Signals vs Noise Article







September 2003 Stock Report

Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($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 $3.03 76% 115% $79 $32 $47 $15 152 $0.3 -$34.8 0.9 2.8
HUMAN GENOME SCIENCES $13.17 74% 14% $1,701 $1,158 $543 $503 1086 $0.5 -$165.3 7.0 1.0
INCYTE CORP $4.54 70% 18% $328 $320 $7 $172 585 $0.0 -$223.1 1.4 0.5
MILLENNIUM PHARMACEUTICALS $14.77 80% 56% $4,412 $1,514 $2,898 $83 2079 $1.4 -$551.4 2.7 1.0
MYRIAD GENETICS $11.36 52% -25% $308 $88 $220 $0 491 $0.4 -$22.1 4.0 1.2
1st Generation Genomics Average   70% 36% $1,365 $622 $743 $155   $0.5 -$199.4 3.2 1.3
1st Generation Genomics Median   74% 18% $328 $320 $220 $83   $0.4 -$165.3 2.7 1.0
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($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 $3.94 88% 146% $141 $78 $63 $0 95 $0.7 -$24.9 3.1 0.5
AFFYMETRIX $22.04 74% 10% $1,299 $416 $883 $369 877 $1.0 -$50.9 8.2 3.6
CALIPER TECHNOLOGIES $6.06 90% 43% $171 $134 $37 $1 251 $0.1 -$39.9 3.4 0.7
CEPHEID $4.61 70% 12% $150 $11 $139 $0 148 $0.9 -$18.8 0.6 1.7
CIPHERGEN BIOSYSTEMS $11.85 86% 309% $341 $27 $314 $30 323 $1.0 -$36.8 0.7 2.0
COMBIMATRIX $4.45 88% na $115 na na $0 14 na -$26.7 na na
COMPUGEN $5.25 83% 369% $138 na na $0 176 na na na na
ILLUMINA $5.15 86% 52% $168 $51 $117 $25 233 $0.5 -$35.8 1.4 2.6
NANOGEN $3.50 70% 101% $78 $26 $51 $0 195 $0.3 -$42.7 0.6 0.4
ORCHID BIOSCIENCES $1.24 62% 82% $79 na na $2 492 na -$17.1 na 0.2
SEQUENOM $3.42 82% 84% $136 $76 $61 $10 216 $0.3 -$34.2 2.2 0.3
TRANSGENOMIC $1.64 39% -60% $39 $3 $36 $1 326 $0.1 -$14.4 0.2 0.3
Genomic Supply Average   76% 104% $238 $91 $189 $37   $0.5 -$31.1 2.3 1.2
Genomic Supply Median   82% 82% $139 $51 $63 $1   $0.5 -$34.2 1.4 0.6
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($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 $9.73 87% 154% $203 $58 $144 $10 106 $1.4 -$13.1 4.4 1.3
ARENA PHARMACEUTICALS $7.25 87% 29% $207 $174 $33 $0 336 $0.1 -$35.2 4.9 0.7
CELERA GENOMICS GROUP $11.04 77% 50% $795 na na $0 na na na na na
CURAGEN CORP $5.00 71% 28% $248 $395 -$147 $150 857 -$0.2 -$64.6 6.1 0.5
DECODE GENETICS $4.25 79% 100% $228 $79 $148 $46 530 $0.3 -$52.2 1.5 0.5
EXELIXIS $7.00 72% 76% $498 $204 $294 $60 550 $0.5 -$92.2 2.2 1.1
GENAISSANCE PHARMACEUTICALS $1.88 83% 309% $43 $30 $13 $0 104 $0.1 -$18.9 1.6 0.2
GENE LOGIC $4.90 57% -36% $152 $157 -$5 $1 264 $0.0 -$23.2 6.8 0.4
GENENCOR INTERNATIONAL $16.24 93% 66% $958 $139 $819 $57 1098 $0.7 na na 1.8
LARGE SCALE BIOLOGY $1.24 67% -26% $32 $19 $13 $0 114 $0.1 -$30.5 0.6 0.2
LEXICON GENETICS $5.25 70% 29% $328 $108 $221 $4 579 $0.4 -$68.6 1.6 1.0
LYNX THERAPEUTICS $5.83 69% 39% $27 $7 $20 $1 128 $0.2 -$15.9 0.5 0.2
MAXYGEN $10.59 68% 67% $369 $198 $171 $0 280 $0.6 -$15.7 12.6 0.9
