Signals Magazine: Signals vs Noise - June 2008 Stock report 07/09/2008

June 2008 Stock report

Company	6/27/08 close	% of 52wk High	% change since 6/29/07	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	$5.35	45%	-40%	$725	$124	$800	$1,401	$1.8	-$188	0.7	Dec-93	1.8	$3.00	$176
INCYTE CORP.	$7.60	59%	27%	$643	$219	$391	$815	$4.4	-$161	1.4	Nov-93	4.0	$1.88	$47
MYRIAD GENETICS	$47.93	81%	29%	$2,139	$204	$2	$1,937	$2.7	-$19	11.0	Oct-95	5.3	$9.00	$163
OSCIENT PHARMACEUTICALS	$1.44	30%	-68%	$20	$38	$258	$240	$0.7	-$86	0.4	Feb-82	0.0	$88.00	$90
1st Generation Genomics Average		54%	-13%	$882	$146		$1,098	$2.4	-$113	3.4		2.8
1st Generation Genomics Median		57%	7%	$763	$175		$957	$2.5	-$99	2.4		3.4

Company	6/27/08 close	% of 52wk High	% change since 6/29/07	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	$10.06	34%	-60%	$698	$616	$454	$536	$0.5	na	na	Jun-96	1.3	$7.50	$287
CALIPER LIFE SCIENCES	$2.67	43%	-43%	$128	$16	$32	$143	$0.3	-$40	0.4	Dec-99	0.2	$16.00	$333
CEPHEID	$28.74	86%	97%	$1,636	$20	$4	$1,620	$5.3	-$7	2.7	Jun-00	4.8	$6.00	$158
COMBIMATRIX CORP.	$9.82	85%	62%	$59	$8	$0	$51	$0.7	-$14	0.6	na	na	na	na
COMPUGEN LTD	$2.14	68%	-26%	$61	$0	$2	$62	$0.5	na	na	Sep-00	0.2	$10.00	na
ILLUMINA	$86.79	100%	114%	$4,897	$308	$421	$5,010	$8.4	na	na	Jul-00	5.4	$16.00	$515
NANOGEN	$0.40	24%	-70%	$30	$13	$31	$48	$0.2	-$92	0.1	Apr-98	0.0	$11.00	$197
ORCHID CELLMARK	$2.73	44%	-41%	$82	$21	$1	$63	$0.2	-$9	2.3	May-00	0.3	$8.00	$263
ROSETTA GENOMICS	$4.71	60%	-26%	$56	$19	$0	$37	$0.7	-$16	1.2	Feb-07	0.7	$7.00	$79
SEQUENOM	$15.29	91%	240%	$694	$52	$2	$644	$6.1	-$32	1.6	Feb-00	0.6	$26.00	$609
VERMILLION	$2.26	20%	-77%	$14	$8	$29	$35	$0.2	-$19	0.4	Sep-00	0.0	$160.00	$417
Genomic Supply Average		59%	15%	$760	$98		$750	$2.1	-$29	1.2		1.4
Genomic Supply Median		60%	-26%	$82	$19		$63	$0.5	-$17	0.9		0.5

Company	6/27/08 close	% of 52wk High	% change since 6/29/07	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	$11.24	62%	na	$253	$155	$7	$106	$1.4	-$31	5.0	May-07	0.7	$15.00	$327
ARENA PHARMACEUTICALS	$5.60	38%	-49%	$414	$334	$71	$151	$0.4	-$218	1.5	Jul-00	0.3	$18.00	$394
CELERA GENOMICS GROUP	$11.67	69%	-6%	$926	na	na	na	na	-$30	na	Feb-00	0.1	$225.00	na
CURAGEN CORP.	$0.97	47%	-51%	$56	$107	$71	$20	$0.1	-$27	4.0	Mar-98	0.2	$5.75	$143
DECODE GENETICS	$0.90	20%	-76%	$56	$229	$186	$12	$0.0	-$165	1.4	Jul-00	0.1	$18.00	$818
EXELIXIS	$5.07	41%	-58%	$533	$229	$186	$490	$0.8	-$165	1.4	Apr-00	0.4	$13.00	$520
LEXICON PHARMACEUTICALS	$1.74	43%	-52%	$238	$170	$44	$113	$0.2	-$72	2.4	Apr-00	0.1	$22.00	$1,037
MAXYGEN	$3.49	37%	-59%	$129	$134	$0	-$4	$0.0	-$55	2.4	Dec-99	0.2	$16.00	$465
ORE PHARMACEUTICALS	$1.36	13%	-80%	$7	$24	$1	-$15	$0.0	-$28	0.9	Nov-97	0.2	$8.00	$109
RIGEL PHARMACEUTICALS	$23.24	75%	161%	$848	$210	$3	$641	$4.2	-$109	1.9	Nov-00	3.3	$7.00	$230
SANGAMO BIOSCIENCES	$9.69	49%	19%	$396	$81	$0	$315	$4.2	-$27	3.0	Apr-00	0.6	$15.00	$312
ZYMOGENETICS	$8.49	56%	-42%	$583	$171	$96	$508	$1.0	-$154	1.1	Feb-01	0.7	$12.00	$547
Genomic Targets Average		46%	-27%	$370	$167		$212	$1.1	-$90	2.3		0.6
Genomic Targets Median		45%	-51%	$324	$170		$113	$0.4	-$63	1.9		0.3

