Signals Magazine: Signals vs Noise - March 2008 Stock Report 04/16/2008

March 2008 Stock Report

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
HUMAN GENOME SCIENCES	$5.80	49%	-45%	$785	$226	$799	$1,359	$1.8	-$269	0.8	Dec-93	1.9	$3.00	$176
INCYTE CORP.	$10.07	78%	53%	$852	$265	$385	$972	$5.2	-$98	2.7	Nov-93	5.4	$1.88	$47
MILLENNIUM PHARMACEUTICALS	$14.92	87%	31%	$4,847	$876	$330	$4,301	$4.5	-$7	129.6	May-96	5.0	$3.00	$273
MYRIAD GENETICS	$40.28	68%	17%	$1,749	$308	$0	$1,441	$2.0	-$31	9.9	Oct-95	4.5	$9.00	$163
OSCIENT PHARMACEUTICALS	$1.70	22%	-68%	$23	$57	$251	$217	$0.7	-$78	0.7	Feb-82	0.0	$88.00	$90
1st Generation Genomics Average		61%	-2%	$1,651	$346		$1,658	$2.8	-$97	28.8		3.4
1st Generation Genomics Median		68%	17%	$852	$265		$1,359	$2.0	-$78	2.7		4.5

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
AFFYMETRIX	$17.25	54%	-43%	$1,196	$265	$153	$1,083	$1.0	na	na	Jun-96	2.3	$7.50	$287
CALIPER LIFE SCIENCES	$3.78	61%	-33%	$180	$18	$28	$190	$0.3	-$10	1.8	Dec-99	0.2	$16.00	$333
CEPHEID	$24.76	74%	108%	$1,383	$43	$5	$1,344	$4.4	-$19	2.3	Jun-00	4.1	$6.00	$158
COMBIMATRIX CORP.	$9.59	83%	60%	$58	$11	$0	$47	$0.6	-$14	0.8	na	na	na	na
COMPUGEN LTD	$2.08	65%	-22%	$58	$15	$0	$43	$0.4	-$11	1.4	Sep-00	0.2	$10.00	na
ILLUMINA	$74.30	97%	154%	$4,127	$352	$439	$4,213	$7.1	na	na	Jul-00	4.6	$16.00	$515
NANOGEN	$0.41	20%	-68%	$30	$20	$21	$31	$0.1	-$30	0.7	Apr-98	0.0	$11.00	$197
ORCHID CELLMARK	$2.80	39%	k	$84	$25	$2	$61	$0.2	-$3	8.6	May-00	0.4	$8.00	$263
ROSETTA GENOMICS	$5.00	56%	-26%	$59	na	na	na	na	na	na	Feb-07	0.7	$7.00	$79
SEQUENOM	$6.46	56%	75%	$293	$30	$1	$264	$2.5	-$22	1.4	Feb-00	0.2	$26.00	$609
VERMILLION	$3.21	20%	-77%	$20	$24	$29	$26	$0.2	-$20	1.1	Sep-00	0.0	$160.00	$417
Genomic Supply Average		57%	7%	$681	$80		$730	$1.7	-$16	2.3		1.3
Genomic Supply Median		56%	-26%	$84	$24		$126	$0.5	-$16	1.4		0.3

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
AMICUS THERAPEUTICS	$11.34	62%	na	$254	$126	$3	$132	$1.7	-$47	2.7	May-07	0.8	$15.00	$327
ARENA PHARMACEUTICALS	$6.84	46%	-37%	$505	$339	$68	$234	$0.6	-$129	2.6	Jul-00	0.4	$18.00	$394
CELERA GENOMICS GROUP	$14.62	86%	3%	$1,160	$548	$0	$612	$1.3	-$3	204.5	Feb-00	0.1	$225.00	na
CURAGEN CORP.	$0.79	19%	-74%	$46	$139	$112	$18	$0.1	-$40	3.5	Mar-98	0.1	$5.75	$143
DECODE GENETICS	$1.56	34%	-57%	$96	$128	$248	$217	$0.5	-$97	1.3	Jul-00	0.1	$18.00	$818
EXELIXIS	$6.77	53%	-32%	$711	$276	$170	$605	$0.9	-$55	5.0	Apr-00	0.5	$13.00	$520
LEXICON PHARMACEUTICALS	$2.00	50%	-45%	$274	$234	$55	$94	$0.2	-$56	4.2	Apr-00	0.1	$22.00	$1,037
MAXYGEN	$6.32	53%	-43%	$234	$152	$0	$82	$0.5	-$59	2.6	Dec-99	0.4	$16.00	$465
ORE PHARMACEUTICALS	$0.49	18%	-77%	$16	$34	$5	-$13	$0.0	-$32	1.1	Nov-97	0.1	$8.00	$109
RIGEL PHARMACEUTICALS	$18.19	59%	67%	$663	$248	$1	$417	$2.7	-$76	3.3	Nov-00	2.6	$7.00	$230
SANGAMO BIOSCIENCES	$10.49	53%	54%	$423	$84	$5	$345	$4.6	-$17	4.9	Apr-00	0.7	$15.00	$312
ZYMOGENETICS	$9.87	59%	-37%	$677	$199	$95	$574	$1.2	-$156	1.3	Feb-01	0.8	$12.00	$547
Genomic Targets Average		49%	-25%	$422	$209		$276	$1.2	-$64	19.7		0.6
Genomic Targets Median		53%	-37%	$349	$175		$225	$0.8	-$56	3.0		0.4