NUVELO $2.90 72% 93% $185 $41 $144 $5 98 $1.5 -$54.3 0.8 0.9
PARADIGM GENETICS $1.33 69% 161% $43 $11 $32 $2 194 $0.2 -$16.5 0.7 0.4
RIGEL PHARMACEUTICALS $13.15 72% -5% $194 $22 $172 $0 160 $1.1 -$31.2 0.7 1.4
SANGAMO BIOSCIENCES $3.59 65% 92% $89 $49 $40 $0 74 $0.5 -$11.6 4.2 0.7
ZYMOGENETICS $15.07 84% 90% $697 $268 $429 $0 364 $1.2 -$52.5 5.1 1.6
Genomic Targets Average   74% 73% $294 $115 $149 $19   $0.5 -$37.3 3.4 0.8
Genomic Targets Median   72% 67% $205 $79 $144 $1   $0.4 -$30.9 1.9 0.7
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($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 $1.31 58% -29% $32 $26 $6 $0 55 $0.1 -$11.6 2.3 0.2
EMBREX $9.90 73% -11% $81 $7 $74 $0 241 $0.3 na na 1.3
IDEXX LABORATORIES $43.04 94% 41% $1,480 $175 $1,304 $0 1281 $1.0 na na 4.2
IMMUCELL CORP $2.75 57% 54% $8 $4 $3 $0 26 $0.1 na na 0.8
NEOGEN $19.07 98% 44% $119 $8 $110 $0 265 $0.4 na na 4.8
Agbio/enviro. Average   76% 20% $344 $44 $299 $0   $0.4 na na 2.3
Agbio/enviro. Median   73% 41% $81 $8 $74 $0   $0.3 na na 1.3
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($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 $16.51 82% 41% $301 $253 $47 $124 172 $0.3 -$85.9 2.9 0.8
ATHEROGENICS $16.49 88% 164% $602 $73 $529 $100 85 $6.2 -$46.0 1.6 3.5
AUTOIMMUNE $1.39 62% 65% $24 $11 $12 $0 2 $6.2 na na 0.2
CONNETICS CORP $15.71 83% 82% $498 $29 $469 $80 190 $2.5 -$21.5 1.3 2.9
CORTECH $2.80 85% 2% $10 $0 $10 $0 na na -$0.5 0.0 101.4
CYPRESS BIOSCIENCE $8.35 95% 620% $157 $10 $146 $0 10 $14.6 -$7.0 1.5 1.3
ICOS CORP $37.62 82% 79% $2,354 $156 $2,198 $250 525 $4.2 -$162.0 1.0 3.0
INKINE PHARMACEUTICAL CO $3.87 77% 269% $181 $11 $170 $12 49 $3.5 -$3.7 2.9 2.8
LA JOLLA PHARMACEUTICAL CO $4.25 48% -4% $181 $39 $143 $1 156 $0.9 -$54.2 0.7 0.9
PROTEIN DESIGN LABS $13.98 68% 67% $1,309 $592 $717 $400 397 $1.8 na na 2.1
TANOX $20.08 88% 91% $891 $207 $683 $5 127 $5.4 -$25.4 8.2 2.9
Autoimmune Average   78% 134% $592 $126 $466 $88   $4.6 -$45.1 2.2 11.1
Autoimmune Median   82% 79% $301 $39 $170 $12   $3.8 -$25.4 1.5 2.8
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($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 $2.95 30% -65% $76 $49 $27 $0 92 $0.3 -$28.4 1.7 0.4
ANTIGENICS $12.34 77% 57% $487 $103 $384 $0 212 $1.8 -$54.0 1.9 1.4
APHTON CORP $5.46 55% 109% $135 $6 $129 $3 56 $2.3 -$19.7 0.3 1.0
ARIAD PHARMACEUTICALS $6.10 82% 88% $238 $21 $216 $6 52 $4.2 -$21.2 1.0 1.5
AVI BIOPHARMA $5.21 70% -2% $162 $12 $151 $0 89 $1.7 -$13.7 0.9 1.2
BIOMIRA $1.93 39% 112% $123 $83 $40 $0 115 $0.3 -$17.6 4.7 1.4
BOSTON LIFE SCIENCES $1.67 56% 61% $54 $0 $54 $0 14 $3.9 na na na
BRITISH BIOTECH PLC $2.55 71% 6% $43 $284 -$241 $5 96 -$2.5 -$59.4 4.8 0.1