Company	6/27/08 close	% of 52wk High	% change since 6/29/07	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	$72.79	91%	62%	$2,796	$107	$203	$2,892	$9.8	-$17	6.3	Feb-96	8.8	$8.25	$62
ATHEROGENICS	$0.63	19%	-71%	$25	$78	$284	$231	$1.8	-$60	1.3	Aug-00	0.1	$8.00	$184
CYPRESS BIOSCIENCE	$7.20	46%	-46%	$270	$154	$3	$120	$8.0	-$12	13.4	Dec-83	0.1	$80.00	$33
LA JOLLA PHARMACEUTICAL	$1.91	34%	-57%	$76	$25	$1	$51	$0.6	-$55	0.5	Jun-94	0.1	$25.00	$43
PDL BIOPHARMA	$10.53	39%	-55%	$1,256	$956	$549	$849	$0.8	-$248	3.9	Jan-92	1.4	$7.50	$191
TRUBION PHARMACEUTICALS	$4.77	22%	-77%	$85	$72	$16	$29	$0.4	-$24	3.0	Oct-06	0.4	$13.00	$208
Autoimmune Average		42%	-41%	$751	$232		$695	$3.6	-$69	4.7		1.8
Autoimmune Median		37%	-56%	$178	$92		$175	$1.3	-$39	3.4		0.2

Company	6/27/08 close	% of 52wk High	% change since 6/29/07	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	$16.06	50%	-40%	$244	$150	$41	$135	$1.4	-$62	2.4	Dec-06	0.6	$25.00	$345
ALLOS THERAPEUTICS	$6.56	85%	48%	$517	$51	$0	$467	$7.9	-$48	1.1	Mar-00	0.4	$18.00	$604
ALSERES PHARMACEUTICALS	$2.30	66%	-25%	$48	$7	$28	$69	$3.2	-$21	0.3	na	na	na	na
ANTIGENICS	$1.81	46%	-37%	$119	$36	$79	$163	$1.0	-$44	0.8	Feb-00	0.1	$18.00	$429
ARIAD PHARMACEUTICALS	$2.42	38%	-56%	$168	$84	$21	$104	$1.0	-$68	1.2	May-94	0.3	$8.00	$124
AVALON PHARMACEUTICALS	$1.25	20%	-71%	$21	$18	$8	$11	$0.3	-$25	0.7	Sep-05	0.1	$10.50	$88
AVI BIOPHARMA	$1.16	37%	-59%	$82	$26	$2	$59	$0.5	-$17	1.6	Jun-97	0.1	$9.00	$103
CELL THERAPEUTICS	$0.48	10%	-84%	$58	$22	$156	$192	$1.0	-$153	0.1	Mar-97	0.0	$10.00	$166
CLEVELAND BIOLABS	$4.52	33%	-59%	$61	$10	$2	$53	$2.2	-$16	0.6	Jul-06	0.8	$6.00	$66
CYTOGEN CORP.	$0.61	100%	-69%	$22	$106	$20	-$64	-$0.8	-$56	1.9	Jun-86	0.0	$13.00	$148
CYTOKINETICS	$3.75	58%	-34%	$185	$106	$20	$99	$0.7	-$56	1.9	Apr-04	0.3	$13.00	$641
DENDREON CORP.	$4.45	52%	-37%	$415	$88	$107	$433	$1.9	-$78	1.1	Jun-00	0.4	$10.00	$210
DUSA PHARMACEUTICALS	$2.02	61%	-34%	$49	$23	$0	$26	$0.4	-$5	4.5	Jan-92	0.3	$6.00	$30
ENTREMED	$0.56	33%	-63%	$48	$44	$20	$24	$0.4	-$33	1.3	Jun-96	0.0	$15.00	$182
FAVRILLE	$0.07	2%	-98%	$3	$21	$13	-$5	$0.0	-$42	0.5	Feb-05	0.0	$7.00	$139
GENAERA CORP.	$1.77	40%	-39%	$31	$17	$0	$14	$0.3	-$17	1.0	Dec-91	0.2	$9.00	$62
GENITOPE	$0.05	1%	-99%	$2	$27	$48	$24	$0.1	-$66	0.4	Oct-03	0.0	$9.00	$145
GENTA	$0.37	20%	25%	$14	$4	$0	$9	$0.2	-$39	0.1	Dec-91	0.0	$100.00	$123
GERON CORP.	$3.47	41%	-51%	$270	$196	$3	$77	$0.7	-$55	3.6	Jul-96	0.4	$8.00	$77
GTX	$14.81	74%	-9%	$537	$110	$11	$438	$4.8	-$51	2.1	Feb-04	1.0	$14.50	$525
IMCLONE SYSTEMS	$39.69	81%	12%	$3,435	$930	$705	$3,210	$3.2	-$224	4.2	Nov-91	5.7	$7.00	$107
IMMUNOGEN	$3.25	55%	-41%	$139	$41	$14	$113	$0.6	-$51	0.8	Nov-89	0.3	$10.00	$60
IMMUNOMEDICS	$2.35	51%	-43%	$177	$464	$0	-$288	-$2.7	na	na	Oct-83	1.9	$1.25	$25
MEDAREX	$6.83	37%	-52%	$872	$464	$171	$578	$1.2	na	na	Jun-91	2.3	$3.00	$31
NEOPHARM	$0.53	32%	-54%	$15	$21	$0	-$6	-$0.1	-$4	5.0	Jan-96	0.2	$3.18	$28
NOVACEA	$2.55	23%	-73%	$66	$98	$0	-$33	-$0.6	-$5	21.2	May-06	0.4	$6.50	$150
ONCOTHYREON	$2.47	36%	-60%	$48	$16	$6	$38	$0.2	-$20	0.8	Jun-87	0.6	$4.40	$43
ONYX THERAPEUTICS	$35.53	58%	32%	$1,975	$408	$30	$1,597	$12.8	na	na	May-96	3.0	$12.00	$105
OPKO HEALTH	$1.54	31%	-58%	$282	$15	$14	$281	$281.2	-$44	0.3	na	na	na	na
OSI PHARMACEUTICALS	$40.77	78%	13%	$2,332	$466	$502	$2,368	$4.3	na	na	Apr-86	6.8	$6.00	$53
OXIGENE	$1.31	31%	-67%	$37	$23	$0	$14	$0.6	-$22	1.1	Oct-93	0.2	$6.00	$28
PONIARD PHARMACEUTICALS	$4.47	60%	-34%	$155	$85	$6	$76	$4.0	-$40	2.1	Aug-88	0.0	$168.00	$102
PROGENICS PHARMACEUTICALS	$16.38	63%	-24%	$492	$133	$40	$399	$2.1	-$61	2.2	Nov-97	2.0	$8.00	$70
QLT	$3.43	45%	-54%	$256	$273	$191	$174	$0.7	-$42	6.5	Sep-86	3.2	$1.08	$22
SCICLONE PHARMACEUTICALS	$1.60	62%	-35%	$74	$26	$1	$49	$0.3	-$23	1.1	Mar-92	0.2	$7.45	$63
SEATTLE GENETICS	$8.79	65%	-10%	$697	$167	$20	$550	$3.6	-$68	2.4	Mar-01	1.3	$7.00	$207
SGX PHARMACEUTICALS	$1.45	18%	-72%	$30	$31	$5	$4	$0.0	na	na	Jan-06	0.2	$6.00	$80
SPECTRUM PHARMACEUTICALS	$1.39	18%	-81%	$44	$49	$0	-$5	-$0.1	-$35	1.4	na	na	na	$198
SUNESIS PHARMACEUTICALS	$1.53	37%	-57%	$53	$38	$1	$15	$0.1	-$38	1.0	Sep-05	0.2	$7.00	$146
SUPERGEN	$2.17	33%	-61%	$125	$86	$1	$39	$0.4	-$4	20.1	Mar-96	0.4	$6.00	$21
SYNTA PHARMACEUTICALS	$5.91	53%	-29%	$200	$99	$10	$111	$0.8	-$71	1.4	Feb-07	0.6	$10.00	$334
TAPESTRY PHARMACEUTICALS	$0.06	3%	-97%	$1	$9	$0	-$8	-$0.3	-$24	0.4	Apr-94	0.0	$50.00	$41
THRESHOLD PHARMACEUTICALS	$0.36	28%	-71%	$13	$18	$2	-$2	$0.0	-$20	0.9	Feb-05	0.1	$7.00	$204
Cancer Average		43%	-44%	$335	$119		$270	$7.9	-$46	2.6		0.9
Cancer Median		40%	-52%	$82	$44		$59	$0.6	-$41	1.2		0.3

