|  |
December 2003 Stock Report
| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| GENOME THERAPEUTICS CORP |
$3.13 |
78% |
148% |
$98 |
$27 |
$72 |
$15 |
152 |
$0.5 |
-$55.6 |
0.5 |
3.5 |
| HUMAN GENOME SCIENCES |
$13.25 |
74% |
41% |
$1,712 |
$1,152 |
$560 |
$503 |
1086 |
$0.5 |
-$189.2 |
6.1 |
1.0 |
| INCYTE CORP |
$6.84 |
94% |
37% |
$496 |
$349 |
$146 |
$172 |
585 |
$0.2 |
-$107.2 |
3.3 |
0.7 |
| MILLENNIUM PHARMACEUTICALS |
$18.65 |
100% |
118% |
$5,619 |
$1,545 |
$4,074 |
$83 |
2079 |
$2.0 |
-$428.0 |
3.6 |
1.3 |
| MYRIAD GENETICS |
$12.86 |
70% |
-14% |
$348 |
$86 |
$262 |
$0 |
491 |
$0.5 |
-$28.4 |
3.0 |
1.3 |
| 1st Generation Genomics Average |
|
83% |
66% |
$1,655 |
$632 |
$1,023 |
$155 |
|
$0.7 |
-$161.7 |
3.3 |
1.6 |
| 1st Generation Genomics Median |
|
78% |
41% |
$496 |
$349 |
$262 |
$83 |
|
$0.5 |
-$107.2 |
3.3 |
1.3 |
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| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| ACLARA BIOSCIENCES |
$3.65 |
78% |
70% |
$131 |
$79 |
$52 |
$0 |
95 |
$0.5 |
-$20.4 |
3.9 |
0.5 |
| AFFYMETRIX |
$24.61 |
82% |
3% |
$1,460 |
$434 |
$1,026 |
$369 |
877 |
$1.2 |
na |
na |
4.1 |
| CALIPER TECHNOLOGIES |
$6.66 |
93% |
116% |
$188 |
$134 |
$53 |
$1 |
251 |
$0.2 |
-$38.2 |
3.5 |
0.7 |
| CEPHEID |
$9.58 |
100% |
74% |
$344 |
$11 |
$333 |
$0 |
148 |
$2.2 |
-$17.7 |
0.6 |
3.9 |
| CIPHERGEN BIOSYSTEMS |
$11.43 |
82% |
227% |
$330 |
$21 |
$309 |
$30 |
323 |
$1.0 |
-$62.4 |
0.3 |
1.9 |
| COMBIMATRIX |
$3.35 |
66% |
na |
$88 |
$43 |
$45 |
$0 |
14 |
na |
-$26.7 |
na |
na |
| COMPUGEN |
$5.05 |
80% |
166% |
$133 |
na |
na |
$0 |
176 |
na |
-$12.8 |
na |
na |
| ILLUMINA |
$7.05 |
78% |
127% |
$232 |
$55 |
$177 |
$25 |
233 |
$0.8 |
-$22.0 |
2.5 |
3.6 |
| NANOGEN |
$9.01 |
100% |
497% |
$220 |
$30 |
$190 |
$0 |
195 |
$1.0 |
-$27.6 |
1.1 |
1.1 |
| ORCHID BIOSCIENCES |
$1.85 |
93% |
293% |
$139 |
$4 |
na |
$2 |
492 |
na |
-$40.8 |
na |
0.4 |
| SEQUENOM |
$3.20 |
76% |
88% |
$128 |
$75 |
$53 |
$10 |
216 |
$0.2 |
-$37.4 |
2.0 |
0.3 |
| TRANSGENOMIC |
$2.02 |
48% |
-17% |
$51 |
$3 |
$48 |
$1 |
326 |
$0.1 |
-$14.4 |
0.2 |
0.4 |
| Genomic Supply Average |
|
81% |
149% |
$287 |
$81 |
$229 |
$37 |
|
$0.8 |
-$29.1 |
1.8 |
1.7 |
| Genomic Supply Median |
|
81% |
116% |
$163 |
$43 |
$115 |
$1 |
|
$0.8 |
-$26.7 |
1.5 |
0.9 |
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| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| APPLIED MOLECULAR EVOLUTION |
$17.83 |
99% |
733% |
$374 |
$53 |
$321 |
$10 |
106 |
$3.0 |
-$22.8 |
2.3 |
2.3 |
| ARENA PHARMACEUTICALS |
$6.20 |
72% |
-8% |
$159 |
$163 |
($4) |
$0 |
336 |
($0.0) |
-$46.8 |
3.5 |
0.5 |
| CELERA GENOMICS GROUP |
$13.91 |
90% |
42% |
$1,009 |
na |
na |
$0 |
na |
na |
na |
na |
na |
| CURAGEN CORP |
$7.33 |
100% |
57% |
$364 |
$372 |
($8) |
$150 |
857 |
($0.0) |
-$93.7 |
4.0 |
0.8 |
| DECODE GENETICS |
$8.19 |
84% |
327% |
$442 |
$69 |
$373 |
$46 |
530 |
$0.7 |
-$40.0 |
1.7 |
1.0 |
| EXELIXIS |
$7.05 |
72% |
-4% |
$501 |
$260 |
$241 |
$60 |
550 |
$0.4 |
-$93.6 |
2.8 |
1.1 |
| GENAISSANCE PHARMACEUTICALS |
$3.00 |
90% |
233% |
$69 |
$26 |
$43 |
$0 |
104 |
$0.4 |
-$15.2 |
1.7 |
0.3 |
| GENE LOGIC |
$5.19 |
60% |
-21% |
$162 |
$153 |
$8 |
$1 |
264 |
$0.0 |
-$15.6 |
9.8 |
0.4 |
| GENENCOR INTERNATIONAL |
$15.70 |
90% |
56% |
$929 |
$144 |
$785 |
$57 |
1098 |
$0.7 |
na |
na |
1.8 |
| LARGE SCALE BIOLOGY |
$1.84 |
64% |
109% |
$48 |
$11 |
$36 |
$0 |
114 |
$0.3 |
-$30.5 |
0.4 |
0.2 |
| LEXICON GENETICS |
$5.89 |
79% |
25% |
$370 |
$142 |
$227 |
$4 |
579 |
$0.4 |
-$68.6 |
2.1 |
1.1 |
| LYNX THERAPEUTICS |
$6.37 |
75% |
98% |
$34 |
$5 |
$30 |
$1 |
128 |
$0.2 |
-$11.2 |
0.4 |
0.3 |
| MAXYGEN |
$10.63 |
69% |
31% |
$371 |
$192 |
$178 |
$0 |
280 |
$0.6 |
-$22.4 |
8.6 |
0.9 |
| NUVELO |
$3.50 |
83% |
280% |