CELGENE CORP $42.50 87% 161% $3,443 $257 $3,186 $400 560 $5.7 na na 5.8
CELL THERAPEUTICS $11.31 72% 154% $377 $110 $267 $190 286 $0.9 -$121.9 0.9 1.0
CORIXA CORP $8.26 84% 37% $453 $61 $392 $106 366 $1.1 -$74.8 0.8 0.4
CYTOGEN CORP $12.61 85% 168% $139 $11 $128 $0 49 $2.6 -$7.8 1.4 0.4
DENDREON $8.95 85% 129% $394 $47 $346 $0 117 $3.0 -$30.8 1.5 2.4
DUSA PHARMACEUTICALS $5.48 80% 278% $77 $48 $28 $1 43 $0.7 -$14.3 3.4 0.8
ENTREMED $4.44 68% 206% $141 $7 $134 $0 58 $2.3 -$14.8 0.4 0.6
EXEGENICS $0.60 67% -3% $10 $15 -$6 $0 8 -$0.7 -$3.9 3.9 0.1
GENAERA $4.75 88% 733% $172 $8 $164 $0 22 $7.5 -$6.3 1.2 0.9
GENTA $12.53 71% 85% $939 $103 $836 $28 96 $8.7 -$38.4 2.7 2.9
GERON CORP $12.98 81% 214% $430 $40 $391 $16 92 $4.2 -$31.7 1.2 1.7
ILEX ONCOLOGY $16.07 74% 235% $616 $161 $455 $37 277 $1.6 -$99.7 1.6 1.3
IMCLONE SYSTEMS $37.73 77% 375% $2,814 $293 $2,521 $242 399 $6.3 -$168.0 1.7 8.1
IMMUNOGEN $4.70 78% 70% $191 $515 -$325 $0 1618 -$0.2 na na 0.1
IMMUNOMEDICS $7.27 75% 21% $363 $28 $334 $0 94 $3.6 na na 2.3
MAXIM PHARMACEUTICALS $6.71 90% 215% $157 $89 $68 $1 115 $0.6 -$43.9 2.0 0.4
MEDAREX $5.74 75% 63% $445 $321 $123 $175 431 $0.3 -$118.5 2.7 0.7
NAPRO BIOTHERAPEUTICS $1.63 51% 46% $50 $7 $44 $25 151 $0.3 -$11.0 0.6 0.5
NEOPHARM $15.36 82% 9% $289 $81 $209 $0 100 $2.1 -$45.1 1.8 1.7
NEORX CORP $4.96 69% 1317% $136 $12 $123 $5 36 $3.4 -$16.5 0.7 0.6
OSI PHARMACEUTICALS $31.72 83% 83% $1,148 $354 $794 $295 429 $1.9 -$108.7 3.3 1.6
OXIGENE $11.17 58% 1028% $159 $10 $149 $0 10 $14.9 -$5.9 1.7 1.9
PRAECIS PHARMACEUTICALS $6.43 89% 117% $334 $181 $152 $33 110 $1.4 -$45.7 4.0 0.9
PROGENICS PHARMACEUTICALS $17.36 85% 232% $224 $33 $191 $0 100 $1.9 -$24.4 1.4 2.4
QLT INC $15.83 87% 108% $1,088 $126 $962 $172 336 $2.9 na na 2.8
SCICLONE PHARMACEUTICALS $7.23 74% 163% $277 $18 $259 $6 97 $2.7 -$11.4 1.5 1.7
SEATTLE GENETICS $5.90 84% 95% $182 $22 $160 $0 97 $1.7 -$23.8 0.9 1.7
SPECTRUM PHARMACEUTICALS $8.02 77% 702% $33 na na $0 18 na -$6.8 na 0.2
SUPERGEN $7.40 86% 311% $261 $32 $229 $8 107 $2.1 -$46.7 0.7 0.9
XENOVA GROUP PLC $2.10 29% -60% $36 $29 $7 $0 134 $0.1 -$13.9 2.1 1.3
Cancer Average   73% 202% $439 $97 $354 $46   $2.6 -$40.9 1.9 1.5
Cancer Median   77% 111% $208 $47 $160 $1   $1.9 -$24.4 1.6 1.2
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($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 $21.89 53% 5% $622 $401 $221 $196 205 $1.1 -$82.9 4.8 1.1
ENCYSIVE PHARMACEUTICALS $5.95 89% 118% $264 $48 $217 $0 104 $2.1 -$18.6 2.6 1.2
MEDICINES COMPANY $24.01 76% 126% $1,131 $131 $1,000 $0 147 $6.8 -$25.7 5.1 2.5
QUESTCOR PHARMACEUTICALS $0.90 66% -11% $40 $15 $25 $3 52 $0.5 -$7.1 2.1 0.4
Cardiovascular Average   71% 60% $514 $149 $366 $50   $2.6 -$33.6 3.7 1.3
Cardiovascular Median   71% 62% $443 $89 $219 $2   $1.6 -$22.1 3.7 1.2