Company	6/27/08 close	% of 52wk High	% change since 6/29/07	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	$3.00	42%	-51%	$121	$70	$11	$62	$1.0	-$86	0.8	Feb-04	0.0	$110.00	$64
CARDIOVASCULAR BIOTHERAPEUTICS	$0.62	33%	-30%	$96	$0	$6	$102	$5.3	-$35	0.0	Feb-05	0.1	$10.00	$1,184
CV THERAPEUTICS	$8.18	60%	-38%	$497	$158	$400	$738	$1.0	-$128	1.2	Nov-96	1.0	$8.00	$48
IMARX THERAPEUTICS	$0.20	4%	na	$2	$10	$5	-$4	-$0.1	-$10	1.0	Jul-07	0.0	$5.00	$49
MEDICINES COMPANY	$19.22	90%	9%	$1,000	$216	$0	$783	$2.7	na	na	Sep-00	1.2	$16.00	$506
NITROMED	$1.00	40%	-55%	$46	$21	$2	$27	$0.5	-$21	1.0	Nov-03	0.1	$11.00	$264
NUVELO	$0.55	18%	-80%	$29	$99	$13	-$57	-$0.4	-$47	2.1	Sep-97	0.0	$14.00	$175
QUESTCOR PHARMACEUTICALS	$4.61	70%	924%	$320	$42	$10	$288	$5.8	na	na	na	na	na	na
Cardiovascular Average		45%	97%	$264	$77		$242	$2.0	-$54	1.0		0.4
Cardiovascular Median		41%	-38%	$108	$56		$82	$1.0	-$41	1.0		0.1