$267 |
$25 |
$241 |
$5 |
98 |
$2.5 |
-$64.0 |
0.4 |
1.3 |
| PARADIGM GENETICS |
$1.47 |
76% |
287% |
$48 |
$7 |
$40 |
$2 |
194 |
$0.2 |
-$14.4 |
0.5 |
0.5 |
| RIGEL PHARMACEUTICALS |
$19.20 |
100% |
103% |
$284 |
$12 |
$272 |
$0 |
160 |
$1.7 |
-$42.0 |
0.3 |
2.0 |
| SANGAMO BIOSCIENCES |
$5.47 |
96% |
48% |
$136 |
$46 |
$90 |
$0 |
74 |
$1.2 |
-$13.2 |
3.5 |
1.1 |
| ZYMOGENETICS |
$15.50 |
86% |
48% |
$813 |
$329 |
$483 |
$0 |
364 |
$1.3 |
-$52.5 |
6.3 |
1.9 |
| Genomic Targets Average |
|
82% |
136% |
$354 |
$118 |
$198 |
$19 |
|
$0.8 |
-$40.4 |
3.0 |
1.0 |
| Genomic Targets Median |
|
84% |
57% |
$324 |
$69 |
$178 |
$1 |
|
$0.4 |
-$35.3 |
2.2 |
1.0 |
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| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| EDEN BIOSCIENCES |
$1.43 |
64% |
5% |
$35 |
$23 |
$12 |
$0 |
55 |
$0.2 |
-$13.2 |
1.7 |
0.3 |
| EMBREX |
$13.74 |
94% |
15% |
$112 |
$10 |
$103 |
$0 |
241 |
$0.4 |
na |
na |
1.8 |
| IDEXX LABORATORIES |
$46.28 |
94% |
40% |
$1,613 |
$192 |
$1,421 |
$0 |
1281 |
$1.1 |
na |
na |
4.6 |
| IMMUCELL CORP |
$3.87 |
80% |
126% |
$11 |
$4 |
$6 |
$0 |
26 |
$0.2 |
na |
na |
1.1 |
| NEOGEN |
$19.82 |
85% |
65% |
$124 |
$8 |
$116 |
$0 |
265 |
$0.4 |
na |
na |
5.0 |
| Agbio/enviro. Average |
|
83% |
50% |
$379 |
$47 |
$332 |
$0 |
|
$0.5 |
-$13.2 |
1.7 |
2.6 |
| Agbio/enviro. Median |
|
85% |
40% |
$112 |
$10 |
$103 |
$0 |
|
$0.4 |
-$13.2 |
1.7 |
1.8 |
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| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| ALEXION PHARMACEUTICALS |
$17.01 |
79% |
14% |
$372 |
$279 |
$94 |
$124 |
172 |
$0.5 |
-$85.9 |
3.2 |
1.0 |
| ATHEROGENICS |
$14.86 |
79% |
108% |
$545 |
$61 |
$485 |
$100 |
85 |
$5.7 |
-$49.2 |
1.2 |
3.2 |
| AUTOIMMUNE |
$1.58 |
70% |
129% |
$27 |
$11 |
$16 |
$0 |
2 |
$7.8 |
-$0.6 |
19.4 |
0.2 |
| CONNETICS CORP |
$18.16 |
94% |
52% |
$578 |
$27 |
$551 |
$80 |
190 |
$2.9 |
-$7.2 |
3.8 |
3.4 |
| CORTECH |
$2.89 |
88% |
22% |
$10 |
($0) |
$10 |
$0 |
na |
na |
-$0.3 |
na |
na |
| CYPRESS BIOSCIENCE |
$15.03 |
100% |
447% |
$333 |
$3 |
$330 |
$0 |
10 |
$33.0 |
-$30.0 |
0.1 |
2.9 |
| ICOS CORP |
$41.28 |
86% |
66% |
$2,597 |
$117 |
$2,480 |
$250 |
525 |
$4.7 |
-$156.0 |
0.7 |
3.3 |
| INKINE PHARMACEUTICAL CO |
$4.83 |
81% |
161% |
$234 |
$12 |
$222 |
$12 |
49 |
$4.5 |
na |
na |
3.6 |
| LA JOLLA PHARMACEUTICAL CO |
$4.26 |
48% |
-36% |
$217 |
$51 |
$166 |
$1 |
156 |
$1.1 |
-$39.7 |
1.3 |
1.0 |
| PROTEIN DESIGN LABS |
$17.90 |
87% |
111% |
$1,678 |
$587 |
$1,090 |
$400 |
397 |
$2.7 |
-$20.0 |
29.4 |
2.7 |
| TANOX |
$14.85 |
65% |
51% |
$652 |
$216 |
$435 |
$5 |
127 |
$3.4 |
na |
na |
2.1 |
| Autoimmune Average |
|
80% |
102% |
$658 |
$124 |
$534 |
$88 |
|
$6.6 |
-$43.2 |
7.4 |
2.3 |
| Autoimmune Median |
|
81% |
66% |
$372 |
$51 |
$330 |
$12 |
|
$4.0 |
-$30.0 |
2.3 |
2.8 |
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| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| ALLOS THERAPEUTICS |
$3.59 |
45% |
-51% |
$93 |
$37 |
$56 |
$0 |
92 |
$0.6 |
-$46.8 |
0.8 |
0.5 |
| ANTIGENICS |
$11.34 |
71% |
7% |
$448 |
$86 |
$361 |
$0 |
212 |
$1.7 |
-$66.4 |
1.3 |
1.3 |
| APHTON CORP |
$6.00 |
60% |
57% |
$172 |
$2 |
$171 |
$3 |
56 |
$3.0 |
-$32.6 |
na |
1.3 |
| ARIAD PHARMACEUTICALS |
$7.45 |
85% |
214% |
$340 |
$17 |
$323 |
$6 |
52 |
$6.2 |
-$17.6 |
1.0 |
2.1 |
| AVI BIOPHARMA |
$4.07 |
54% |
-20% |
$127 |
$8 |
$119 |
$0 |
89 |
$1.3 |
-$14.0 |
0.6 |
0.9 |
| BIOMIRA |
$1.48 |
30% |
64% |
$107 |
$78 |
$29 |
$0 |
115 |
$0.3 |
-$17.8 |
4.4 |
1.2 |
| BOSTON LIFE SCIENCES |
$1.24 |
41% |
15% |
$40 |
$11 |
$29 |
$0 |
14 |
$2.1 |
-$7.6 |
1.5 |
na |
| CELGENE CORP |
$44.88 |
92% |
97% |
$3,646 |
$258 |
$3,388 |
$400 |
560 |
$6.0 |
na |
na |
6.1 |
| CELL THERAPEUTICS |
$8.67 |
55% |
11% |
$295 |
$79 |