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
ALEXION PHARMACEUTICALS	$58.32	73%	35%	$2,222	$112	$195	$2,305	$7.8	-$80	1.4	Feb-96	7.1	$8.25	$62
ATHEROGENICS	$0.78	20%	-72%	$31	$101	$241	$170	$1.3	-$59	1.7	Aug-00	0.1	$8.00	$184
CYPRESS BIOSCIENCE	$7.18	39%	-6%	$270	$177	$3	$96	$6.4	-$4	39.6	Dec-83	0.1	$80.00	$33
LA JOLLA PHARMACEUTICAL	$1.85	21%	-69%	$73	$51	$0	$22	$0.3	-$53	1.0	Jun-94	0.1	$25.00	$43
PDL BIOPHARMA	$10.61	38%	-51%	$1,248	$408	$551	$1,392	$1.3	-$23	17.6	Jan-92	1.4	$7.50	$191
TRUBION PHARMACEUTICALS	$10.50	47%	-47%	$187	$87	$17	$117	$1.5	-$24	3.7	Oct-06	0.8	$13.00	$208
Autoimmune Average		40%	-35%	$672	$156		$684	$3.1	-$41	10.8		1.6
Autoimmune Median		39%	-49%	$228	$107		$144	$1.4	-$38	2.7		0.5

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
AFFYMAX	$14.03	35%	-56%	$212	$205	$0	$8	$0.1	-$51	4.0	Dec-06	0.6	$25.00	$345
ALLOS THERAPEUTICS	$6.19	80%	4%	$420	$118	$0	$302	$5.1	-$37	3.2	Mar-00	0.3	$18.00	$604
ALSERES PHARMACEUTICALS	$2.48	70%	0%	$51	$9	$23	$65	$3.0	-$19	0.5	na	na	na	na
ANTIGENICS�	$2.38	44%	7%	$135	$27	$77	$185	$1.1	-$39	0.7	Feb-00	0.1	$18.00	$429
ARIAD PHARMACEUTICALS	$3.26	51%	-27%	$226	$90	$11	$147	$1.4	-$43	2.1	May-94	0.4	$8.00	$124
AVALON PHARMACEUTICALS	$2.41	38%	-49%	$41	$18	$10	$33	$0.8	-$21	0.9	Sep-05	0.2	$10.50	$88
AVI BIOPHARMA	$1.76	54%	-34%	$114	$15	$5	$104	$0.9	-$28	0.5	Jun-97	0.2	$9.00	$103
CELL THERAPEUTICS	$0.66	9%	-90%	$62	$38	$156	$180	$0.9	-$194	0.2	Mar-97	0.1	$10.00	$166
CLEVELAND BIOLABS	$4.15	30%	-53%	$55	$21	$2	$35	$1.5	-$23	0.9	Jul-06	0.7	$6.00	$66
CYTOGEN CORP.	$0.58	22%	-72%	$20	$17	$0	$4	$0.0	-$20	0.8	Jun-86	0.0	$13.00	$148
CYTOKINETICS	$3.39	46%	-51%	$167	$153	$22	$36	$0.2	-$45	3.4	Apr-04	0.3	$13.00	$641
DENDREON CORP.	$4.80	19%	-63%	$409	$125	$103	$387	$1.7	-$77	1.6	Jun-00	0.5	$10.00	$210
DUSA PHARMACEUTICALS	$2.54	51%	-29%	$61	$14	$0	$47	$0.7	-$10	1.4	Jan-92	0.4	$6.00	$30
ENTREMED	$0.70	35%	-54%	$60	$51	$20	$29	$0.5	-$12	4.2	Jun-96	0.0	$15.00	$182
FAVRILLE	$1.62	38%	-47%	$67	$21	$13	$59	$0.4	-$49	0.4	Feb-05	0.2	$7.00	$139
GENAERA CORP.	$1.50	34%	-42%	$26	$23	$0	$3	$0.1	-$15	1.6	Dec-91	0.2	$9.00	$62
GENITOPE	$0.27	5%	-93%	$12	$40	$49	$21	$0.1	-$68	0.6	Oct-03	0.0	$9.00	$145
GENTA	$0.38	15%	23%	$14	$16	$0	-$2	$0.0	-$31	0.5	Dec-91	0.0	$100.00	$123
GERON CORP.	$4.73	48%	-32%	$362	$208	$11	$165	$1.6	-$51	4.1	Jul-96	0.6	$8.00	$77
GTX	$15.83	67%	-22%	$574	$91	$6	$489	$5.4	-$41	2.2	Feb-04	1.1	$14.50	$525
IMCLONE SYSTEMS	$42.47	89%	4%	$3,667	$1,085	$671	$3,253	$3.3	-$4	294.8	Nov-91	6.1	$7.00	$107
IMMUNOGEN	$3.51	56%	-27%	$151	$60	$6	$97	$0.5	-$18	3.3	Nov-89	0.4	$10.00	$60
IMMUNOMEDICS	$2.85	47%	-38%	$214	$43	$1	$172	$1.6	-$18	2.3	Oct-83	2.3	$1.25	$25
MEDAREX	$8.69	48%	-33%	$1,108	$395	$171	$884	$1.8	-$206	1.9	Jun-91	2.9	$3.00	$31
NEOPHARM	$0.63	33%	-63%	$18	$24	$0	-$5	-$0.1	-$4	6.7	Jan-96	0.2	$3.18	$28
NOVACEA	$2.69	16%	-65%	$69	$104	$10	-$25	-$0.5	-$13	8.0	May-06	0.4	$6.50	$150
ONCOTHYREON	$4.28	47%	-38%	$294	$20	$6	$280	$1.2	-$27	0.8	Jun-87	1.0	$4.40	$43
ONYX THERAPEUTICS	$28.51	47%	15%	$1,579	$458	$39	$1,160	$9.3	na	na	May-96	2.4	$12.00	$105
OPKO HEALTH	$2.11	38%	-43%	$372	$5	$11	$378	$378.0	na	na	na	na	na	na
OSI PHARMACEUTICALS	$38.10	73%	15%	$2,176	$323	$321	$2,174	$3.9	na	na	Apr-86	6.4	$6.00	$53
OXIGENE	$1.85	36%	-52%	$53	$33	$0	$19	$0.9	-$21	1.6	Oct-93	0.3	$6.00	$28
PONIARD PHARMACEUTICALS	$3.45	39%	-39%	$120	$97	$12	$34	$1.8	-$28	3.5	Aug-88	0.0	$168.00	$102
PROGENICS PHARMACEUTICALS	$6.21	23%	-74%	$185	$148	$17	$54	$0.3	-$62	2.4	Nov-97	0.8	$8.00	$70
QLT	$3.56	43%	-55%	$266	$369	$25	-$78	-$0.3	na	na	Sep-86	3.3	$1.08	$22
SCICLONE PHARMACEUTICALS	$1.85	58%	-32%	$86	$37	$3	$52	$0.3	-$12	3.0	Mar-92	0.2	$7.45	$63
SEATTLE GENETICS	$8.99	67%	10%	$712	$195	$14	$532	$3.5	-$58	3.3	Mar-01	1.3	$7.00	$207
SGX PHARMACEUTICALS	$1.51	19%	-71%	$31	$21	$12	$22	$0.2	-$19	1.1	Jan-06	0.3	$6.00	$80
SPECTRUM PHARMACEUTICAL	$2.60	33%	-59%	$81	$66	$0	$15	$0.3	-$30	2.2	na	na	na	$198
SUNESIS PHARMACEUTICALS	$1.70	35%	-62%	$58	$56	$1	$3	$0.0	-$37	1.5	Sep-05	0.2	$7.00	$146
SUPERGEN	$2.62	35%	-56%	$151	$81	$1	$71	$0.8	na	na	Mar-96	0.4	$6.00	$21
SYNTA PHARMACEUTICALS	$8.37	74%	4%	$284	$48	$7	$242	$1.7	-$60	0.8	Feb-07	0.8	$10.00	$334
TAPESTRY PHARMACEUTICALS	$0.05	3%	-97%	$1	$9	$0	-$9	-$0.3	-$24	0.4	Apr-94	0.0	$50.00	$41
THRESHOLD PHARMACEUTICA	$0.37	17%	-75%	$14	$30	$3	-$13	-$0.3	-$26	1.1	Feb-05	0.1	$7.00	$204
Cancer Average		41%	-40%	$344	$116		$270	$10.1	-$41	9.8		0.9
Cancer Median		38%	-43%	$120	$48		$54	$0.8	-$28	1.6		0.3