Company	6/27/08 close	% of 52wk High	% change since 6/29/07	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	$4.99	61%	-21%	$134	$54	$56	$136	$0.3	-$2	26.6	Dec-95	0.3	$16.00	$158
ALBANY MOLECULAR RESEARCH	$13.48	71%	-9%	$428	$90	$24	$361	$0.4	na	na	Feb-99	1.3	$10.00	$280
ARGONAUT TECHNOLOGIES	$0.02	44%	-46%	$0	$10	$0	-$9	-$0.1	-$9	1.1	Jul-00	0.0	$15.00	$253
ARQULE	$3.40	41%	-52%	$149	$57	$11	$103	$1.1	-$56	1.0	Oct-96	0.3	$12.00	$114
ARRAY BIOPHARMA	$4.66	36%	-60%	$222	$87	$27	$162	$0.6	-$98	0.9	Nov-01	0.6	$7.50	$168
BIOCRYST PHARMACEUTICALS	$2.76	21%	-64%	$105	$5	$5	$105	$2.0	-$52	0.1	Mar-94	0.4	$6.50	$47
SYMYX TECHNOLOGIES	$7.03	59%	-39%	$236	$81	$44	$200	$0.5	-$27	3.0	Nov-99	0.5	$14.00	$398
VERTEX PHARMACEUTICALS	$32.50	78%	14%	$4,568	$750	$353	$4,171	$4.4	-$385	2.0	Jul-91	7.2	$4.50	$85
Chemistry Average		51%	-35%	$730	$142		$654	$1.2	-$90	4.9		1.3
Chemistry Median		52%	-42%	$185	$69		$149	$0.6	-$52	1.1		0.5

Company	6/27/08 close	% of 52wk High	% change since 6/29/07	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	$3.82	22%	-72%	$142	$127	$4	$19	$0.1	-$68	1.9	May-04	0.5	$7.00	$260
ACORDA THERAPEUTICS	$33.09	99%	94%	$1,081	$162	$33	$952	$14.2	-$66	2.5	Feb-06	5.5	$6.00	$118
ADOLOR CORP	$5.43	89%	46%	$250	$155	$18	$112	$0.9	-$36	4.3	Nov-00	0.4	$15.00	$407
CEPHALON	$67.60	81%	-16%	$4,579	$1,047	$1,240	$4,772	$1.6	na	na	Apr-91	3.8	$18.00	$155
CORCEPT THERAPEUTICS	$1.96	29%	-28%	$95	$32	$0	$64	$6.4	-$16	2.0	Apr-04	0.2	$12.00	$582
INDEVUS PHARMACEUTICALS	$1.56	19%	-77%	$121	$61	$111	$171	$1.1	-$72	0.8	Mar-90	0.8	$2.00	$31
MEMORY PHARMACEUTICALS	$0.40	15%	-83%	$29	$27	$17	$19	$0.3	-$54	0.5	Apr-04	0.1	$7.00	$509
NEUROBIOLOGICAL TECHNOLOGIES	$1.47	12%	-88%	$40	$35	$6	$11	$0.4	-$20	1.7	Feb-94	0.0	$56.00	$30
NEUROCRINE BIOSCIENCES	$4.28	33%	-62%	$164	$152	$113	$125	$0.5	-$84	1.8	May-96	0.4	$10.50	$172
NYMOX PHARMACEUTICAL CORP.	$4.35	62%	-17%	$129	$0	$0	$129	$1.3	-$5	0.1	na	na	na	na
OREXIGEN THERAPEUTICS	$8.13	44%	-46%	$279	$141	$15	$153	$8.5	-$93	1.5	May-07	0.7	$12.00	$324
PAIN THERAPEUTICS	$7.52	65%	-14%	$315	$190	$14	$139	$3.4	na	na	Jul-00	0.6	$12.00	$319
PHARMOS CORP.	$0.39	27%	-73%	$10	$11	$4	$3	$0.1	-$14	0.8	Jul-83	0.0	$20.00	$16
RENOVIS	$2.10	52%	-42%	$0	$0	$0	$0	$0.0	na	na	Feb-04	0.2	$12.00	$0
TARGACEPT	$7.15	58%	-22%	$178	$94	$12	$96	$1.3	-$23	4.1	Apr-06	0.8	$9.00	$172
TITAN PHARMACEUTICALS	$1.38	53%	-36%	$80	$24	$0	$56	$1.5	-$23	1.1	Jan-96	0.3	$5.00	$66
VANDA PHARMACEUTICALS	$3.74	17%	-82%	$100	$72	$0	$28	$0.6	-$77	0.9	Apr-06	0.4	$10.00	$218
CNS Average		46%	-36%	$447	$137		$403	$2.5	-$46	1.7		0.9
CNS Median		44%	-42%	$129	$72		$96	$1.1	-$45	1.6		0.4