$216 |
$190 |
286 |
$0.8 |
-$122.8 |
0.6 |
0.8 |
| CORIXA CORP |
$6.04 |
61% |
-10% |
$334 |
$41 |
$293 |
$106 |
366 |
$0.8 |
-$83.6 |
0.5 |
0.3 |
| CYTOGEN CORP |
$10.88 |
74% |
273% |
$140 |
$9 |
$131 |
$0 |
49 |
$2.7 |
-$7.8 |
1.2 |
0.4 |
| DENDREON |
$8.06 |
77% |
47% |
$361 |
$39 |
$322 |
$0 |
117 |
$2.7 |
-$33.2 |
1.2 |
2.2 |
| DUSA PHARMACEUTICALS |
$5.05 |
74% |
218% |
$71 |
$44 |
$26 |
$1 |
43 |
$0.6 |
-$15.2 |
2.9 |
0.7 |
| ENTREMED |
$3.32 |
51% |
257% |
$123 |
$1 |
$122 |
$0 |
58 |
$2.1 |
-$22.0 |
0.0 |
0.5 |
| EXEGENICS |
$0.90 |
100% |
100% |
$14 |
na |
na |
$0 |
8 |
na |
-$7.2 |
na |
0.2 |
| GENAERA |
$3.27 |
50% |
554% |
$147 |
$6 |
$141 |
$0 |
22 |
$6.4 |
-$6.1 |
1.0 |
0.8 |
| GENTA |
$10.43 |
59% |
30% |
$791 |
$100 |
$691 |
$28 |
96 |
$7.2 |
-$12.6 |
8.0 |
2.4 |
| GERON CORP |
$9.97 |
59% |
183% |
$390 |
$99 |
$291 |
$16 |
92 |
$3.2 |
-$36.8 |
2.7 |
1.5 |
| ILEX ONCOLOGY |
$21.25 |
95% |
185% |
$829 |
$246 |
$583 |
$37 |
277 |
$2.1 |
-$35.2 |
7.0 |
1.8 |
| IMCLONE SYSTEMS |
$39.66 |
81% |
248% |
$2,973 |
$259 |
$2,714 |
$242 |
399 |
$6.8 |
-$138.0 |
1.9 |
8.6 |
| IMMUNOGEN |
$5.05 |
84% |
55% |
$205 |
$508 |
($303) |
$0 |
1618 |
($0.2) |
-$27.6 |
18.4 |
0.1 |
| IMMUNOMEDICS |
$4.56 |
47% |
-16% |
$227 |
$25 |
$203 |
$0 |
94 |
$2.2 |
-$14.8 |
1.7 |
1.4 |
| MAXIM PHARMACEUTICALS |
$8.90 |
100% |
257% |
$249 |
$76 |
$173 |
$1 |
115 |
$1.5 |
-$49.6 |
1.5 |
0.7 |
| MEDAREX |
$6.23 |
81% |
50% |
$491 |
$292 |
$199 |
$175 |
431 |
$0.5 |
-$116.5 |
2.5 |
0.8 |
| NAPRO BIOTHERAPEUTICS |
$1.97 |
62% |
170% |
$61 |
$4 |
$56 |
$25 |
151 |
$0.4 |
-$8.5 |
0.5 |
0.5 |
| NEOPHARM |
$18.22 |
94% |
63% |
$343 |
$64 |
$279 |
$0 |
100 |
$2.8 |
-$65.6 |
1.0 |
2.0 |
| NEORX CORP |
$4.16 |
58% |
824% |
$116 |
$17 |
$99 |
$5 |
36 |
$2.7 |
na |
na |
0.5 |
| OSI PHARMACEUTICALS |
$32.25 |
84% |
88% |
$1,254 |
$279 |
$975 |
$295 |
429 |
$2.3 |
-$300.0 |
0.9 |
1.8 |
| OXIGENE |
$8.10 |
42% |
686% |
$114 |
$9 |
$105 |
$0 |
10 |
$10.5 |
-$5.9 |
1.4 |
1.4 |
| PRAECIS PHARMACEUTICALS |
$6.44 |
81% |
103% |
$334 |
$166 |
$168 |
$33 |
110 |
$1.5 |
-$62.0 |
2.7 |
0.9 |
| PROGENICS PHARMACEUTICALS |
$18.86 |
90% |
192% |
$249 |
$77 |
$171 |
$0 |
100 |
$1.7 |
-$31.2 |
2.5 |
2.7 |
| QLT INC |
$18.85 |
93% |
122% |
$1,298 |
$137 |
$1,161 |
$172 |
336 |
$3.5 |
na |
na |
3.3 |
| SCICLONE PHARMACEUTICALS |
$6.78 |
69% |
93% |
$301 |
$66 |
$235 |
$6 |
97 |
$2.4 |
-$11.4 |
5.8 |
1.9 |
| SEATTLE GENETICS |
$8.58 |
100% |
157% |
$265 |
$16 |
$249 |
$0 |
97 |
$2.6 |
-$22.0 |
0.7 |
2.5 |
| SPECTRUM PHARMACEUTICALS |
$8.37 |
81% |
350% |
$55 |
$3 |
$52 |
$0 |
18 |
$2.9 |
-$6.6 |
0.4 |
0.4 |
| SUPERGEN |
$11.00 |
96% |
296% |
$390 |
$19 |
$371 |
$8 |
107 |
$3.5 |
-$50.0 |
0.4 |
1.4 |
| VERNALIS |
$2.39 |
68% |
41% |
$80 |
$269 |
($190) |
$5 |
96 |
($2.0) |
-$59.4 |
4.5 |
0.1 |
| XENOVA GROUP PLC |
$1.82 |
25% |
-69% |
$31 |
$29 |
$2 |
$0 |
134 |
$0.0 |
-$23.6 |
1.2 |
1.1 |
| Cancer Average |
|
70% |
156% |
$461 |
$94 |
$379 |
$46 |
|
$2.6 |
-$45.1 |
2.5 |
1.5 |
| Cancer Median |
|
72% |
98% |
$249 |
$44 |
$173 |
$1 |
|
$2.2 |
-$27.6 |
1.3 |
1.2 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| CV THERAPEUTICS |
$14.72 |
35% |
-26% |
$428 |
$378 |
$49 |
$196 |
205 |
$0.2 |
-$91.4 |
4.1 |
0.8 |
| ENCYSIVE PHARMACEUTICALS |
$8.95 |
100% |
513% |
$399 |
$82 |
$318 |
$0 |
104 |
$3.1 |
-$56.8 |
1.4 |
1.9 |
| MEDICINES COMPANY |
$29.46 |
94% |
82% |
$1,395 |
$136 |
$1,258 |
$0 |
147 |
$8.6 |
-$26.3 |
5.2 |
3.1 |
| QUESTCOR PHARMACEUTICALS |
$0.74 |
54% |
-20% |
$33 |
$13 |
$20 |
$3 |
52 |
$0.4 |
-$8.4 |
1.5 |
0.4 |
| Cardiovascular Average |
|
71% |
137% |
$564 |
$152 |
$411 |
$50 |
|
$3.1 |
-$45.7 |
3.1 |
1.5 |
| Cardiovascular Median |
|
74% |
31% |
$413 |
$109 |
$183 |
$2 |
|
$1.7 |
-$41.6 |
2.8 |
