Purchase VECT
- --------------------------------------------------------------------------------------
04/23/97 Partners BVF, Ltd. 2,500 12.625 Purchase MRST
- --------------------------------------------------------------------------------------
04/24/97 Partners BVF, L.P. 5,000 12.625 Purchase VECT
- --------------------------------------------------------------------------------------
04/24/97 Partners ILL10 5,000 12.625 Purchase VECT
- --------------------------------------------------------------------------------------
04/24/97 Partners PAL 2,000 12.625 Purchase VECT
- --------------------------------------------------------------------------------------
04/24/97 Partners ZPG 3,000 12.625 Purchase VECT
- --------------------------------------------------------------------------------------
04/24/97 Partners BVF, Ltd. 20,000 12.625 Purchase VECT
- --------------------------------------------------------------------------------------
04/24/97 Partners BVF, Ltd. 3,000 12.625 Purchase MRST
- --------------------------------------------------------------------------------------
</TABLE>
MLCO = Merrill Lynch & Co.
MRST = Mr. Stock
PFTC = Preferred Technologies
VECT = Vector Securities