Company	6/27/08 close	% of 52wk High	% change since 6/29/07	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	$0.50	22%	-77%	$23	$26	$22	$20	$0.2	-$54	0.5	Oct-03	0.0	$14.00	$200
ALEXZA PHARMACEUTICALS	$4.05	40%	-51%	$132	$112	$11	$31	$0.3	-$58	1.9	Mar-06	0.5	$8.00	$180
ALKERMES	$12.70	68%	-13%	$1,213	$341	$166	$1,038	$1.4	-$73	4.7	Jul-91	2.5	$5.00	$70
ARADIGM CORP.	$0.68	34%	-50%	$37	$34	$10	$13	$0.1	-$23	1.5	Jun-96	0.1	$11.00	$114
BIODELIVERY SCIENCES INT'L.	$2.31	45%	-47%	$44	$17	$7	$34	$2.6	-$17	1.0	na	na	na	na
BIOMIMETIC THERAPEUTICS	$12.20	63%	-22%	$226	$35	$2	$193	$6.0	na	na	May-06	1.5	$8.00	$122
DEPOMED	$3.16	63%	-34%	$152	$56	$9	$105	$1.0	-$29	1.9	Nov-97	0.5	$6.10	$33
DURECT CORP.	$3.82	55%	-1%	$283	$57	$24	$250	$1.5	-$29	2.0	Sep-00	0.3	$12.00	$557
EMISPHERE TECHNOLOGIES	$2.40	46%	-50%	$73	$10	$29	$92	$0.8	-$16	0.6	Feb-89	0.5	$5.00	$15
ENZON PHARMACEUTICALS	$7.31	71%	-7%	$327	$151	$275	$451	$1.3	na	na	Feb-84	4.9	$1.50	$12
FLAMEL TECHNOLOGIES SA	$10.07	41%	-52%	$242	$47	$13	$209	$0.8	-$15	3.1	na	na	na	na
GENEREX BIOTECHNOLOGY CORP.	$0.96	49%	-46%	$108	$37	$3	$74	$3.2	-$41	0.9	na	na	na	na
INOVIO BIOMEDICALCORP	$1.00	31%	-64%	$44	$11	$1	$33	$1.0	-$12	0.9	na	na	na	na
MDRNA	$1.26	7%	-88%	$39	$39	$0	$0	$0.0	-$46	0.9	na	na	na	na
MEDICIS PHARMACEUTICAL CORP.	$20.74	64%	-32%	$1,171	$805	$527	$893	$2.3	na	na	na	na	na	na
NEKTAR THERAPEUTICS	$3.44	33%	-64%	$318	$418	$361	$260	$0.3	-$163	2.6	May-94	0.9	$3.75	$65
NEUROGEX	$2.99	30%	-65%	$52	$46	$6	$12	$0.3	-$32	1.4	May-07	0.3	$11.00	$143
NOVAVAX	$2.35	54%	-19%	$145	$41	$25	$129	$2.3	-$31	1.3	na	na	na	na
NOVEN PHARMACEUTICALS	$10.88	45%	-54%	$270	$48	$32	$254	$0.5	na	na	May-88	19.8	$0.55	$5
SEPRACOR	$19.83	46%	-52%	$2,137	$745	$977	$2,370	$1.0	na	na	Sep-91	4.0	$5.00	$168
XENOPORT	$39.82	60%	-10%	$1,001	$147	$2	$855	$6.1	-$29	5.0	Jul-04	8.0	$5.00	$198
Delivery Average		46%	-43%	$383	$154		$348	$1.6	-$42	1.9		3.1
Delivery Median		46%	-50%	$152	$47		$129	$1.0	-$30	1.5		0.7

Company	6/27/08 close	% of 52wk High	% change since 6/29/07	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	$35.19	49%	-39%	$598	$210	$0	$388	$9.2	-$37	5.6	na	na	na	na
ENZO BIOCHEM	$11.62	61%	-22%	$432	$99	$2	$335	$1.2	-$16	6.1	Jun-80	13.4	$0.87	$8
EPIX PHARMACEUTICALS	$1.85	31%	-67%	$77	$47	$100	$130	$1.4	-$55	0.9	Feb-97	0.2	$10.50	$59
EXACT SCIENCES CORP.	$1.77	29%	-39%	$48	$9	$3	$41	$0.8	-$10	0.9	Jan-01	0.1	$14.00	$261
GENOMIC HEALTH	$19.33	72%	3%	$546	$65	$7	$487	$2.6	-$27	2.5	Oct-05	1.6	$12.00	$286
GEN-PROBE	$47.95	67%	-21%	$2,589	$502	$17	$2,104	$8.5	na	na	Sep-87	6.9	$7.00	$103
HELICOS	$4.95	27%	-45%	$104	$38	$0	$66	$0.8	-$47	0.8	May-07	0.6	$9.00	$188
IDEXX LABORATORIES	$50.28	78%	6%	$3,032	$97	$147	$3,081	$0.8	na	na	Jun-91	13.4	$3.75	$76
IMMUCOR	$26.23	66%	-6%	$1,837	$142	$20	$1,714	$3.0	na	na	na	na	na	na
IMMUNICON	$0.19	8%	-91%	$6	$36	$18	-$12	-$0.1	-$5	7.6	Apr-04	0.0	$8.00	$252
LUMINEX CORP.	$20.79	90%	69%	$846	$36	$7	$817	$2.7	-$5	7.6	Mar-00	1.2	$17.00	$450
MARTEK BIOSCIENCES CORP.	$33.94	89%	31%	$1,120	$46	$10	$1,084	$2.1	na	na	Nov-93	4.8	$7.00	$54
MERIDIAN BIOSCIENCE	$27.74	75%	28%	$1,114	$47	$1	$1,068	$2.7	na	na	na	na	na	na
MOLECULAR INSIGHT	$6.19	64%	-34%	$155	$119	$133	$169	$4.6	-$87	1.4	Feb-07	0.4	$14.00	$343
ORASURE TECHNOLOGIES	$3.95	37%	-52%	$185	$93	$11	$104	$0.4	na	na	na	na	na	na
QUIDEL CORP.	$16.93	80%	-4%	$548	$71	$11	$488	$1.8	na	na	Aug-81	1.7	$10.00	$19
RESPONSE GENETICS	$3.25	46%	-53%	$33	$18	$2	$18	$0.5	-$7	2.5	Jun-07	0.5	$7.00	$72
SONUS PHARMACEUTICALS	$0.27	5%	-95%	$10	$29	$1	-$19	-$0.3	-$16	1.8	Oct-95	0.0	$7.00	$60
TRINITY BIOTECH PLC	$3.90	33%	-66%	$74	$3	$19	$90	$0.1	na	na	na	na	na	na
Diagnostic/imag. Average		53%	-26%	$703	$90		$640	$2.3	-$28	3.4		3.2
Diagnostic/imag. Median		61%	-34%	$432	$47		$335	$1.4	-$16	2.5		0.9

