Signals vs Noise Article







June 2003 Stock Report

Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $2.69 67% 16% $64 $40 $23 $15 152 $0.2 -$34.8 1.2 2.3
HUMAN GENOME SCIENCES $12.57 67% -6% $1,621 $1,199 $422 $503 1086 $0.4 -$165.3 7.3 0.9
INCYTE CORP $4.73 63% -35% $339 $376 -$37 $172 585 -$0.1 -$223.1 1.7 0.5
MILLENNIUM PHARMACEUTICALS $15.64 85% 29% $4,647 $1,652 $2,995 $83 2079 $1.4 -$551.4 3.0 1.0
MYRIAD GENETICS $14.22 54% -30% $384 $93 $291 $0 491 $0.6 -$22.1 4.2 1.5
1st Generation Genomics Average   67% -5% $1,411 $672 $739 $155   $0.5 -$199.4 3.5 1.2
1st Generation Genomics Median   67% 5% $362 $235 $157 $49   $0.5 -$100.1 2.3 1.0
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $4.09 91% 138% $145 $84 $61 $0 95 $0.6 -$24.9 3.4 0.6
AFFYMETRIX $19.41 65% -19% $1,141 $429 $713 $369 877 $0.8 -$50.9 8.4 3.2
CALIPER TECHNOLOGIES $4.24 51% -49% $105 $144 -$39 $1 251 -$0.2 -$39.9 3.6 0.4
CEPHEID $4.45 68% -20% $144 $16 $129 $0 148 $0.9 -$18.8 0.8 1.6
CIPHERGEN BIOSYSTEMS $9.93 94% 181% $272 $36 $235 $0 323 $0.7 -$36.8 1.0 1.6
COMBIMATRIX $2.46 49% na $57 na na na 14 na -$26.7 na na
COMPUGEN $4.90 78% 123% $128 na na na 176 na na na na
ILLUMINA $2.87 42% -57% $94 $60 $33 $25 233 $0.1 -$35.8 1.7 1.5
NANOGEN $2.50 50% -29% $55 $37 $18 $0 195 $0.1 -$42.7 0.9 0.3
ORCHID BIOSCIENCES $1.26 63% -5% $70 na na $2 492 na -$17.1 na 0.2
SEQUENOM $2.74 78% -22% $108 $84 $24 $10 216 $0.1 -$34.2 2.5 0.2
TRANSGENOMIC $2.04 44% -19% $48 $6 $42 $1 326 $0.1 -$14.4 0.4 0.4
Genomic Supply Average   64% 20% $197 $100 $135 $41   $0.4 -$31.1 2.5 1.0
Genomic Supply Median   65% -19% $105 $49 $37 $1   $0.4 -$30.4 1.3 0.6
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $4.23 73% -27% $88 $58 $30 $10 106 $0.3 -$13.1 4.4 0.5
ARENA PHARMACEUTICALS $6.76 81% -20% $193 $174 $19 $0 336 $0.1 -$35.2 4.9 0.6
CELERA GENOMICS GROUP $10.51 73% -12% $757 na na na na na na na na
CURAGEN CORP $5.26 73% -7% $260 $395 -$135 $150 857 -$0.2 -$64.6 6.1 0.5
DECODE GENETICS $3.19 64% -32% $171 $79 $91 $46 530 $0.2 -$52.2 1.5 0.4
DELTAGEN $0.31 10% -87% $12 $3 $9 $3 268 $0.0 -$71.9 0.0 0.1
EXELIXIS $7.12 73% -5% $498 $204 $294 $60 550 $0.5 -$92.2 2.2 1.1
GENAISSANCE PHARMACEUTICALS $1.57 72% 19% $36 $30 $6 $0 104 $0.1 -$18.9 1.6 0.2