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($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 $14.25 78% -16% $453 $124 $329 $66 860 $0.4 na na 2.5
ARGONAUT TECHNOLOGIES $1.35 77% 125% $27 $23 $4 $12 215 $0.0 -$10.1 2.3 0.2
ARQULE $4.20 65% -16% $98 $83 $16 $5 298 $0.1 -$3.0 27.6 0.4
ARRAY BIOPHARMA $5.63 61% -22% $159 $41 $118 $0 245 $0.5 -$24.5 1.7 1.3
BIOCRYST PHARMACEUTICALS $6.38 87% 445% $113 $23 $90 $0 44 $2.0 -$11.2 2.0 0.9
DISCOVERY PARTNERS $5.68 88% 95% $140 $71 $69 $0 236 $0.3 na na 0.7
KOSAN BIOSCIENCES $7.65 85% 20% $195 $53 $142 $0 112 $1.3 -$10.3 5.1 1.4
PHARMACOPEIA $12.47 77% 55% $297 $146 $150 $0 687 $0.2 -$21.8 6.7 1.0
SYMYX TECHNOLOGIES $21.45 84% 102% $672 $127 $545 $0 213 $2.6 na na 4.3
VERTEX PHARMACEUTICALS $12.18 56% -34% $938 $680 $258 $315 980 $0.3 na na 1.2
Chemistry Average   76% 75% $309 $137 $172 $40   $0.8 -$13.5 7.6 1.4
Chemistry Median   78% 38% $177 $77 $130 $0   $0.3 -$10.7 3.7 1.1
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
ADOLOR $18.17 90% 30% $575 $137 $438 $0 124 $3.5 -$45.3 3.0 2.2
CEPHALON $45.76 77% 15% $2,542 $547 $1,995 $1,610 1271 $1.6 na na 2.5
DOV PHARMACEUTICALS $17.03 91% 296% $278 $57 $221 $14 32 $6.9 -$10.4 5.5 3.4
GUILFORD PHARMACEUTICALS $6.03 81% 45% $175 $66 $109 $64 235 $0.5 -$44.8 1.5 0.5
INDEVUS PHARMACEUTICALS $5.40 78% 238% $254 $33 $221 $72 24 $9.2 -$48.2 0.7 0.8
NEUROBIOLOGICAL TECHNOLOGIES $6.07 69% 118% $110 $5 $106 $0 11 $9.6 -$3.0 1.5 2.5
NEUROCRINE BIOSCIENCES $50.05 83% 21% $1,575 $308 $1,267 $0 276 $4.6 -$53.6 5.8 3.7
NYMOX PHARMACEUTICAL $2.45 54% -27% $58 na na $0 228 na na na na
PAIN THERAPEUTICS $6.03 67% 53% $166 $46 $121 $0 30 $4.0 -$18.5 2.5 1.6
PHARMOS CORP $1.95 74% 79% $139 $17 $122 $42 67 $1.8 -$18.0 0.9 1.2
STEMCELLS $1.88 66% 144% $64 $2 $62 $0 28 $2.2 -$9.6 0.2 0.4
TITAN PHARMACEUTICALS $2.47 80% 68% $68 $66 $2 $0 72 $0.0 -$26.1 2.5 0.3
CNS Average   76% 90% $500 $117 $424 $150   $4.0 -$27.8 2.4 1.7
CNS Median   78% 60% $170 $57 $122 $0   $3.5 -$22.3 2.0 1.6
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($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 $7.01 88% 16% $64 $4 $60 $0 296 $0.2 na na 1.5
GTC BIOTHERAPEUTICS $2.75 63% 141% $78 $48 $30 $13 182 $0.2 -$29.6 1.6 0.4
HARVARD BIOSCIENCE $7.50 88% 142% $226 $9 $216 $0 386 $0.6 na na 1.3
ICON PLC $33.21 88% 53% $393 na na $0 1637 na na na na
INVITROGEN CORP $56.17 89% 67% $2,823 $764 $2,059 $697 2744 $0.8 na na 1.5
MOLECULAR DEVICES CORP $17.81 86% 40% $266 $55 $211 $0 433 $0.5 na na 1.4
NEOSE TECHNOLOGIES $10.04 72% 34% $173 $52 $122 $8 124 $1.0 -$33.7 1.5 0.9
PARAXEL INTERNATIONAL $15.65 88% 78% $405 $76 $329 $1 4930 $0.1 na na 2.3
PHARMACEUTICAL PRODUCT DEVELOP $24.96 77% 26% $1,396 $186 $1,210 $6 5300 $0.2 na na 5.1