Company	6/27/08 close	% of 52wk High	% change since 6/29/07	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	$0.35	24%	-74%	$47	$27	$0	$20	$0.3	-$20	1.3	Feb-97	0.1	$7.00	$88
AVIGEN	$2.85	45%	-56%	$85	$63	$7	$29	$0.9	-$30	2.1	May-96	0.4	$8.00	$58
CELL GENESYS	$2.65	57%	-30%	$209	$112	$211	$308	$1.0	-$90	1.2	Jan-93	0.2	$11.00	$120
GENVEC	$1.45	49%	-27%	$126	$20	$8	$113	$1.0	-$25	0.8	Dec-00	0.2	$9.50	$186
INTROGEN THERAPEUTICS	$1.51	31%	-16%	$66	$17	$8	$58	$0.8	-$10	1.7	Oct-00	0.2	$8.00	$167
OSIRIS THERAPEUTICS	$12.62	81%	-7%	$401	$21	$17	$397	$6.3	-$62	0.3	Aug-06	1.1	$11.00	$450
STEMCELLS	$1.20	47%	-32%	$97	$30	$1	$68	$1.5	-$26	1.2	Mar-92	0.1	$11.00	$82
TARGETED GENETICS CORP.	$0.62	19%	-65%	$12	$13	$0	$0	$0.0	-$14	0.9	May-94	0.0	$60.00	$54
URIGEN PHARMACEUTICALS	$0.11	16%	-13%	$8	$0	$0	$8	$1.0	-$3	0.0	Sep-97	0.0	$12.00	$161
VICAL	$3.40	61%	-28%	$133	$52	$2	$83	$0.6	-$38	1.4	Mar-93	0.7	$5.00	$52
Gene/Cell therapy Average		43%	-35%	$118	$35		$108	$1.3	-$32	1.1		0.3
Gene/Cell therapy Median		46%	-29%	$91	$24		$63	$0.9	-$26	1.2		0.2

Company	6/27/08 close	% of 52wk High	% change since 6/29/07	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	$2.26	28%	-62%	$35	$29	$10	$17	$0.3	-$24	1.2	Oct-06	0.2	$11.50	$178
ADVANCED LIFE SCIENCES	$1.07	38%	-60%	$41	$13	$4	$33	$1.8	-$14	0.9	Aug-05	0.2	$5.00	$85
ANADYS PHARMACEUTICALS	$2.15	55%	-42%	$62	$49	$0	$13	$0.1	-$30	1.6	Mar-04	0.3	$7.00	$201
AVANT IMMUNOTHERAPEUTICS	$13.63	69%	37%	$203	$11	$5	$197	$2.7	-$89	0.1	May-86	0.3	$48.00	$38
CUBIST PHARMACEUTICALS	$17.95	70%	-9%	$1,012	$300	$302	$1,014	$2.5	na	na	Oct-96	3.0	$6.00	$55
DYNAVAX TECHNOLOGIES	$1.57	24%	-62%	$62	$74	$4	-$8	-$0.1	-$50	1.5	Feb-04	0.2	$7.50	$299
EMERGENT BIOSOLUTIONS	$10.22	81%	-1%	$304	$93	$50	$261	$0.6	na	na	Nov-06	0.8	$12.50	$342
GENELABS TECHNOLOGIES	$0.68	28%	-71%	$29	$38	$5	-$3	$0.0	-$5	7.2	Jun-91	0.0	$45.65	$160
IDENIX PHARMACEUTICALS	$6.97	95%	18%	$393	$86	$27	$333	$1.5	-$82	1.1	Jul-04	0.5	$14.00	$684
INHIBITEX	$0.64	42%	-51%	$27	$50	$2	-$21	-$0.3	-$14	3.6	Jun-04	0.1	$7.00	$300
INTERMUNE	$12.70	46%	-51%	$497	$197	$173	$472	$2.4	-$105	1.9	Mar-00	0.6	$20.00	$433
IOMAI	$6.48	100%	256%	$166	$16	$4	$154	$1.5	-$25	0.6	Feb-06	0.9	$7.00	$116
MIDDLEBROOK PHARM.	$3.69	75%	47%	$207	$2	$0	$205	$3.9	-$36	0.1	Oct-03	0.4	$10.00	$224
MONOGRAM BIOSCIENCES	$1.10	59%	-35%	$148	$29	$48	$167	$0.6	-$7	4.2	May-00	0.2	$7.00	$137
NABI BIOPHARMACEUTICALS	$4.09	83%	-11%	$212	$200	$81	$93	$0.1	-$27	7.5	na	na	na	na
OPTIMER PHARMACEUTICALS	$8.35	80%	-7%	$233	$50	$0	$183	$4.7	-$32	1.6	Feb-07	1.2	$7.00	$133
ORCHESTRA THERAPEUTICS	$0.05	42%	-92%	$1	$0	$6	$6	$0.2	-$8	0.0	May-90	0.0	$280.00	$77
PHARMASSET	$19.50	54%	123%	$421	$63	$12	$370	$10.9	-$49	1.3	May-07	2.2	$9.00	$178
REPLIDYNE	$1.35	18%	-77%	$37	$78	$0	-$42	-$0.5	-$36	2.2	Jun-06	0.1	$10.00	$245
SIGA TECHNOLOGIES	$3.06	65%	-7%	$104	$5	$0	$99	$2.2	-$3	1.5	Sep-97	0.6	$5.00	$32
TRIMERIS	$4.81	58%	-30%	$107	$61	$0	$47	$0.7	na	na	Oct-97	0.4	$12.00	$120
VAXGEN	$0.61	86%	-62%	$20	$72	$35	-$16	-$0.1	-$66	1.1	Jul-99	0.0	$13.00	$146
VIROPHARMA	$10.97	73%	-21%	$767	$606	$250	$411	$6.1	na	na	Nov-96	1.6	$7.00	$65
XOMA LTD	$1.69	38%	-44%	$224	$45	$59	$237	$0.9	-$40	1.1	Jun-86	0.1	$16.00	$140
Infection Average		59%	-13%	$221	$90		$176	$1.8	-$37	2.0		0.6
Infection Median		58%	-32%	$157	$50		$127	$0.8	-$31	1.4		0.3

