Asensioexposes!com offers accurate facts that disproves past criticism of the Manuel Asensio Reports. - Manuel Asensio Report: Sept. 17, 2002 Taxpayer funding used to support PolyMedica‚Äôs stock promotio

“The people at Schering-Plough have forgotten more about drug development and regulatory strategy that this guy Asensio will ever know. Dan Ramsey, drug analyst as quoted about Schering's Vasomax investment. (Schering failed to get Vasomax approved and lost its entire investment.)”

Jennifer Darwin. Houston Business Journal

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Manuel Asensio Report: Sept. 17, 2002 Taxpayer funding used to support PolyMedica‚Äôs stock promotio

Manuel Asensio and Asensio & Company, Inc. ("Asensio") report that according to PolyMedica Corporation’s (NASDAQ Symbol: PLMD) (Price: $24.71) most recently available Proxy Statement, approximately 7 million shares, or 56% of its outstanding shares, are held by just six so-called “institutional investors.” This concentration of ownership by just six “investors” who are not involved in PolyMedica’s affairs and who require liquidity creates an extremely unusual and irregular situation for any public company. According to Manuel Asensio and Asensio, it is even more questionable in the case of PolyMedica, a small telemarketing company operating in a highly regulated market and that is the subject of a federal criminal investigation. It gets much worse.

Manuel Asensio and Asensio further report that some of these “institutional investors” have used their discretionary powers over public employees pension money entrusted to them to purchase 450,000 PolyMedica shares. PolyMedica stock has been placed in the accounts of the Oregon Public Employees Retirement System, Illinois Municipal Retirement System, San Diego California City Employee Retirement System, Omaha Nebraska Schools Employees Retirement System, Essex County Massachusetts Retirement System and the Minnesota State Board of Investment. These accounts are funded by deducting from taxpayer-paid salaries.
Manuel Asensio and Asensio believe it is wrong for any so-called “institutional investor” to use the discretionary authority given to them, under the assumption that they would act reasonably, to buy shares in such a questionable company with public employee pension funds. PolyMedica has been raided by 75 FBI agents, is the target of a FBI criminal investigation and is currently subject to a civil and criminal investigation by the U.S. Department of Justice for healthcare fraud, improper revenue recognition and obstruction of justice.

Manuel Asensio and Asensio believe PolyMedica’s results are not sustainable and that its stock is grossly overvalued. The Manuel Asensio and Asensio reports on PolyMedica are available at www.asensio.com.

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