QIAGEN NV $11.08 84% 131% $1,614 $30 $1,584 $0 1651 $1.0 na na 32.5
QUINTILES TRANSNATIONAL CORP $14.49 99% 49% $1,717 $731 $986 $0 15548 $0.1 na na 1.9
CRO/Service/Supply Average   84% 71% $832 $196 $681 $66   $0.4 -$31.6 na 4.9
CRO/Service/Supply Median   88% 53% $393 $53 $272 $0   $0.4 -$31.6 na 1.5
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
ABGENIX $14.03 83% 112% $1,234 $346 $888 $200 387 $2.3 -$132.7 2.6 1.3
AEROGEN $0.78 61% 42% $16 $4 $12 $0 80 $0.1 -$17.2 0.3 0.1
ALKERMES $12.90 88% 72% $1,152 $158 $994 $385 520 $1.9 na na 2.4
ANDRX $17.81 69% -21% $1,282 $67 $1,215 $0 2100 $0.6 na na 2.6
ARADIGM CORP $1.89 54% -4% $103 $36 $66 $0 285 $0.2 -$31.7 1.1 0.4
ATRIX LABORATORIES $20.47 66% 38% $429 $96 $333 $0 167 $2.0 -$11.0 8.7 1.7
BIODELIVERY SCIENCES $3.64 73% 121% $25 $6 $20 $0 19 $1.0 -$2.3 2.5 1.8
CIMA LABS $28.29 92% 17% $410 $72 $338 $0 219 $1.5 na na 1.7
DEPOMED $6.10 72% 128% $157 $13 $144 $0 51 $2.8 -$25.2 0.5 2.3
DOR  BIOPHARMA $0.86 50% 121% $24 $3 $21 $0 5 $4.1 -$9.7 0.3 0.3
DURECT $3.50 79% 18% $177 $37 $140 $50 6 $23.3 -$23.6 1.6 0.9
EMISPHERE TECHNOLOGIES $6.85 74% 133% $124 $53 $71 $34 124 $0.6 -$39.5 1.3 0.4
ENZON PHARMACEUTICALS $11.50 55% -39% $500 $100 $400 $0 127 $3.2 na na 1.9
FLAMEL TECHNOLOGIES SA $33.50 77% 1123% $547 $13 $534 $2 150 $3.6 -$8.9 1.5 10.7
GENEREX BIOTECHNOLOGY $1.83 63% 83% $37 $12 $25 $2 23 $1.1 -$10.4 1.1 0.4
GENETRONICS BIOMEDICAL LTD $1.04 87% 593% $54 $2 $51 $0 26 $2.0 na na 0.9
KOS PHARMACEUTICALS $35.07 82% 223% $753 $26 $727 $0 726 $1.0 na na 3.4
MACROCHEM CORP $0.94 57% -9% $27 $8 $19 $0 13 $1.5 -$4.7 1.6 0.4
MEDICIS PHARMACEUTICAL $58.30 91% 44% $1,583 $539 $1,045 $400 279 $3.7 na na 3.6
NASTECH PHARMACEUTICAL $9.01 75% 11% $93 $17 $76 $4 63 $1.2 -$11.7 1.4 1.5
NEKTAR THERAPEUTICS $12.73 85% 183% $710 $252 $459 $399 680 $0.7 -$79.8 3.2 0.9
NOVAVAX $7.30 94% 78% $220 $14 $206 $41 121 $1.7 -$23.2 0.6 1.8
NOVEN PHARMACEUTICALS $11.18 75% -6% $252 $65 $186 $0 274 $0.7 na na 3.3
SEPRACOR $28.20 86% 458% $2,389 $482 $1,907 $983 818 $2.3 -$119.0 4.0 3.0
Delivery Average   74% 147% $512 $101 $412 $104   $2.6 -$34.4 2.0 2.0
Delivery Median   75% 75% $236 $37 $196 $0   $1.6 -$20.2 1.4 1.7
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($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 $9.64 70% 94% $75 $15 $59 $0 23 $2.6 -$2.6 6.0 1.7
BIOSITE $27.48 48% -3% $425 $72 $354 $7 513 $0.7 na na 5.3
CHOLESTECH CORP $7.92 61% -27% $110 $16 $94 $0 220 $0.4 -$14.8 1.1 1.3
DIAGNOSTIC PRODUCTS CORP $35.65 75% -23% $1,025 $33 $992 $0 2100 $0.5 na na 16.7
DIGENE CORP $41.02 83% 433% $761 $31 $730 $3 243 $3.0 -$2.5 12.5 6.6
ENZO BIOCHEM $19.19 67% 36% $547 $79 $467 $0 231 $2.0 na na 3.4
EPIX MEDICAL $15.72 76% 242% $272 $21 $251 $0 93 $2.7 -$21.8 1.0 2.3