1.3 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| ALBANY MOLECULAR RESEARCH |
$15.01 |
83% |
-1% |
$474 |
$132 |
$342 |
$66 |
860 |
$0.4 |
na |
na |
2.6 |
| ARGONAUT TECHNOLOGIES |
$1.76 |
82% |
96% |
$36 |
$22 |
$14 |
$12 |
215 |
$0.1 |
-$7.6 |
2.8 |
0.3 |
| ARQULE |
$4.88 |
85% |
60% |
$137 |
$84 |
$53 |
$5 |
298 |
$0.2 |
na |
na |
0.6 |
| ARRAY BIOPHARMA |
$5.69 |
77% |
7% |
$161 |
$35 |
$126 |
$0 |
245 |
$0.5 |
-$23.6 |
1.5 |
1.3 |
| BIOCRYST PHARMACEUTICALS |
$6.85 |
73% |
599% |
$121 |
$20 |
$102 |
$0 |
44 |
$2.3 |
-$13.0 |
1.5 |
0.9 |
| DISCOVERY PARTNERS |
$6.15 |
91% |
114% |
$152 |
$69 |
$82 |
$0 |
236 |
$0.3 |
-$5.2 |
13.3 |
0.8 |
| KOSAN BIOSCIENCES |
$9.86 |
99% |
62% |
$253 |
$53 |
$200 |
$0 |
112 |
$1.8 |
-$2.1 |
25.5 |
1.8 |
| PHARMACOPEIA |
$14.23 |
88% |
54% |
$339 |
$143 |
$197 |
$0 |
687 |
$0.3 |
-$14.8 |
9.6 |
1.2 |
| SYMYX TECHNOLOGIES |
$20.55 |
80% |
71% |
$647 |
$128 |
$520 |
$0 |
213 |
$2.4 |
na |
na |
4.2 |
| VERTEX PHARMACEUTICALS |
$10.35 |
55% |
-38% |
$804 |
$639 |
$165 |
$315 |
980 |
$0.2 |
-$164.0 |
3.9 |
1.0 |
| Chemistry Average |
|
81% |
102% |
$313 |
$132 |
$180 |
$40 |
|
$0.9 |
-$32.9 |
8.3 |
1.5 |
| Chemistry Median |
|
82% |
61% |
$207 |
$77 |
$146 |
$0 |
|
$0.4 |
-$13.0 |
3.9 |
1.1 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| ADOLOR |
$19.99 |
92% |
38% |
$633 |
$241 |
$392 |
$0 |
124 |
$3.2 |
-$55.2 |
4.4 |
2.4 |
| CEPHALON |
$48.41 |
88% |
-4% |
$2,694 |
$565 |
$2,129 |
$1,610 |
1271 |
$1.7 |
na |
na |
2.6 |
| DOV PHARMACEUTICALS |
$13.37 |
71% |
88% |
$220 |
$53 |
$167 |
$14 |
32 |
$5.2 |
-$18.8 |
2.8 |
2.7 |
| GUILFORD PHARMACEUTICALS |
$6.78 |
83% |
73% |
$197 |
$61 |
$136 |
$64 |
235 |
$0.6 |
-$22.1 |
2.7 |
0.6 |
| INDEVUS PHARMACEUTICALS |
$5.90 |
86% |
174% |
$279 |
$21 |
$258 |
$72 |
24 |
$10.7 |
-$48.2 |
0.4 |
0.9 |
| NEUROBIOLOGICAL TECHNOLOGIES |
$5.83 |
66% |
-7% |
$112 |
$4 |
$108 |
$0 |
11 |
$9.8 |
-$2.8 |
1.4 |
2.5 |
| NEUROCRINE BIOSCIENCES |
$54.54 |
90% |
11% |
$1,924 |
$496 |
$1,428 |
$0 |
276 |
$5.2 |
-$41.2 |
12.0 |
4.5 |
| NYMOX PHARMACEUTICAL |
$3.38 |
77% |
-11% |
$81 |
na |
na |
$0 |
228 |
na |
-$4.5 |
na |
na |
| PAIN THERAPEUTICS |
$6.95 |
78% |
196% |
$246 |
$95 |
$151 |
$0 |
30 |
$5.0 |
-$23.9 |
4.0 |
2.4 |
| PHARMOS CORP |
$3.50 |
70% |
221% |
$259 |
$41 |
$218 |
$42 |
67 |
$3.2 |
-$17.2 |
2.4 |
2.2 |
| STEMCELLS |
$1.98 |
63% |
61% |
$67 |
$2 |
$65 |
$0 |
28 |
$2.3 |
-$10.4 |
0.2 |
0.4 |
| TITAN PHARMACEUTICALS |
$2.92 |
73% |
100% |
$84 |
$59 |
$25 |
$0 |
72 |
$0.3 |
-$26.7 |
2.2 |
0.4 |
| CNS Average |
|
78% |
78% |
$566 |
$149 |
$462 |
$150 |
|
$4.3 |
-$24.6 |
3.3 |
2.0 |
| CNS Median |
|
77% |
67% |
$233 |
$59 |
$167 |
$0 |
|
$3.2 |
-$22.1 |
2.6 |
2.4 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| BIOSOURCE INTERNATIONAL |
$6.77 |
85% |
19% |
$63 |
$4 |
$59 |
$0 |
296 |
$0.2 |
na |
na |
1.4 |
| GTC BIOTHERAPEUTICS |
$3.00 |
69% |
183% |
$96 |
$42 |
$54 |
$13 |
182 |
$0.3 |
-$24.0 |
1.7 |
0.5 |
| HARVARD BIOSCIENCE |
$8.90 |
100% |
174% |
$268 |
$10 |
$258 |
$0 |
386 |
$0.7 |
na |
na |
1.6 |
| ICON PLC |
$43.60 |
97% |
60% |
$590 |
$54 |
na |
$0 |
1637 |
na |
na |
na |
na |
| INVITROGEN CORP |
$69.91 |
100% |
117% |
$3,795 |
$781 |
$3,015 |
$697 |
2744 |
$1.1 |
na |
na |
2.0 |
| MOLECULAR DEVICES CORP |
$18.99 |
90% |
18% |
$282 |
$58 |
$224 |
$0 |
433 |
$0.5 |
na |
na |
1.5 |
| NEOSE TECHNOLOGIES |
$9.20 |
73% |
-1% |
$183 |
$42 |
$142 |
$8 |
124 |
$1.1 |
-$39.7 |
1.1 |
0.9 |
| PARAXEL INTERNATIONAL |
$16.26 |
87% |
38% |
$422 |
$79 |
$343 |
$1 |
4930 |
$0.1 |
na |
na |
2.4 |
| PHARMACEUTICAL PRODUCT DEVELOP |
$26.97 |
84% |
-9% |
$1,510 |
$203 |
$1,307 |
$6 |
5300 |
$0.2 |
na |
na |
5.5 |
| QIAGEN NV |
$11.96 |
91% |
118% |
$1,742 |
$41 |
$1,701 |
$0 |
1651 |
$1.0 |
na |
na |
35.1 |