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
ANESIVA	$3.43	41%	-50%	$139	$53	$6	$93	$1.5	-$64	0.8	Feb-04	0.0	$110.00	$64
CARDIOVASCULAR BIOTHER.	$0.92	48%	-36%	$135	$0	$7	$141	$7.4	na	na	Feb-05	0.1	$10.00	$1,184
CV THERAPEUTICS	$7.16	52%	-9%	$434	$208	$400	$626	$0.8	-$137	1.5	Nov-96	0.9	$8.00	$48
ENCYSIVE PHARMACEUTICALS	$2.35	47%	-13%	$190	$54	$192	$328	$1.2	-$90	0.6	Dec-93	0.3	$6.75	$88
IMARX THERAPEUTICS	$0.45	9%	na	$5	$21	$7	-$10	-$0.2	-$11	1.9	Jul-07	0.1	$5.00	$49
MEDICINES COMPANY	$19.76	72%	-21%	$1,026	$210	$0	$816	$2.8	-$95	2.2	Sep-00	1.2	$16.00	$506
NITROMED	$1.02	26%	-67%	$47	$38	$6	$14	$0.3	-$33	1.1	Nov-03	0.1	$11.00	$264
NUVELO	$0.65	10%	-82%	$35	$114	$14	-$64	-$0.4	-$57	2.0	Sep-97	0.0	$14.00	$175
QUESTCOR PHARMACEUTICAL	$3.90	59%	271%	$275	$11	$2	$267	$5.3	na	na	na	na	na	na
Cardiovascular Average		40%	-1%	$254	$79		$246	$2.1	-$70	1.5		0.4
Cardiovascular Median		47%	-28%	$139	$53		$141	$1.2	-$64	1.5		0.1

