A purely philosophical formulation of the EPR argument, in its original form, is presented. The philosophical concepts utilized to develop the reasoning are those of Husserl's semantics, as delineated in the first Logical Investigation:"Espression and Meaning. " The analysis bring to light some semantical and ontological premises implicit in the notions of physical reality and separability. Besides, the pragmatical character of the measurement is evidentiated. Measurement, which lies at the basis of the EPR argument and of quantum mechanics in general, is not a theoretical concept, but rather a meaning act. The conclusion is the following: The foundations of quantum mechanics imply not only a semantical problem, but also an ontological one.