| CRO/Service/Supply Average |
|
87% |
72% |
$895 |
$131 |
$789 |
$73 |
|
$0.6 |
-$31.8 |
1.4 |
5.7 |
| CRO/Service/Supply Median |
|
89% |
49% |
$352 |
$48 |
$258 |
$0 |
|
$0.5 |
-$31.8 |
1.4 |
1.6 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| ABGENIX |
$12.35 |
73% |
65% |
$1,089 |
$280 |
$810 |
$200 |
387 |
$2.1 |
-$264.4 |
1.1 |
1.1 |
| AEROGEN |
$2.20 |
34% |
2% |
$9 |
$1 |
$8 |
$0 |
80 |
$0.1 |
-$14.6 |
0.1 |
0.1 |
| ALKERMES |
$13.50 |
83% |
118% |
$1,207 |
$128 |
$1,079 |
$385 |
520 |
$2.1 |
-$120.0 |
1.1 |
2.5 |
| ANDRX |
$24.04 |
93% |
66% |
$1,732 |
$81 |
$1,650 |
$0 |
2100 |
$0.8 |
na |
na |
3.5 |
| ARADIGM CORP |
$1.71 |
49% |
21% |
$94 |
$29 |
$65 |
$0 |
285 |
$0.2 |
-$29.6 |
1.0 |
0.3 |
| ATRIX LABORATORIES |
$24.04 |
78% |
52% |
$516 |
$95 |
$421 |
$0 |
167 |
$2.5 |
-$2.9 |
33.0 |
2.0 |
| BIODELIVERY SCIENCES |
$2.71 |
54% |
33% |
$19 |
$5 |
$14 |
$0 |
19 |
$0.7 |
-$1.2 |
4.4 |
1.4 |
| CIMA LABS |
$32.62 |
98% |
31% |
$474 |
$75 |
$398 |
$0 |
219 |
$1.8 |
na |
na |
2.0 |
| DEPOMED |
$7.09 |
88% |
320% |
$239 |
$46 |
$194 |
$0 |
51 |
$3.8 |
-$28.8 |
1.6 |
3.5 |
| DOR BIOPHARMA |
$0.78 |
46% |
47% |
$27 |
$2 |
$25 |
$0 |
5 |
$4.9 |
-$3.2 |
0.7 |
0.4 |
| DURECT |
$2.50 |
56% |
26% |
$128 |
$32 |
$96 |
$50 |
6 |
$16.0 |
-$20.5 |
1.6 |
0.7 |
| EMISPHERE TECHNOLOGIES |
$5.42 |
59% |
48% |
$98 |
$41 |
$57 |
$34 |
124 |
$0.5 |
-$45.8 |
0.9 |
0.3 |
| ENZON PHARMACEUTICALS |
$11.97 |
62% |
-31% |
$521 |
$140 |
$381 |
$0 |
127 |
$3.0 |
na |
na |
1.9 |
| FLAMEL TECHNOLOGIES SA |
$26.79 |
61% |
539% |
$437 |
$77 |
$360 |
$2 |
150 |
$2.4 |
-$8.9 |
8.7 |
8.5 |
| GENEREX BIOTECHNOLOGY |
$1.35 |
46% |
-5% |
$37 |
$8 |
$29 |
$2 |
23 |
$1.3 |
-$12.6 |
0.7 |
0.4 |
| GENETRONICS BIOMEDICAL LTD |
$1.25 |
86% |
331% |
$73 |
$1 |
$73 |
$0 |
26 |
$2.8 |
-$5.6 |
0.1 |
1.3 |
| KOS PHARMACEUTICALS |
$43.01 |
90% |
125% |
$946 |
$203 |
$743 |
$0 |
726 |
$1.0 |
na |
na |
4.3 |
| MACROCHEM CORP |
$0.85 |
52% |
157% |
$28 |
$7 |
$21 |
$0 |
13 |
$1.6 |
-$2.2 |
3.2 |
0.4 |
| MEDICIS PHARMACEUTICAL |
$71.30 |
100% |
49% |
$1,955 |
$552 |
$1,403 |
$400 |
279 |
$5.0 |
na |
na |
4.4 |
| NASTECH PHARMACEUTICAL |
$9.61 |
80% |
13% |
$114 |
$14 |
$100 |
$4 |
63 |
$1.6 |
-$11.7 |
1.2 |
1.8 |
| NEKTAR THERAPEUTICS |
$13.61 |
88% |
58% |
$764 |
$239 |
$525 |
$399 |
680 |
$0.8 |
-$52.0 |
4.6 |
1.0 |
| NOVAVAX |
$6.00 |
70% |
104% |
$181 |
$9 |
$172 |
$41 |
121 |
$1.4 |
-$20.0 |
0.5 |
1.5 |
| NOVEN PHARMACEUTICALS |
$15.21 |
100% |
58% |
$343 |
$68 |
$274 |
$0 |
274 |
$1.0 |
na |
na |
4.4 |
| SEPRACOR |
$23.93 |
73% |
146% |
$2,031 |
$448 |
$1,583 |
$983 |
818 |
$1.9 |
-$135.2 |
3.3 |
2.6 |
| Delivery Average |
|
72% |
99% |
$544 |
$108 |
$437 |
$104 |
|
$2.5 |
-$43.3 |
3.8 |
2.1 |
| Delivery Median |
|
73% |
55% |
$291 |
$57 |
$234 |
$0 |
|
$1.7 |
-$17.3 |
1.1 |
1.7 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| ADVANCED MAGNETICS |
$13.00 |
85% |
212% |
$101 |
$16 |
$85 |
$0 |
23 |
$3.7 |
na |
na |
2.3 |
| BIOSITE |
$28.95 |
50% |
-17% |
$451 |
$79 |
$372 |
$7 |
513 |
$0.7 |
na |
na |
5.6 |
| CHOLESTECH CORP |
$7.64 |
59% |
14% |
$107 |
$17 |
$90 |
$0 |
220 |
$0.4 |
na |
na |
1.3 |
| DIAGNOSTIC PRODUCTS CORP |
$45.91 |
99% |
20% |
$1,323 |
$49 |
$1,274 |
$0 |
2100 |
$0.6 |
na |
na |
21.5 |
| DIGENE CORP |
$40.10 |
81% |
265% |
$751 |
$31 |
$720 |
$3 |
243 |
$3.0 |
na |
na |
6.5 |
| ENZO BIOCHEM |
$17.91 |
62% |
19% |
$538 |
$77 |
$461 |
$0 |
231 |
$2.0 |
-$10.1 |
7.6 |
3.3 |
| EPIX MEDICAL |
$16.28 |
79% |
130% |
$359 |
$18 |
$341 |
$0 |
93 |
$3.7 |
-$13.6 |
1.3 |
3.0 |
| EXACT SCIENCES |
$10.12 |
56% |
-7% |
$195 |
$27 |
$167 |
$0 |
75 |
$2.2 |
-$31.5 |
0.9 |
1.7 |
| GEN-PROBE |
$36.47 |
100% |
217% |
$1,772 |
$8 |
na |
$0 |
186 |
na |
na |
na |
na |
| HYCOR BIOMEDICAL |
$3.90 |
60% |
103% |
$32 |