GENE LOGIC $5.91 42% -58% $184 $157 $26 $1 264 $0.1 -$23.2 6.8 0.5
GENENCOR INTERNATIONAL $16.38 96% 67% $960 $139 $821 $57 1098 $0.7 na na 1.8
LARGE SCALE BIOLOGY $1.04 46% -52% $27 $19 $7 $0 114 $0.1 -$30.5 0.6 0.1
LEXICON GENETICS $6.55 94% 59% $344 $108 $236 $4 579 $0.4 -$68.6 1.6 1.0
LYNX THERAPEUTICS $3.73 42% -59% $17 $7 $10 $1 128 $0.1 -$15.9 0.5 0.2
MAXYGEN $10.86 84% -11% $376 $198 $178 $0 280 $0.6 -$15.7 12.6 1.0
NUVELO $1.83 64% -19% $115 $41 $74 $5 98 $0.8 -$54.3 0.8 0.6
PARADIGM GENETICS $1.31 68% -6% $42 $11 $31 $2 194 $0.2 -$16.5 0.7 0.4
RIGEL PHARMACEUTICALS $10.37 38% -68% $53 $22 $31 $0 160 $0.2 -$31.2 0.7 0.4
SANGAMO BIOSCIENCES $2.76 43% -53% $68 $49 $19 $0 74 $0.3 -$11.6 4.2 0.5
ZYMOGENETICS $11.82 66% 34% $543 $268 $276 $0 364 $0.8 -$52.5 5.1 1.3
Genomic Targets Average   63% -18% $250 $109 $112 $19   $0.3 -$39.3 3.2 0.6
Genomic Targets Median   70% -16% $143 $58 $30 $1   $0.2 -$30.9 1.6 0.5
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $1.70 74% -15% $41 $26 $15 $0 55 $0.3 -$11.6 2.3 0.3
EMBREX $9.77 45% -53% $80 $7 $73 $0 241 $0.3 na na 1.3
IDEXX LABORATORIES $34.16 87% 32% $1,167 $175 $991 $0 1281 $0.8 na na 3.3
IMMUCELL CORP $2.69 90% -1% $7 $4 $3 $0 26 $0.1 na na 0.8
NEOGEN $16.50 94% 21% $101 $8 $93 $0 265 $0.4 na na 4.1
Agbio/enviro. Average   78% -3% $279 $44 $235 $0   $0.4 -$11.6 2.3 2.0
Agbio/enviro. Median   89% 10% $61 $8 $44 $0   $0.3 -$5.3 1.6 1.1
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $17.44 87% 15% $318 $253 $64 $124 172 $0.4 -$85.9 2.9 0.8
ATHEROGENICS $14.84 96% 107% $541 $73 $468 $0 85 $5.5 -$46.0 1.6 3.2
AUTOIMMUNE $1.53 68% 139% $26 $11 $15 $0 2 $7.4 na na 0.2
CONNETICS CORP $15.02 82% 16% $473 $29 $444 $0 190 $2.3 -$21.5 1.3 2.8
CORTECH $2.81 83% -13% $10 $0 $10 $0 na na -$0.5 na na
CYPRESS BIOSCIENCE $4.21 74% 116% $73 $10 $62 $0 10 $6.2 -$7.0 1.5 0.6
ICOS CORP $37.62 82% 122% $2,343 $156 $2,187 $0 525 $4.2 -$162.0 1.0 3.0
INKINE PHARMACEUTICAL CO $3.33 92% 292% $126 $11 $115 $12 49 $2.3 -$3.7 2.9 2.0
LA JOLLA PHARMACEUTICAL CO $2.87 32% -54% $122 $39 $83 $1 156 $0.5 -$54.2 0.7 0.6
PROTEIN DESIGN LABS $14.63 71% 35% $1,366 $592 $773 $150 397 $1.9 na na 2.2
TANOX $16.00 80% 48% $701 $207 $493 $5 127 $3.9 -$25.4 8.2 2.3