EXACT SCIENCES $13.22 73% 0% $253 $35 $218 $0 75 $2.9 -$31.5 1.1 2.2
GEN-PROBE $51.70 75% 542% $1,234 na na $0 186 na na na na
HYCOR BIOMEDICAL $5.05 78% 189% $41 $5 $36 $0 148 $0.2 na na 3.1
IGEN INTERNATIONAL $57.60 96% 89% $1,370 $42 $1,329 $45 370 $3.6 -$17.2 2.4 5.6
IMMUCOR $28.71 91% 88% $369 $5 $364 $20 481 $0.8 na na 12.1
LUMINEX $6.30 81% -9% $187 $39 $148 $0 117 $1.3 -$3.6 10.9 1.5
MARTEK BIOSCIENCES CORP $51.79 88% 209% $1,427 $103 $1,323 $0 198 $6.7 na na 4.4
MATRITECH $1.97 66% 13% $63 $7 $56 $4 50 $1.1 -$7.8 0.9 0.8
MERIDIAN BIOSCIENCE $9.87 86% 80% $145 $3 $142 $23 350 $0.4 na na 6.1
ORASURE $9.50 87% 139% $366 $15 $351 $3 187 $1.9 -$4.4 3.5 2.3
QUIDEL CORP $6.41 84% 56% $186 $13 $173 $10 330 $0.5 na na 1.3
SONUS PHARMACEUTICALS $5.24 81% 212% $93 $14 $79 $0 37 $2.1 -$9.1 1.5 1.7
TRINITY BIOTECH PLC $3.44 86% 262% $136 $1 $135 $0 332 $0.4 na na 6.3
Diagnostic/imag. Average   78% 131% $454 $29 $384 $6   $1.8 -$11.5 4.1 4.5
Diagnostic/imag. Median   79% 89% $263 $16 $218 $0   $1.3 -$8.5 2.0 3.1
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($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 $1.53 84% 467% $109 $5 $104 $0 44 $2.4 -$8.4 0.6 1.0
AVIGEN $5.11 49% -37% $103 $105 -$2 $8 102 $0.0 -$23.9 4.4 0.4
CELL GENESYS $12.56 82% 6% $493 $161 $332 $60 336 $1.0 -$69.5 2.3 1.7
CORAUTUS GENETICS $5.74 89% 74% $57 $3 $55 $0 17 $3.2 -$85.8 0.0 0.9
GENVEC $2.85 64% 9% $65 $12 $54 $6 95 $0.6 -$20.6 0.6 0.6
INTROGEN $9.40 84% 375% $222 $19 $203 $7 50 $4.1 -$21.8 0.9 2.4
SIRNA THERAPEUTICS $5.76 50% 146% $164 $5 $159 $4 81 $2.0 -$19.7 0.2 0.8
TARGETED GENETICS CORP $2.55 58% 364% $149 $12 $137 $0 125 $1.1 -$3.3 3.7 0.7
TRANSGENE SA $2.70 57% 218% $81 na na $0 318 na na na na
TRANSKARYOTIC THERAPIES $11.00 32% -66% $386 $212 $174 $0 345 $0.5 -$103.8 2.0 0.6
VALENTIS $3.01 25% -69% $17 $6 $11 $0 58 $0.2 -$12.1 0.5 0.1
VICAL $5.97 77% 75% $120 $102 $18 $0 165 $0.1 -$28.1 3.6 0.6
Gene therapy Average   63% 130% $164 $58 $113 $7   $1.4 -$36.1 1.7 0.9
Gene therapy Median   61% 75% $114 $12 $104 $0   $1.0 -$21.8 0.9 0.7
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($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 $2.41 70% 108% $156 $20 $137 $0 66 $2.1 -$13.4 1.5 0.7
CUBIST PHARMACEUTICALS $10.10 68% 128% $308 $114 $194 $208 204 $0.9 -$100.0 1.1 1.2
EPIMMUNE $2.83 75% 126% $35 $8 $27 $0 52 $0.5 -$7.2 1.0 0.2
GENELABS TECHNOLOGIES $1.67 75% 8% $106 $2 $104 $0 94 $1.1 -$16.8 0.1 0.6
IMMUNE RESPONSE CORP $2.07 53% 29% $67 $2 $65 $5 43 $1.5 -$20.8 0.1 0.3
INTERMUNE $18.67 49% -41% $593 $277 $316 $150 250 $1.3 -$75.7 3.7 1.2
INTRABIOTICS $11.40 55% -39% $37 $11 $26 $0 8 $3.2 -$7.6 1.5 0.2
MEDIMMUNE $32.00 76% 50% $7,995 $568 $7,427 $717 1505 $4.9 na na 3.0