$5 |
$26 |
$0 |
148 |
$0.2 |
na |
na |
2.4 |
| IGEN INTERNATIONAL |
$58.87 |
97% |
35% |
$1,470 |
$34 |
$1,436 |
$45 |
370 |
$3.9 |
-$28.8 |
1.2 |
6.1 |
| IMMUCOR |
$20.39 |
84% |
-8% |
$398 |
$9 |
$389 |
$20 |
481 |
$0.8 |
na |
na |
13.1 |
| LUMINEX |
$9.38 |
85% |
116% |
$284 |
$38 |
$246 |
$0 |
117 |
$2.1 |
-$7.6 |
4.9 |
2.3 |
| MARTEK BIOSCIENCES CORP |
$65.09 |
100% |
149% |
$1,793 |
$196 |
$1,597 |
$0 |
198 |
$8.1 |
na |
na |
5.5 |
| MATRITECH |
$1.90 |
63% |
-11% |
$68 |
$5 |
$63 |
$4 |
50 |
$1.3 |
-$7.2 |
0.7 |
0.9 |
| MERIDIAN BIOSCIENCE |
$10.44 |
87% |
66% |
$155 |
$5 |
$150 |
$23 |
350 |
$0.4 |
na |
na |
6.5 |
| ORASURE |
$7.96 |
73% |
35% |
$350 |
$63 |
$286 |
$3 |
187 |
$1.5 |
na |
na |
2.2 |
| QUIDEL CORP |
$10.77 |
100% |
199% |
$315 |
$13 |
$302 |
$10 |
330 |
$0.9 |
-$1.5 |
8.9 |
2.2 |
| SONUS PHARMACEUTICALS |
$5.08 |
79% |
117% |
$91 |
$11 |
$80 |
$0 |
37 |
$2.2 |
-$12.4 |
0.9 |
1.6 |
| TRINITY BIOTECH PLC |
$5.58 |
100% |
304% |
$239 |
$1 |
$238 |
$0 |
332 |
$0.7 |
na |
na |
11.0 |
| Diagnostic/imag. Average |
|
80% |
98% |
$540 |
$35 |
$438 |
$6 |
|
$2.0 |
-$14.1 |
3.3 |
5.2 |
| Diagnostic/imag. Median |
|
83% |
85% |
$332 |
$17 |
$286 |
$0 |
|
$1.5 |
-$11.2 |
1.2 |
3.0 |
| |
|
|
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| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| AASTROM BIOSCIENCES |
$1.33 |
73% |
166% |
$95 |
$7 |
$87 |
$0 |
44 |
$2.0 |
-$11.2 |
0.7 |
0.9 |
| AVIGEN |
$5.89 |
76% |
-4% |
$119 |
$98 |
$21 |
$8 |
102 |
$0.2 |
-$24.2 |
4.1 |
0.5 |
| CELL GENESYS |
$12.79 |
84% |
5% |
$507 |
$142 |
$365 |
$60 |
336 |
$1.1 |
-$76.0 |
1.9 |
1.7 |
| CORAUTUS GENETICS |
$4.50 |
69% |
114% |
$45 |
($0) |
$45 |
$0 |
17 |
$2.7 |
-$11.6 |
(0.0) |
0.7 |
| GENVEC |
$3.30 |
73% |
-5% |
$168 |
$6 |
$162 |
$6 |
95 |
$1.7 |
-$24.0 |
0.2 |
1.5 |
| INTROGEN |
$8.48 |
75% |
320% |
$201 |
$15 |
$186 |
$7 |
50 |
$3.7 |
-$16.2 |
0.9 |
2.1 |
| SIRNA THERAPEUTICS |
$5.20 |
45% |
221% |
$164 |
$37 |
$127 |
$4 |
81 |
$1.6 |
-$31.2 |
1.2 |
0.8 |
| TARGETED GENETICS CORP |
$2.19 |
49% |
398% |
$145 |
$12 |
$133 |
$0 |
125 |
$1.1 |
-$3.1 |
3.9 |
0.7 |
| TRANSGENE SA |
$2.57 |
55% |
37% |
$78 |
$0 |
$78 |
$0 |
318 |
$0.2 |
-$20.4 |
0.0 |
na |
| TRANSKARYOTIC THERAPIES |
$15.61 |
100% |
58% |
$546 |
$191 |
$355 |
$0 |
345 |
$1.0 |
-$84.0 |
2.3 |
0.8 |
| VALENTIS |
$2.70 |
31% |
-61% |
$16 |
$4 |
$12 |
$0 |
58 |
$0.2 |
-$8.2 |
0.5 |
0.1 |
| VICAL |
$4.92 |
63% |
57% |
$99 |
$95 |
$4 |
$0 |
165 |
$0.0 |
-$27.6 |
3.4 |
0.5 |
| Gene therapy Average |
|
66% |
109% |
$182 |
$51 |
$131 |
$7 |
|
$1.3 |
-$28.1 |
1.6 |
0.9 |
| Gene therapy Median |
|
71% |
58% |
$132 |
$14 |
$107 |
$0 |
|
$1.1 |
-$22.2 |
1.1 |
0.8 |
| |
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| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| AVANT IMMUNOTHERAPEUTICS |
$2.74 |
79% |
151% |
$177 |
$17 |
$161 |
$0 |
66 |
$2.4 |
-$12.8 |
1.3 |
0.8 |
| CUBIST PHARMACEUTICALS |
$12.20 |
83% |
45% |
$488 |
$89 |
$399 |
$208 |
204 |
$2.0 |
-$100.0 |
0.9 |
1.9 |
| EPIMMUNE |
$1.81 |
42% |
81% |
$24 |
$6 |
$19 |
$0 |
52 |
$0.4 |
-$8.1 |
0.7 |
0.1 |
| GENELABS TECHNOLOGIES |
$2.83 |
100% |
63% |
$244 |
$28 |
$216 |
$0 |
94 |
$2.3 |
-$16.8 |
1.7 |
1.3 |
| IMMUNE RESPONSE CORP |
$1.51 |
38% |
66% |
$62 |
na |
na |
$5 |
43 |
na |
-$37.2 |
na |
0.2 |
| INTERMUNE |
$23.16 |
77% |
-17% |
$737 |
$257 |
$480 |
$150 |
250 |
$1.9 |
-$81.2 |
3.2 |
1.5 |
| INTRABIOTICS |
$16.10 |
97% |
363% |
$85 |
$8 |
$77 |
$0 |
8 |
$9.6 |
-$15.2 |
0.5 |
0.4 |
| MEDIMMUNE |
$25.38 |
60% |
-11% |
$6,282 |
$581 |
$5,702 |
$717 |
1505 |
$3.8 |
na |
na |
2.4 |
| NABI BIOPHARMACEUTICALS |
$12.71 |
100% |
96% |
$600 |
$145 |
$455 |
$0 |
722 |
$0.6 |
na |
na |
3.7 |
| SIGA TECHNOLOGIES |
$2.29 |
77% |
52% |
$43 |
$0 |
$42 |
$0 |
17 |
$2.5 |