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
ACCELRYS	$5.32	65%	-17%	$143	$57	$37	$123	$0.3	na	na	Dec-95	0.3	$16.00	$158
ALBANY MOLECULAR RESEARCH	$12.29	65%	25%	$401	$106	$11	$305	$0.4	na	na	Feb-99	1.2	$10.00	$280
ARGONAUT TECHNOLOGIES	$0.02	44%	-43%	$0	$10	$0	-$9	-$0.1	-$9	1.1	Jul-00	0.0	$15.00	$253
ARQULE	$4.35	41%	-42%	$190	$143	$10	$57	$0.6	-$44	3.2	Oct-96	0.4	$12.00	$114
ARRAY BIOPHARMA	$6.79	47%	-47%	$322	$258	$15	$79	$0.3	-$76	3.4	Nov-01	0.9	$7.50	$168
BIOCRYST PHARMACEUTICALS	$4.06	31%	-51%	$155	$102	$0	$52	$1.0	-$44	2.3	Mar-94	0.6	$6.50	$47
KOSAN BIOSCIENCES	$1.71	26%	-69%	$73	$81	$2	-$6	-$0.1	-$45	1.8	Oct-00	0.1	$14.00	$341
SYMYX TECHNOLOGIES	$7.74	42%	-56%	$260	$197	$22	$86	$0.2	na	na	Nov-99	0.6	$14.00	$398
VERTEX PHARMACEUTICALS	$18.66	45%	-33%	$2,591	$503	$58	$2,147	$2.3	-$428	1.2	Jul-91	4.1	$4.50	$85
Chemistry Average		45%	-37%	$459	$162		$315	$0.5	-$108	2.2		0.9
Chemistry Median		44%	-43%	$190	$106		$79	$0.3	-$45	2.1		0.6

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
ACADIA PHARMACEUTICALS	$9.07	52%	-40%	$336	$243	$4	$97	$0.7	-$64	3.8	May-04	1.3	$7.00	$259
ACORDA THERAPEUTICS	$19.10	68%	-2%	$620	$186	$29	$463	$6.9	-$34	5.4	Feb-06	3.2	$6.00	$118
ADOLOR CORP	$4.46	49%	-49%	$205	$147	$3	$61	$0.5	-$54	2.7	Nov-00	0.3	$15.00	$407
CEPHALON	$64.25	76%	-10%	$4,347	$970	$1,242	$4,619	$1.6	-$1,227	0.8	Apr-91	3.6	$18.00	$155
CORCEPT THERAPEUTICS	$3.13	46%	248%	$124	$21	$0	$104	$10.4	-$14	1.5	Apr-04	0.3	$12.00	$475
INDEVUS PHARMACEUTICALS	$4.75	58%	-33%	$365	$71	$90	$384	$2.4	-$35	2.0	Mar-90	2.4	$2.00	$31
MEMORY PHARMACEUTICALS	$0.50	16%	-70%	$36	$54	$12	-$5	-$0.1	-$35	1.5	Apr-04	0.1	$7.00	$508
NEUROBIOLOGICAL TECH.	$2.47	14%	-84%	$66	$8	$6	$64	$2.1	-$4	2.3	Feb-94	0.0	$56.00	$30
NEUROCRINE BIOSCIENCES	$5.53	38%	-56%	$212	$128	$50	$134	$0.5	-$109	1.2	May-96	0.5	$10.50	$172
NYMOX PHARMACEUTICAL	$5.39	72%	-8%	$159	$0	$0	$159	$1.6	-$6	0.1	na	na	na	na
OREXIGEN THERAPEUTICS	$10.19	53%	na	$275	$109	$10	$175	$9.7	-$47	2.4	May-07	0.8	$12.00	$324
PAIN THERAPEUTICS	$7.96	69%	2%	$353	$206	$26	$172	$4.2	na	na	Jul-00	0.7	$12.00	$319
PHARMOS CORP.	$0.45	20%	-69%	$12	$14	$0	-$2	$0.0	-$14	1.0	Jul-83	0.0	$20.00	$16
RENOVIS	$2.31	46%	-34%	$70	$86	$5	-$11	-$0.1	-$36	2.4	Feb-04	0.2	$12.00	$363
TARGACEPT	$7.28	59%	-13%	$181	$93	$5	$94	$1.3	-$33	2.8	Apr-06	0.8	$9.00	$172
TITAN PHARMACEUTICALS	$1.50	55%	-40%	$87	$14	$0	$74	$1.9	-$17	0.8	Jan-96	0.3	$5.00	$66
VANDA PHARMACEUTICALS	$4.15	16%	-83%	$111	$120	$0	-$9	-$0.2	-$64	1.9	Apr-06	0.4	$10.00	$218
CNS Average		47%	-21%	$445	$145		$387	$2.6	-$112	2.0		0.9
CNS Median		52%	-37%	$181	$93		$97	$1.6	-$35	2.0		0.5