NABI BIOPHARMACEUTICALS $8.22 86% 52% $366 $47 $319 $0 722 $0.4 na na 2.2
SIGA TECHNOLOGIES $1.96 82% 98% $34 $2 $32 $0 17 $1.9 -$121.5 0.0 1.0
TRIMERIS $25.26 44% -43% $544 $140 $404 $0 129 $3.1 -$63.7 2.2 1.4
VAXGEN $11.16 48% 17% $229 $10 $218 $0 117 $1.9 -$26.6 0.4 1.4
VICURON $16.83 94% 106% $906 $145 $761 $0 28 $27.2 -$48.0 3.0 2.1
VION PHARMACEUTICALS $1.63 54% 352% $53 $8 $45 $0 34 $1.3 -$9.7 0.8 0.5
VIROLOGIC $1.38 61% 19% $46 $10 $36 $0 170 $0.2 -$9.9 1.0 0.4
VIROPHARMA $2.75 58% 175% $71 $145 -$73 $130 139 -$0.5 -$27.4 5.3 0.3
XOMA LTD $7.36 69% 26% $535 $33 $501 $71 229 $2.2 -$52.4 0.6 1.0
Infection Average   66% 69% $711 $91 $620 $75   $3.1 -$40.0 1.5 1.0
Infection Median   68% 50% $156 $20 $137 $0   $1.5 -$26.6 1.0 1.0
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($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 $27.15 88% 71% $2,530 $455 $2,076 $175 350 $5.9 -$123.2 3.7 3.6
BIOMARIN PHARMACEUTICAL $7.40 54% 33% $472 $154 $318 $125 219 $1.5 -$78.7 2.0 1.2
INSMED INC $2.79 75% 580% $107 $0 $107 $0 23 $4.7 na na na
KERYX BIOPHARMACEUTICALS $3.34 84% 123% $70 $22 $48 $0 24 $2.0 -$15.2 1.5 1.0
NPS PHARMACEUTICALS $27.15 81% 39% $999 $209 $790 $170 183 $4.3 -$112.4 1.9 2.0
SAVIENT PHARMACEUTICALS $4.85 100% 57% $288 $23 $265 $11 490 $0.5 na na 1.3
VIVUS $3.30 56% -27% $124 $23 $101 $0 119 $0.8 -$12.8 1.8 0.9
ZONAGEN $1.75 89% 65% $20 $24 -$4 $0 4 -$1.1 -$3.8 6.5 0.2
Metabolic Average   78% 118% $576 $114 $463 $60   $2.3 -$57.7 2.9 1.5
Metabolic Median   82% 61% $206 $24 $186 $6   $1.7 -$46.9 1.9 1.2
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($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 $5.70 63% 57% $253 $15 $238 $10 249 $1.0 -$46.6 0.3 0.6
BIORELIANCE CORP $25.60 90% 28% $213 $36 $178 $10 638 $0.3 na na 3.8
BIOTIME $1.90 64% 64% $26 $1 $25 $2 12 $2.1 -$3.0 0.2 0.8
CERUS $4.73 19% -71% $104 $96 $8 $51 158 $0.0 -$68.6 1.4 2.7
COLLAGENEX PHARMACEUTICALS $10.50 62% 63% $121 $10 $111 $0 148 $0.7 na na 1.4
COLUMBIA LABORATORIES $14.00 87% 235% $550 $4 $547 $10 25 $21.9 -$18.8 0.2 4.3
CURIS $4.29 77% 270% $160 $37 $124 $7 64 $1.9 -$17.2 2.1 0.2
CYANOTECH CORP $0.52 69% -7% $10 $1 $9 $4 58 $0.2 -$0.7 0.9 0.4
CYTRX CORP $2.20 59% 529% $63 $1 $62 $0 3 $20.6 -$3.7 0.4 0.8
DISCOVERY LABORATORIES $7.45 88% 319% $307 $14 $293 $0 65 $4.5 -$18.0 0.8 3.5
INSITE VISION $0.55 44% -54% $14 $1 $13 $0 41 $0.3 -$9.1 0.1 0.1
INSPIRE PHARMACEUTICALS $16.50 88% 393% $524 $96 $428 $0 54 $7.9 na na 2.6
INTEGRA LIFESCIENCES $27.32 89% 75% $730 $129 $601 $105 760 $0.8 na na 2.5
NORTHFIELD LABORATORIES $6.99 70% 73% $113 $9 $103 $0 60 $1.7 -$11.6 0.8 1.0
OSTEOTECH $9.45 58% 0% $162 $15 $147 $15 338 $0.4 na na 2.5
PALATIN TECHNOLOGIES $4.21 80% 96% $176 $26 $151 $0 46 $3.3 -$22.6 1.1 1.6