-$4.8 |
0.1 |
1.3 |
| TRIMERIS |
$20.94 |
38% |
-53% |
$451 |
$122 |
$329 |
$0 |
129 |
$2.5 |
-$72.0 |
1.7 |
1.1 |
| VAXGEN |
$7.92 |
37% |
-54% |
$165 |
$3 |
$162 |
$0 |
117 |
$1.4 |
-$30.1 |
0.1 |
1.0 |
| VICURON |
$18.65 |
98% |
77% |
$1,004 |
$203 |
$802 |
$0 |
28 |
$28.6 |
-$103.2 |
2.0 |
2.3 |
| VION PHARMACEUTICALS |
$1.58 |
53% |
339% |
$62 |
$5 |
$57 |
$0 |
34 |
$1.7 |
-$12.5 |
0.4 |
0.6 |
| VIROLOGIC |
$3.76 |
100% |
296% |
$167 |
$7 |
$160 |
$0 |
170 |
$0.9 |
-$10.8 |
0.7 |
1.3 |
| VIROPHARMA |
$2.77 |
58% |
76% |
$73 |
$137 |
($65) |
$130 |
139 |
($0.5) |
-$28.9 |
4.7 |
0.3 |
| XOMA LTD |
$6.60 |
62% |
55% |
$549 |
$99 |
$450 |
$71 |
229 |
$2.0 |
-$64.0 |
1.5 |
1.0 |
| Infection Average |
|
71% |
96% |
$660 |
$107 |
$590 |
$75 |
|
$3.9 |
-$39.8 |
1.4 |
1.3 |
| Infection Median |
|
77% |
66% |
$177 |
$59 |
$189 |
$0 |
|
$2.0 |
-$28.9 |
1.1 |
1.1 |
| |
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| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| AMYLIN PHARMACEUTICALS |
$22.22 |
72% |
29% |
$2,077 |
$418 |
$1,659 |
$175 |
350 |
$4.7 |
-$148.0 |
2.8 |
3.0 |
| BIOMARIN PHARMACEUTICAL |
$7.76 |
57% |
12% |
$496 |
$155 |
$341 |
$125 |
219 |
$1.6 |
-$39.6 |
3.9 |
1.2 |
| INSMED INC |
$2.97 |
79% |
591% |
$114 |
$19 |
$95 |
$0 |
23 |
$4.1 |
-$13.0 |
1.4 |
na |
| KERYX BIOPHARMACEUTICALS |
$4.65 |
81% |
180% |
$100 |
$21 |
$79 |
$0 |
24 |
$3.3 |
-$6.0 |
3.4 |
1.4 |
| NPS PHARMACEUTICALS |
$30.68 |
92% |
15% |
$1,132 |
$145 |
$987 |
$170 |
183 |
$5.4 |
-$256.0 |
0.6 |
2.3 |
| SAVIENT PHARMACEUTICALS |
$4.61 |
68% |
46% |
$274 |
$26 |
$249 |
$11 |
490 |
$0.5 |
na |
na |
1.3 |
| VIVUS |
$3.79 |
64% |
-6% |
$143 |
$20 |
$123 |
$0 |
119 |
$1.0 |
-$11.7 |
1.7 |
1.1 |
| ZONAGEN |
$1.85 |
94% |
91% |
$21 |
$24 |
($3) |
$0 |
4 |
($0.6) |
-$2.7 |
8.8 |
0.2 |
| Metabolic Average |
|
76% |
120% |
$545 |
$103 |
$441 |
$60 |
|
$2.5 |
-$68.1 |
3.2 |
1.5 |
| Metabolic Median |
|
76% |
37% |
$209 |
$25 |
$186 |
$6 |
|
$2.4 |
-$13.0 |
2.8 |
1.3 |
| |
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| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| BIOPURE CORP |
$2.45 |
27% |
-40% |
$109 |
$4 |
$105 |
$10 |
249 |
$0.4 |
-$45.2 |
0.1 |
0.2 |
| BIORELIANCE CORP |
$47.81 |
100% |
103% |
$401 |
$39 |
$362 |
$10 |
638 |
$0.6 |
na |
na |
7.1 |
| BIOTIME |
$1.38 |
46% |
-8% |
$19 |
($0) |
$19 |
$2 |
12 |
$1.6 |
-$3.0 |
(0.0) |
0.6 |
| CERUS |
$4.54 |
20% |
-79% |
$100 |
$134 |
($34) |
$51 |
158 |
($0.2) |
-$66.8 |
2.0 |
2.6 |
| COLLAGENEX PHARMACEUTICALS |
$11.13 |
66% |
28% |
$154 |
$11 |
$143 |
$0 |
148 |
$1.0 |
na |
na |
1.8 |
| COLUMBIA LABORATORIES |
$6.30 |
39% |
89% |
$250 |
$2 |
$247 |
$10 |
25 |
$9.9 |
-$18.0 |
0.1 |
2.0 |
| CURIS |
$4.50 |
76% |
346% |
$181 |
$31 |
$150 |
$7 |
64 |
$2.3 |
-$20.2 |
1.6 |
0.3 |
| CYANOTECH CORP |
$1.88 |
100% |
506% |
$34 |
$0 |
$34 |
$4 |
58 |
$0.6 |
-$0.6 |
0.9 |
1.3 |
| CYTRX CORP |
$1.86 |
50% |
709% |
$63 |
$1 |
$62 |
$0 |
3 |
$20.7 |
-$20.2 |
0.0 |
0.8 |
| DISCOVERY LABORATORIES |
$10.49 |
100% |
271% |
$444 |
$9 |
$434 |
$0 |
65 |
$6.7 |
-$19.2 |
0.5 |
5.1 |
| INSITE VISION |
$0.58 |
58% |
-6% |
$15 |
$0 |
$15 |
$0 |
41 |
$0.4 |
-$7.6 |
0.0 |
0.1 |
| INSPIRE PHARMACEUTICALS |
$14.15 |
66% |
49% |
$451 |
$99 |
$351 |
$0 |
54 |
$6.5 |
-$26.4 |
3.8 |
2.3 |
| INTEGRA LIFESCIENCES |
$28.66 |
82% |
65% |
$778 |
$135 |
$644 |
$105 |
760 |
$0.8 |
na |
na |
2.6 |
| NORTHFIELD LABORATORIES |
$6.61 |
66% |
80% |
$107 |
$9 |
$97 |
$0 |
60 |
$1.6 |
-$11.6 |
0.8 |
0.9 |
| OSTEOTECH |
$8.80 |
54% |
36% |
$150 |
$17 |
$133 |
$15 |
338 |
$0.4 |
na |
na |
2.4 |
| PALATIN TECHNOLOGIES |
$2.50 |
42% |
39% |
$112 |
$19 |
$93 |
$0 |
46 |
$2.0 |
-$25.6 |
0.7 |
1.0 |
| PHARMACYCLICS |
$7.41 |
80% |
118% |
$120 |
$87 |
$33 |
$0 |
133 |
$0.3 |
-$30.1 |