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
ACUSPHERE	$0.37	9%	-87%	$17	$40	$21	-$3	$0.0	-$56	0.7	Oct-03	0.0	$14.00	$200
ALEXZA PHARMACEUTICALS	$6.66	48%	-48%	$208	$184	$11	$34	$0.3	-$43	4.3	Mar-06	0.8	$8.00	$180
ALKERMES	$11.08	59%	-28%	$1,109	$326	$166	$949	$1.2	na	na	Jul-91	2.2	$5.00	$70
ARADIGM CORP.	$1.14	57%	-7%	$62	$47	$8	$24	$0.2	-$28	1.7	Jun-96	0.1	$11.00	$114
BIODELIVERY SCIENCES	$2.28	28%	-57%	$44	$21	$0	$23	$1.8	-$16	1.3	na	na	na	na
BIOMIMETIC THERAPEUTICS	$8.45	43%	-49%	$155	$68	$3	$90	$2.8	-$23	3.0	May-06	1.1	$8.00	$122
DEPOMED	$3.26	62%	-9%	$156	$30	$6	$133	$1.3	na	na	Nov-97	0.5	$6.10	$33
DURECT CORP.	$5.18	74%	25%	$384	$63	$8	$329	$1.9	-$32	2.0	Sep-00	0.4	$12.00	$557
EMISPHERE TECHNOLOGIES	$1.54	30%	-52%	$47	$21	$33	$59	$0.5	na	na	Feb-89	0.3	$5.00	$15
ENZON PHARMACEUTICALS	$9.25	89%	13%	$410	$252	$275	$433	$1.2	na	na	Feb-84	6.2	$1.50	$12
FLAMEL TECHNOLOGIES SA	$9.48	31%	-63%	$228	$48	$9	$189	$0.7	-$36	1.3	na	na	na	na
GENEREX BIOTECHNOLOGY	$1.12	52%	-35%	$125	$30	$3	$99	$4.3	-$29	1.0	na	na	na	na
INOVIO BIOMEDICALCORP	$0.95	22%	-71%	$42	$28	$1	$14	$0.4	-$18	1.5	na	na	na	na
MEDICIS PHARMACEUTICAL	$19.49	57%	-37%	$1,098	$802	$514	$810	$2.1	na	na	na	na	na	na
NASTECH PHARMACEUTICAL	$2.57	15%	-76%	$69	$56	$14	$27	$0.1	-$66	0.9	na	na	na	na
NEKTAR THERAPEUTICS	$6.94	49%	-47%	$641	$461	$452	$632	$0.8	-$74	6.2	May-94	1.9	$3.75	$65
NEUROGESX	$3.75	34%	na	$66	$39	$8	$34	$0.9	-$37	1.1	May-07	0.3	$11.00	$143
NOVAVAX	$2.53	58%	-2%	$157	$52	$22	$127	$2.3	-$36	1.5	na	na	na	na
NOVEN PHARMACEUTICALS	$9.76	37%	-58%	$240	$81	$32	$190	$0.4	-$236	0.3	May-88	17.7	$0.55	$5
SEPRACOR�	$18.61	33%	-60%	$2,085	$743	$862	$2,203	$0.9	na	na	Sep-91	3.7	$5.00	$168
XENOPORT	$41.01	62%	47%	$1,029	$162	$17	$884	$6.3	na	na	Jul-04	8.2	$5.00	$198
Delivery Average		45%	-35%	$399	$169		$347	$1.4	-$52	1.9		3.1
Delivery Median		48%	-48%	$157	$56		$127	$0.9	-$36	1.4		0.9

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
AMAG PHARMACEUTICALS	$39.34	54%	-35%	$668	$450	$1	$218	$5.2	-$28	16.0	na	na	na	na
ENZO BIOCHEM	$8.97	47%	-41%	$330	$104	$2	$228	$0.8	-$5	21.1	Jun-80	10.3	$0.87	$8
EPIX PHARMACEUTICALS	$1.51	21%	-77%	$62	$66	$126	$122	$1.3	-$52	1.3	Feb-97	0.1	$10.50	$59
EXACT SCIENCES CORP.	$2.75	45%	3%	$75	$15	$1	$61	$1.2	-$17	0.9	Jan-01	0.2	$14.00	$261
GENOMIC HEALTH	$18.95	70%	9%	$535	$74	$7	$468	$2.4	-$29	2.5	Oct-05	1.6	$12.00	$286
GEN-PROBE	$48.88	68%	4%	$2,638	$407	$2	$2,234	$9.0	na	na	Sep-87	7.0	$7.00	$103
HELICOS	$6.00	32%	na	$126	$55	$2	$73	$0.9	-$40	1.4	May-07	0.7	$9.00	$188
IDEXX LABORATORIES	$50.49	78%	15%	$3,055	$94	$25	$2,986	$0.8	na	na	Jun-91	13.5	$3.75	$76
IMMUCOR	$21.73	54%	-26%	$1,520	$138	$0	$1,383	$2.5	na	na	na	na	na	na
IMMUNICON	$0.37	12%	-87%	$10	$39	$29	$0	$0.0	-$27	1.5	Apr-04	0.0	$8.00	$222
LUMINEX CORP.	$19.33	94%	41%	$710	$15	$6	$701	$2.3	-$7	2.0	Mar-00	1.1	$17.00	$450
MARTEK BIOSCIENCES CORP.	$30.01	86%	46%	$986	$44	$12	$954	$1.9	na	na	Nov-93	4.3	$7.00	$54
MERIDIAN BIOSCIENCE	$32.74	91%	18%	$1,312	$51	$1	$1,262	$3.1	na	na	na	na	na	na
MOLECULAR INSIGHT	$6.90	48%	-42%	$172	$39	$2	$135	$3.7	-$53	0.7	Feb-07	0.5	$14.00	$343
ORASURE TECHNOLOGIES	$7.26	69%	-1%	$340	$99	$11	$253	$1.0	na	na	na	na	na	na
QUIDEL CORP.	$16.05	76%	34%	$525	$37	$10	$499	$1.9	na	na	Aug-81	1.6	$10.00	$19
RESPONSE GENETICS	$4.00	53%	na	$41	$18	$4	$27	$0.7	-$4	5.0	Jun-07	0.6	$7.00	$72
SONUS PHARMACEUTICALS	$0.38	6%	-92%	$14	$42	$7	-$21	-$0.3	-$23	1.8	Oct-95	0.1	$7.00	$60
TRINITY BIOTECH PLC	$4.54	38%	-50%	$86	$4	$29	$111	$0.1	na	na	na	na	na	na
Diagnostic/imag. Average		55%	-17%	$695	$94		$615	$2.0	-$26	4.9		3.0
Diagnostic/imag. Median		54%	-1%	$340	$51		$228	$1.3	-$27	1.8		0.9