PHARMACYCLICS $5.10 89% 61% $83 $94 -$12 $0 133 -$0.1 -$28.8 3.3 0.3
REPLIGEN CORP $5.46 64% 136% $163 $18 $146 $0 39 $3.7 -$3.1 5.7 1.0
SALIX PHARMACEUTICALS $18.95 94% 146% $409 $40 $369 $0 135 $2.7 -$21.9 1.8 3.1
TRIPOS $8.00 81% -3% $72 $10 $62 $4 337 $0.2 na na 2.0
Other Average   72% 120% $213 $33 $180 $11   $3.7 -$19.5 1.4 1.8
Other Median   73% 68% $161 $15 $135 $1   $1.3 -$17.6 0.8 1.5
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
AMGEN $65.15 90% 55% $84,044 $4,757 $79,287 $3,056 10100 $7.9 na na 4.3
BIOGEN $39.04 77% 33% $5,835 $812 $5,023 $37 2633 $1.9 na na 7.0
CHIRON CORP $51.61 90% 46% $9,627 $843 $8,784 $564 4044 $2.2 na na 3.9
GENENTECH $80.39 91% 151% $41,630 $1,085 $40,545 $0 5252 $7.7 na na 6.3
GENZYME CORP $46.00 88% 122% $10,215 $515 $9,700 $600 5600 $1.7 na na 3.7
GILEAD SCIENCES $55.42 78% 65% $11,159 $612 $10,547 $595 1250 $8.4 na na 11.0
IDEC PHARMACEUTICALS CORP $34.25 72% -19% $5,324 $860 $4,464 $871 995 $4.5 na na 5.4
Revenue-driven Average   84% 65% $23,976 $1,355 $22,621 $818   $4.9 na na 5.9
Revenue-driven Median   88% 55% $10,215 $843 $9,700 $595   $4.5 na na 5.4
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
DIVERSA $7.65 63% -6% $328 $155 $173 $11 279 $0.6 -$83.9 1.8 1.0
DYAX $5.33 71% 147% $131 $31 $100 $18 244 $0.4 -$25.5 1.2 0.9
ISIS PHARMACEUTICALS $6.41 58% -30% $356 $269 $87 $200 523 $0.2 -$97.3 2.8 0.6
LIGAND PHARMACEUTICALS $12.06 73% 95% $836 $34 $802 $159 402 $2.0 -$81.3 0.4 1.2
NEUROGEN CORP $6.20 70% -14% $111 $71 $40 $14 163 $0.2 -$31.6 2.3 0.6
ONYX PHARMACEUTICALS $20.00 82% 359% $583 $38 $545 $0 89 $6.1 -$42.8 0.9 2.9
REGENERON PHARMACEUTICALS $17.62 77% 38% $918 $312 $606 $200 266 $2.3 -$120.4 2.6 1.5
TULARIK $9.94 81% 46% $587 $156 $430 $0 430 $1.0 -$96.8 1.6 1.4
Screening Average   72% 79% $481 $133 $348 $75   $1.6 -$72.5 1.7 1.3
Screening Median   72% 42% $469 $113 $302 $16   $0.8 -$82.6 1.7 1.1
                         
Company 09/26/03 Close % 52wk High % Change From 09/27/02 Market Cap ($M) Cash & Mkt. Sec. ($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 $4.08 63% 304% $41 $2 $39 $2 252 $0.2 -$1.2 2.0 0.8
CELLEGY PHARMACEUTICALS $2.90 48% 40% $58 $12 $47 $0 23 $2.0 -$12.5 0.9 0.6
CURATIVE HEALTH SERVICES $17.26 88% 55% $219 $2 $217 $24 340 $0.6 na na 2.1
LIFECELL CORP $6.42 87% 255% $137 $5 $132 $1 155 $0.8 na na 1.7
LIFECORE BIOMEDICAL $6.74 73% 1% $87 $3 $84 $6 199 $0.4 na na 1.8
Wound Average   72% 131% $108 $5 $104 $7   $0.8 -$6.9 na 1.4
Wound Median   73% 55% $87 $3 $84 $2   $0.6 -$6.9 na 1.7
                         
Grand Average   74% 113% $1,098 $139 $987 $72   $2.2 -$39.6 2.4 2.3
Grand Median   76% 69% $220 $46 $167 $1   $1.3 -$24.5 1.6 1.3



originally published 10/09/2003


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