Company	6/27/08 close	% of 52wk High	% change since 6/29/07	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	$4.34	30%	-62%	$134	$118	$7	$23	$0.2	-$98	1.2	Jan-06	0.3	$15.00	$294
AMYLIN PHARMACEUTICALS	$26.17	49%	-36%	$3,587	$1,063	$1,307	$3,831	$2.5	-$275	3.9	Jan-92	1.9	$14.00	$240
BIOMARIN PHARMACEUTICAL	$30.04	73%	67%	$2,960	$582	$574	$2,953	$7.2	na	na	Aug-99	2.3	$13.00	$449
INSMED	$0.44	41%	-46%	$53	$17	$4	$40	$0.4	-$13	1.3	na	na	na	na
KERYX BIOPHARMACEUTICALS	$0.48	4%	-95%	$21	$27	$2	-$4	-$0.1	-$138	0.2	Jul-00	0.0	$10.00	$194
MANNKIND	$3.05	22%	-75%	$309	$269	$167	$208	$0.4	-$286	0.9	Jul-04	0.2	$14.00	$446
METABASIS THERAPEUTICS	$1.50	21%	-79%	$52	$36	$11	$27	$0.2	-$44	0.8	Jun-04	0.2	$7.00	$245
NPS PHARMACEUTICALS	$4.29	67%	4%	$202	$127	$359	$434	$2.2	-$52	2.4	May-94	0.8	$5.50	$40
REPROS THERAPEUTICS	$9.72	68%	-22%	$124	$20	$0	$105	$13.1	-$27	0.7	Mar-93	1.8	$5.50	$19
SAVIENT PHARMACEUTICALS	$25.44	91%	105%	$1,380	$127	$14	$1,267	$18.9	-$70	1.8	Sep-83	2.0	$13.00	$68
TERCICA	$8.86	100%	74%	$457	$95	$87	$450	$4.2	-$70	1.4	Mar-04	1.0	$9.00	$464
VIVUS	$6.48	83%	24%	$393	$162	$92	$323	$2.8	-$28	5.7	Apr-94	0.9	$7.00	$164
Metabolic Average		54%	-12%	$806	$220		$805	$4.3	-$100	1.8		1.0
Metabolic Median		58%	-29%	$256	$123		$265	$2.3	-$70	1.3		0.9

Company	6/27/08 close	% of 52wk High	% change since 6/29/07	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	$26.33	70%	73%	$1,075	$444	$68	$700	$5.7	-$5	89.5	May-04	4.4	$6.00	$245
BARRIER THERAPEUTICS	$4.03	53%	-38%	$142	$46	$9	$105	$1.1	-$56	0.8	Apr-04	0.3	$15.00	$528
CRITICAL THERAPEUTICS	$0.36	13%	-83%	$16	$20	$2	-$3	$0.0	-$43	0.5	May-04	0.1	$7.00	$304
GENTIUM SPA	$3.59	15%	-78%	$54	$26	$6	$34	$0.5	-$25	1.0	Jun-05	0.4	$9.00	$71
ICAGEN	$1.51	54%	-25%	$71	$46	$8	$32	$0.5	-$15	3.2	Feb-05	0.2	$8.00	$176
METABOLIX	$10.09	34%	-60%	$229	$105	$0	$124	$2.5	-$34	3.1	Nov-06	0.7	$14.00	$267
MOMENTA PHARMACEUTICALS	$12.79	80%	27%	$471	$124	$14	$361	$2.4	-$53	2.3	Jun-04	2.0	$6.50	$239
OMRIX BIOPHARMACEUTICALS	$15.86	41%	-50%	$271	$81	$8	$199	$1.1	na	na	Apr-06	1.6	$10.00	$142
SUCAMPO PHARMACEUTICALS	$9.93	50%	na	$414	$60	$1	$356	$7.0	na	na	Aug-07	0.9	$11.50	$479
Other Average		46%	-29%	$305	$106		$212	$2.3	-$33	14.3		1.2
Other Median		50%	-44%	$229	$60		$124	$1.1	-$34	2.3		0.7