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
AASTROM BIOSCIENCES	$0.43	26%	-69%	$58	$28	$2	$31	$0.5	-$19	1.5	Feb-97	0.1	$7.00	$88
AVIGEN	$2.70	38%	-58%	$80	$75	$8	$13	$0.4	-$27	2.7	May-96	0.3	$8.00	$58
CELL GENESYS	$2.36	32%	-44%	$186	$159	$194	$221	$0.7	-$138	1.2	Jan-93	0.2	$11.00	$120
GENVEC	$1.71	36%	-41%	$129	$23	$5	$111	$1.0	-$16	1.4	Dec-00	0.2	$9.50	$186
INTROGEN THERAPEUTICS	$3.04	48%	-25%	$134	$38	$8	$104	$1.4	-$30	1.3	Oct-00	0.4	$8.00	$167
OSIRIS THERAPEUTICS	$12.57	66%	-33%	$398	$22	$27	$402	$6.4	-$42	0.5	Aug-06	1.1	$11.00	$450
STEMCELLS	$1.56	50%	-38%	$126	$44	$1	$83	$1.8	-$29	1.5	Mar-92	0.1	$11.00	$82
TARGETED GENETICS	$0.95	17%	-74%	$19	$21	$0	-$2	$0.0	-$12	1.8	May-94	0.0	$60.00	$54
URIGEN PHARMACEUTICALS	$0.14	9%	-50%	$10	$1	$0	$8	$1.1	-$13	0.1	Sep-97	0.0	$12.00	$161
VICAL	$3.75	60%	-22%	$147	$78	$6	$75	$0.5	-$37	2.1	Mar-93	0.8	$5.00	$52
Gene/Cell therapy Average		38%	-45%	$129	$49		$105	$1.4	-$36	1.4		0.3
Gene/Cell therapy Median		37%	-42%	$127	$33		$79	$0.9	-$28	1.5		0.2

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
ACHILLION PHARMACEUTICALS	$4.05	51%	-30%	$63	$40	$9	$33	$0.5	-$24	1.7	Oct-06	0.4	$11.50	$178
ADVANCED LIFE SCIENCES	$0.84	21%	-70%	$32	$6	$1	$26	$1.5	-$23	0.3	Aug-05	0.2	$5.00	$85
ANADYS PHARMACEUTICALS	$1.50	31%	-62%	$43	$62	$1	-$18	-$0.2	na	na	Mar-04	0.2	$7.00	$201
AVANT IMMUNOTHERAPEUTICS	$9.61	53%	-45%	$144	$20	$4	$128	$1.8	-$21	1.0	May-86	0.2	$48.00	$38
CUBIST PHARMACEUTICALS	$18.10	70%	-18%	$1,018	$368	$351	$1,001	$2.4	na	na	Oct-96	3.0	$6.00	$55
DYNAVAX TECHNOLOGIES	$2.02	31%	-63%	$80	$69	$1	$12	$0.1	-$68	1.0	Feb-04	0.3	$7.50	$299
EMERGENT BIOSOLUTIONS	$8.95	60%	-33%	$266	$27	$48	$287	$0.6	na	na	Nov-06	0.7	$12.50	$342
GENELABS TECHNOLOGIES	$0.85	32%	-54%	$37	$21	$5	$21	$0.3	$0	58.2	Jun-91	0.0	$45.65	$160
IDENIX PHARMACEUTICALS	$5.01	61%	-31%	$282	$104	$11	$189	$0.8	-$122	0.9	Jul-04	0.4	$14.00	$684
INHIBITEX	$0.82	47%	-50%	$35	$54	$3	-$15	-$0.2	-$144	0.4	Jun-04	0.1	$7.00	$300
INTERMUNE	$14.28	46%	-42%	$557	$269	$176	$464	$2.4	-$92	2.9	Mar-00	0.7	$20.00	$433
IOMAI	$1.70	33%	-65%	$44	$22	$4	$26	$0.3	-$24	0.9	Feb-06	0.2	$7.00	$116
MIDDLEBROOK PHARM.	$3.95	88%	80%	$220	$20	$0	$200	$3.8	-$38	0.5	Oct-03	0.4	$10.00	$224
MONOGRAM BIOSCIENCES	$1.04	40%	-46%	$140	$25	$47	$162	$0.6	-$12	2.0	May-00	0.1	$7.00	$137
NABI BIOPHARMACEUTICALS	$3.79	62%	-29%	$200	$100	$113	$213	$0.3	-$63	1.6	na	na	na	na
OPTIMER PHARMACEUTICALS	$6.23	60%	-36%	$174	$32	$0	$142	$3.6	-$26	1.2	Feb-07	0.9	$7.00	$133
ORCHESTRA THERAPEUTICS	$0.04	29%	-97%	$0	$0	$6	$6	$0.2	-$8	0.0	May-90	0.0	$280.00	$77
PHARMASSET	$17.95	49%	na	$382	$70	$2	$314	$9.2	-$7	10.6	May-07	2.0	$9.00	$178
REPLIDYNE	$1.30	17%	-77%	$35	$102	$0	-$67	-$0.8	-$49	2.1	Jun-06	0.1	$10.00	$245
SIGA TECHNOLOGIES	$2.20	37%	-54%	$75	$8	$0	$67	$1.5	-$10	0.8	Sep-97	0.4	$5.00	$32
TRIMERIS	$6.48	75%	-6%	$144	$56	$0	$89	$1.4	na	na	Oct-97	0.5	$12.00	$120
VAXGEN	$0.46	65%	-75%	$0	$77	$35	-$42	-$0.2	-$39	2.0	Jul-99	0.0	$13.00	$146
VIROPHARMA	$9.02	54%	-37%	$631	$562	$252	$321	$4.8	na	na	Nov-96	1.3	$7.00	$65
XOMA LTD	$2.66	61%	-8%	$352	$50	$57	$360	$1.4	na	na	Jun-86	0.2	$16.00	$140
Infection Average		49%	-41%	$206	$90		$163	$1.5	-$43	4.9		0.5
Infection Median		50%	-45%	$142	$52		$108	$0.7	-$25	1.1		0.3