2.9 |
0.4 |
| REPLIGEN CORP |
$4.37 |
52% |
62% |
$131 |
$15 |
$115 |
$0 |
39 |
$2.9 |
-$8.1 |
1.9 |
0.8 |
| SALIX PHARMACEUTICALS |
$22.68 |
100% |
204% |
$497 |
$33 |
$464 |
$0 |
135 |
$3.4 |
-$28.0 |
1.2 |
3.8 |
| TRIPOS |
$6.69 |
68% |
-7% |
$60 |
$11 |
$49 |
$4 |
337 |
$0.1 |
na |
na |
1.7 |
| Other Average |
|
65% |
128% |
$209 |
$33 |
$176 |
$11 |
|
$3.1 |
-$22.0 |
1.1 |
1.9 |
| Other Median |
|
66% |
64% |
$125 |
$13 |
$110 |
$1 |
|
$1.3 |
-$20.2 |
0.8 |
1.5 |
| |
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|
|
| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| AMGEN |
$61.79 |
85% |
22% |
$79,706 |
$5,369 |
$74,337 |
$3,056 |
10100 |
$7.4 |
na |
na |
4.1 |
| BIOGEN IDEC |
$36.70 |
73% |
5% |
$12,023 |
$2,394 |
$9,629 |
$908 |
3628 |
$2.7 |
na |
na |
6.6 |
| CHIRON CORP |
$56.98 |
100% |
45% |
$10,696 |
$905 |
$9,792 |
$564 |
4044 |
$2.4 |
na |
na |
4.4 |
| GENENTECH |
$93.57 |
100% |
168% |
$48,956 |
$1,217 |
$47,738 |
$0 |
5252 |
$9.1 |
na |
na |
7.4 |
| GENZYME CORP |
$49.29 |
94% |
55% |
$11,048 |
$546 |
$10,502 |
$600 |
5600 |
$1.9 |
na |
na |
3.9 |
| GILEAD SCIENCES |
$58.28 |
83% |
65% |
$11,802 |
$712 |
$11,090 |
$595 |
1250 |
$8.9 |
na |
na |
11.6 |
| Revenue-driven Average |
|
89% |
60% |
$29,038 |
$1,857 |
$27,181 |
$954 |
|
$5.4 |
na |
na |
6.3 |
| Revenue-driven Median |
|
90% |
50% |
$11,912 |
$1,061 |
$10,796 |
$598 |
|
$5.0 |
na |
na |
5.5 |
| |
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|
|
| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| DIVERSA |
$9.25 |
77% |
-7% |
$398 |
$142 |
$256 |
$11 |
279 |
$0.9 |
-$50.4 |
2.8 |
1.2 |
| DYAX |
$8.15 |
100% |
397% |
$201 |
$66 |
$135 |
$18 |
244 |
$0.6 |
-$24.4 |
2.7 |
1.3 |
| ISIS PHARMACEUTICALS |
$6.50 |
81% |
-6% |
$361 |
$246 |
$115 |
$200 |
523 |
$0.2 |
-$93.2 |
2.6 |
0.6 |
| LIGAND PHARMACEUTICALS |
$14.69 |
89% |
146% |
$1,074 |
$22 |
$1,052 |
$159 |
402 |
$2.6 |
-$48.0 |
0.5 |
1.6 |
| NEUROGEN CORP |
$8.41 |
71% |
116% |
$151 |
$63 |
$88 |
$14 |
163 |
$0.5 |
-$31.2 |
2.0 |
0.9 |
| ONYX PHARMACEUTICALS |
$28.23 |
93% |
362% |
$830 |
$102 |
$727 |
$0 |
89 |
$8.2 |
-$45.6 |
2.2 |
4.2 |
| REGENERON PHARMACEUTICALS |
$14.71 |
66% |
-25% |
$813 |
$283 |
$530 |
$200 |
266 |
$2.0 |
-$114.8 |
2.5 |
1.3 |
| TULARIK |
$16.12 |
100% |
102% |
$957 |
$237 |
$720 |
$0 |
430 |
$1.7 |
-$103.6 |
2.3 |
2.3 |
| Screening Average |
|
84% |
136% |
$598 |
$145 |
$453 |
$75 |
|
$2.1 |
-$63.9 |
2.2 |
1.7 |
| Screening Median |
|
85% |
109% |
$606 |
$122 |
$393 |
$16 |
|
$1.3 |
-$49.2 |
2.4 |
1.3 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Company |
12/31/03 Close |
% 52wk High |
% change 12/26/02 |
Market Cap ($M) |
Pro forma cash ($M) |
Tech Value ($M) |
LT Debt plus Convert |
# of Staff |
Tech Value/ Staff ($M) |
Est. Burn Rate ($M) |
Survival Index (Yrs) |
Equity Multiple |
| CARRINGTON LABORATORIES |
$4.12 |
64% |
312% |
$42 |
$2 |
$40 |
$2 |
252 |
$0.2 |
-$1.2 |
1.7 |
0.8 |
| CELLEGY PHARMACEUTICALS |
$3.11 |
51% |
-29% |
$62 |
$7 |
$55 |
$0 |
23 |
$2.4 |
-$18.3 |
0.4 |
0.6 |
| CURATIVE HEALTH SERVICES |
$13.80 |
70% |
-20% |
$177 |
$5 |
$172 |
$24 |
340 |
$0.5 |
na |
na |
1.7 |
| LIFECELL CORP |
$6.20 |
84% |
110% |
$158 |
$6 |
$152 |
$1 |
155 |
$1.0 |
na |
na |
2.0 |
| LIFECORE BIOMEDICAL |
$6.02 |
65% |
-26% |
$78 |
$3 |
$75 |
$6 |
199 |
$0.4 |
-$2.3 |
1.2 |
1.6 |
| Wound Average |
|
67% |
70% |
$103 |
$5 |
$99 |
$7 |
|
$0.9 |
-$7.3 |
1.1 |
1.3 |
| Wound Median |
|
65% |
-20% |
$78 |
$5 |
$75 |
$2 |
|
$0.5 |
-$2.3 |
1.2 |
1.6 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Grand Average |
|
76% |
110% |
$1,171 |
$146 |
$1,044 |
$73 |
|
$2.4 |
-$40.1 |
2.8 |
2.2 |
| Grand Median |
|
79% |
66% |
$265 |
$51 |
$189 |
$1 |
|
$1.5 |
-$25.6 |
1.7 |
1.4 |
originally published 01/16/2004 |