Company	6/27/08 close	% of 52wk High	% change since 6/29/07	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	$46.37	78%	-16%	$50,483	$10,212	$11,177	$51,448	$2.6	na	na	Jun-83	132.5	$0.35	$175
BIOGEN IDEC	$57.04	67%	7%	$16,714	$1,292	$1,252	$16,673	$4.4	na	na	Sep-91	22.8	$2.50	$131
CELGENE CORP.	$63.33	84%	10%	$27,603	$2,202	$236	$25,638	$19.9	na	na	Jul-87	34.6	$1.83	$55
GENENTECH	$72.72	88%	-4%	$76,421	$5,645	$3,055	$73,831	$7.0	na	na	Oct-80	50.2	$1.45	$246
GENZYME CORP.	$72.55	88%	13%	$19,394	$1,120	$849	$19,123	$2.1	na	na	Jun-86	29.0	$2.50	$70
GILEAD SCIENCES	$52.86	93%	36%	$48,762	$1,160	$1,351	$48,953	$19.5	na	na	Jan-92	10.9	$3.75	$210
Revenue-driven Average		83%	8%	$39,896	$3,605		$39,277	$9.3	na	na		46.7
Revenue-driven Median		86%	9%	$38,183	$1,747		$37,295	$5.7	na	na		31.8

Company	6/27/08 close	% of 52wk High	% change since 6/29/07	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%	-41%	$126	$95	$27	$59	$0.6	-$67	1.4	Nov-05	1.0	$7.00	$171
DYAX CORP.	$3.32	64%	-21%	$201	$58	$51	$195	$1.2	-$85	0.7	Aug-00	0.3	$15.00	$295
ISIS PHARMACEUTICALS	$13.80	68%	43%	$1,316	$345	$230	$1,201	$4.4	-$17	20.0	May-91	1.5	$10.00	$116
LIGAND PHARMACEUTICALS	$2.57	35%	-63%	$244	$99	$12	$157	$1.3	-$16	6.3	Nov-92	0.6	$8.27	$131
NEUROGEN CORP.	$1.02	15%	-85%	$43	$29	$9	$23	$0.1	-$66	0.4	Oct-89	0.7	$6.00	$35
REGENERON PHARMACEUTICALS	$14.76	58%	-18%	$1,168	$743	$261	$685	$1.2	-$46	16.0	May-00	0.7	$22.00	$330
SENOMYX	$5.04	36%	-63%	$154	$59	$0	$95	$0.8	-$19	3.1	Jun-04	2.0	$6.00	$184
VERENIUM	$2.00	29%	-61%	$127	$60	$139	$207	$0.7	-$93	0.6	Feb-00	0.2	$24.00	$840
Screening Average		44%	-38%	$422	$186		$328	$1.3	-$51	6.1		0.9
Screening Median		43%	-51%	$178	$77		$176	$1.0	-$56	2.2		0.7

Company	6/27/08 close	% of 52wk High	% change since 6/29/07	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 BIOPHARMACEUTICALS	$1.05	31%	-59%	$47	$4	$74	$118	$0.5	-$33	0.1	Oct-05	0.4	$8.00	$230
AUXILIUM PHARMACEUTICALS	$34.26	94%	115%	$1,410	$57	$0	$1,353	$5.0	-$49	1.2	Jul-04	2.0	$7.50	$160
BIODEL	$13.92	54%	-30%	$329	$112	$1	$218	$8.7	-$38	2.9	May-07	0.0	$15.00	$304
CADENCE PHARMACEUTICALS	$6.35	40%	-48%	$244	$94	$11	$161	$6.7	-$55	1.7	Oct-06	1.6	$9.00	$260
CATALYST PHARMACEUTICAL	$3.26	78%	-20%	$41	$16	$0	$25	$6.3	-$4	4.2	Nov-06	0.7	$6.00	$72
EURAND N.V.	$14.92	83%	-5%	$662	$10	$4	$656	$1.3	-$4	2.5	May-07	1.0	$16.00	$701
JAZZ PHARMACEUTICALS	$7.04	41%	-56%	$173	$108	$145	$211	$1.0	-$187	0.6	May-07	0.6	$18.00	$441
SANTARUS	$2.19	38%	-58%	$112	$55	$21	$79	$0.2	-$30	1.8	Mar-04	0.3	$9.00	$462
SOMAXON PHARMACEUTICALS	$4.42	34%	-64%	$81	$31	$0	$50	$1.4	-$28	1.1	Dec-05	0.9	$11.00	$198
Specialty Average		55%	-25%	$344	$54		$319	$3.5	-$48	1.8		0.8
Specialty Median		41%	-48%	$173	$55		$161	$1.4	-$33	1.7		0.7

Grand Average		50%	-25%	$1,557	$213		$1,498	$3.3	-$51	2.8		2.5
Grand Median		46%	-39%	$178	$64		$132	$1.0	-$38	1.4		0.5

originally published 07/09/2008

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