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
ALTUS PHARMACEUTICALS	$4.64	29%	-70%	$143	$241	$9	-$88	-$0.6	-$90	2.7	Jan-06	0.3	$15.00	$294
AMYLIN PHARMACEUTICALS	$27.99	53%	-25%	$3,787	$1,115	$845	$3,517	$2.3	-$159	7.0	Jan-92	2.0	$14.00	$240
BIOMARIN PHARMACEUTICAL	$34.95	85%	102%	$3,403	$594	$579	$3,388	$8.3	-$21	28.4	Aug-99	2.7	$13.00	$449
INSMED	$0.66	54%	-30%	$80	$22	$3	$61	$0.6	-$10	2.2	na	na	na	na
KERYX BIOPHARMACEUTICALS	$0.60	5%	-94%	$26	$86	$0	-$59	-$1.5	-$78	1.1	Jul-00	0.1	$10.00	$194
MANNKIND	$5.66	36%	-60%	$574	$204	$112	$481	$0.9	-$292	0.7	Jul-04	0.4	$14.00	$446
METABASIS THERAPEUTICS	$2.05	24%	-72%	$63	$51	$2	$14	$0.1	-$42	1.2	Jun-04	0.3	$7.00	$215
NPS PHARMACEUTICALS	$4.07	64%	20%	$191	$322	$535	$405	$2.1	na	na	May-94	0.7	$5.50	$40
REPROS THERAPEUTICS	$9.54	63%	0%	$122	$36	$0	$86	$10.8	-$15	2.4	Mar-93	1.7	$5.50	$19
SAVIENT PHARMACEUTICALS	$19.46	79%	62%	$1,054	$158	$13	$910	$13.6	-$58	2.7	Sep-83	1.5	$13.00	$68
SIRTRIS PHARAMCEUTICALS	$12.99	59%	na	$380	$127	$10	$263	$6.3	-$39	3.3	May-07	1.3	$10.00	$275
TERCICA	$6.00	74%	2%	$310	$128	$85	$266	$2.5	na	na	Mar-04	0.7	$9.00	$464
VIVUS	$5.95	91%	16%	$350	$173	$95	$273	$2.4	na	na	Apr-94	0.9	$7.00	$164
Metabolic Average		55%	-12%	$807	$250		$732	$3.7	-$80	5.2		1.0
Metabolic Median		59%	-13%	$310	$158		$266	$2.3	-$50	2.6		0.8

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
ALNYLAM PHARMACEUTICALS	$24.21	65%	35%	$988	$468	$73	$592	$4.9	-$211	2.2	May-04	4.0	$6.00	$245
BARRIER THERAPEUTICS	$3.32	44%	-52%	$116	$56	$1	$61	$0.7	-$50	1.1	Apr-04	0.2	$15.00	$526
CRITICAL THERAPEUTICS	$0.74	18%	-66%	$32	$34	$7	$5	$0.0	-$31	1.1	May-04	0.1	$7.00	$302
GENTIUM SPA	$6.35	26%	-68%	$91	$32	$7	$65	$0.9	-$22	1.5	Jun-05	0.7	$9.00	$71
ICAGEN	$1.51	54%	-6%	$71	$48	$16	$39	$0.6	na	na	Feb-05	0.2	$8.00	$176
METABOLIX	$11.31	38%	-32%	$252	$114	$0	$138	$2.8	-$33	3.4	Nov-06	0.8	$14.00	$267
MOMENTA PHARMACEUTICALS	$11.23	69%	-13%	$413	$146	$15	$282	$1.8	-$75	1.9	Jun-04	1.7	$6.50	$239
OMRIX BIOPHARMACEUTICALS	$13.31	34%	-65%	$228	$85	$0	$142	$0.8	na	na	Apr-06	1.3	$10.00	$142
SUCAMPO PHARMACEUTICALS	$8.51	43%	na	$355	$90	$1	$266	$5.2	-$2	47.7	Aug-07	0.7	$11.50	$479
Other Average		43%	-34%	$283	$119		$177	$2.0	-$61	8.4		1.1
Other Median		43%	-42%	$228	$85		$138	$0.9	-$33	1.9		0.7

