In the previous two questions, how would it affect your thinking to know that in addition to the 6.5 million shares offered in the IPO, Eyetech had an additional 32 million shares outstanding? Of those 32 million shares, 10 million shares were owned by pharmaceutical giant Pfizer, and 12 million shares were owned by the 13 directors and executive officers.

Data From Previous Problem:

In the previous question, would it affect your thinking to know that the company was incorporated less than four years earlier, had only $30 million in revenues for the first nine months of 2003, and had never earned a profit? Additionally, the company had only one product, Macugen, which had won fasttrack status from the FDA, but still did not have approval to be sold.

Data From Previous Problem:

The Eyetech IPO was underpriced by about 54 percent. Should Eyetech be upset at Merrill Lynch over the underpricing?