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
AMGEN	$41.45	63%	-26%	$45,082	$7,476	$11,313	$48,919	$2.4	na	na	Jun-83	118.4	$0.35	$175
BIOGEN IDEC	$60.73	72%	37%	$18,082	$858	$1,560	$18,785	$5.0	na	na	Sep-91	24.3	$2.50	$131
CELGENE CORP.	$59.44	79%	13%	$23,999	$2,693	$434	$21,740	$16.9	na	na	Jul-87	32.5	$1.83	$55
GENENTECH	$80.00	96%	-3%	$84,260	$3,212	$1,521	$82,569	$7.8	na	na	Oct-80	55.2	$1.45	$246
GENZYME CORP.	$73.04	89%	22%	$19,548	$1,069	$851	$19,330	$2.1	na	na	Jun-86	29.2	$2.50	$70
GILEAD SCIENCES	$49.61	96%	29%	$45,658	$920	$1,333	$46,071	$18.3	na	na	Jan-92	10.9	$3.75	$210
Revenue-driven Average		82%	12%	$39,438	$2,705		$39,569	$8.8	na	na		45.1
Revenue-driven Median		84%	17%	$34,541	$1,881		$33,906	$6.4	na	na		30.8

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
COMBINATORX	$3.63	49%	-48%	$126	$84	$28	$70	$0.7	-$65	1.3	Nov-05	1.0	$7.00	$171
DYAX CORP.	$4.77	69%	16%	$288	$75	$42	$255	$1.6	-$61	1.2	Aug-00	0.3	$15.00	$295
ISIS PHARMACEUTICALS	$14.47	72%	56%	$1,345	$150	$180	$1,375	$5.0	-$421	0.4	May-91	1.5	$10.00	$116
LIGAND PHARMACEUTICALS	$3.88	37%	-62%	$368	$116	$19	$272	$2.2	na	na	Nov-92	0.6	$8.27	$131
NEUROGEN CORP.	$2.04	23%	-69%	$86	$60	$9	$35	$0.2	-$32	1.9	Oct-89	0.7	$6.00	$35
REGENERON PHARMACEUTICA	$19.62	68%	-9%	$1,550	$397	$269	$1,422	$2.4	-$143	2.8	Apr-91	0.8	$22.00	$330
SENOMYX	$5.98	37%	-52%	$182	$72	$11	$122	$1.1	-$19	3.8	Jun-04	2.0	$6.00	$183
VERENIUM	$3.25	38%	-58%	$206	$96	$154	$264	$0.9	-$82	1.2	Feb-00	0.2	$24.00	$840
Screening Average		49%	-28%	$519	$131		$477	$1.8	-$118	1.8		0.9
Screening Median		44%	-50%	$247	$90		$259	$1.3	-$65	1.3		0.8

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
ACCENTIA BIOPHARMACEUTIC	$1.22	36%	-61%	$53	$8	$50	$94	$0.4	-$100	0.1	Oct-05	0.4	$8.00	$230
AUXILIUM PHARMACEUTICALS	$26.27	73%	79%	$1,073	$83	$1	$991	$3.7	-$28	3.0	Jul-04	2.0	$7.50	$160
BIODEL	$10.55	41%	na	$249	$130	$0	$119	$4.8	-$33	3.9	May-07	0.0	$15.00	$304
CADENCE PHARMACEUTICALS	$5.83	28%	-61%	$224	$56	$5	$172	$7.2	-$52	1.1	Oct-06	1.6	$9.00	$260
CATALYST PHARMACEUTICAL	$3.53	74%	-12%	$44	$17	$0	$27	$6.9	-$3	5.8	Nov-06	0.7	$6.00	$72
EURAND N.V.	$13.93	80%	na	$611	$20	$4	$595	$1.2	-$5	4.5	May-07	1.0	$16.00	$701
JAZZ PHARMACEUTICALS	$9.55	53%	na	$235	$133	$77	$179	$0.9	-$77	1.7	May-07	0.6	$18.00	$441
SANTARUS	$2.70	34%	-62%	$139	$51	$10	$98	$0.3	-$28	1.8	Mar-04	0.3	$9.00	$462
SOMAXON PHARMACEUTICALS	$4.74	26%	-61%	$87	$42	$0	$46	$1.2	-$23	1.8	Dec-05	0.9	$11.00	$198
Specialty Average		49%	-30%	$302	$60		$258	$2.9	-$39	2.6		0.8
Specialty Median		41%	-61%	$224	$51		$119	$1.2	-$28	1.8		0.7

Company	3/28/08 close	% of 52wk High	% change from 3/30/07	Market Cap ($M)	Liquidity, Pro forma ($M)	ST&LT Debt ($M)	Company Valuation ($M)	Valuation/ Employee ($M)	Burn Rate, annualized ($M)	Survival Index (Yrs)	IPO Date	Cash/cash from IPO/share	Price/Share At IPO	IPO Post-Money Valuation ($M)
CARRINGTON LABORATORIES	$0.81	100%	-70%	$9	$4	$10	$15	$0.1	-$9	0.4	na	na	na	na
LIFECELL CORP.	$42.09	87%	69%	$1,439	$85	$0	$1,353	$4.0	na	na	Feb-92	4.8	$7.75	$27
Wound Average		94%	-1%	$724	$45		$684	$2.0	-$9	na		na
Wound Median		na	na	na	na		na	na	na	na		na

Grand Average		49%	-27%	$1,511	$198		$1,460	$3.5	-$56	6.2		2.5
Grand Median		48%	-37%	$206	$79		$141	$1.2	-$36	1.8		0.6

originally published 04/16/2008

Copyright � 2012. Signals (signalsmag.com) is an online magazine of analysis for biotechnology executives. To contact the Signals editorial department, send e-mail to signals_edit@deloitte.com. Signals is published by: Recap, 2033 N Main Street, Suite 1050 , Walnut Creek, California 94596-3722, Phone: (925) 952-3870