Autoimmune Average   77% 75% $554 $126 $429 $27   $3.5 -$45.1 2.2 10.8
Autoimmune Average   82% 74% $222 $34 $99 $1   $2.3 -$23.5 1.4 2.1
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $2.82 29% -69% $73 $49 $24 $0 92 $0.3 -$28.4 1.7 0.4
ANTIGENICS $12.32 77% 25% $485 $103 $382 $0 212 $1.8 -$54.0 1.9 1.4
APHTON CORP $7.35 88% -2% $182 $6 $176 $3 56 $3.1 -$19.7 0.3 1.4
ARIAD PHARMACEUTICALS $3.88 80% -7% $135 $21 $114 $6 52 $2.2 -$21.2 1.0 0.9
AVAX TECHNOLOGIES $0.27 45% -36% $4 $2 $3 $0 22 $0.1 -$4.4 0.4 0.1
AVI BIOPHARMA $5.95 80% 102% $185 $12 $174 $0 89 $2.0 -$13.7 0.9 1.3
BIOMIRA $1.50 30% -46% $81 $83 -$2 $0 115 $0.0 -$17.6 4.7 0.9
BOSTON LIFE SCIENCES $1.52 51% 21% $49 $0 $49 $0 14 $3.5 na na na
BRITISH BIOTECH PLC $2.30 44% -50% $39 $284 -$245 $5 96 -$2.6 -$59.4 4.8 0.1
CELGENE CORP $31.22 84% 104% $2,522 $257 $2,265 $0 560 $4.0 na na 4.2
CELL THERAPEUTICS $9.93 63% 82% $329 $110 $219 $86 286 $0.8 -$121.9 0.9 0.9
CORIXA CORP $7.20 78% 5% $363 $61 $301 $6 366 $0.8 -$74.8 0.8 0.3
CYTOGEN CORP $7.57 66% -29% $67 $11 $56 $0 49 $1.1 -$7.8 1.4 0.2
DENDREON $6.53 68% 209% $175 $47 $128 $0 117 $1.1 -$30.8 1.5 1.1
DUSA PHARMACEUTICALS $2.50 76% -14% $35 $48 -$13 $1 43 -$0.3 -$14.3 3.4 0.4
ENTREMED $4.16 64% 36% $119 $7 $112 $0 58 $1.9 -$14.8 0.4 0.5
EXEGENICS $0.53 58% -35% $9 $15 -$7 $0 8 -$0.9 -$3.9 3.9 0.1
GENAERA $1.85 71% 4% $66 $8 $58 $0 22 $2.6 -$6.3 1.2 0.4
GENTA $13.13 89% 58% $971 $103 $867 $28 96 $9.0 -$38.4 2.7 3.0
GERON CORP $7.13 73% 56% $211 $40 $172 $16 92 $1.9 -$31.7 1.2 0.8
ILEX ONCOLOGY $20.80 96% 48% $680 $161 $519 $37 277 $1.9 -$99.7 1.6 1.5
IMCLONE SYSTEMS $33.26 71% 283% $2,461 $293 $2,168 $242 399 $5.4 -$168.0 1.7 7.1
IMMUNOGEN $4.28 94% 59% $174 $515 -$342 $0 1618 -$0.2 na na 0.1
IMMUNOMEDICS $6.25 74% 20% $312 $28 $283 $0 94 $3.0 na na 2.0
MAXIM PHARMACEUTICALS $5.85 86% 83% $136 $89 $48 $1 115 $0.4 -$43.9 2.0 0.4
MEDAREX $6.52 72% -12% $504 $321 $182 $175 431 $0.4 -$118.5 2.7 0.8
NAPRO BIOTHERAPEUTICS $1.68 25% -74% $50 $7 $44 $25 151 $0.3 -$11.0 0.6 0.5
NEOPHARM $14.62 85% 16% $239 $81 $159 $0 100 $1.6 -$45.1 1.8 1.4
NEORX CORP $3.35 80% 179% $90 $12 $78 $5 36 $2.2 -$16.5 0.7 0.4
OSI PHARMACEUTICALS $32.71 88% 35% $1,194 $354 $840 $160 429 $2.0 -$108.7 3.3 1.7
OXIGENE $10.16 52% 670% $128 $10 $118 $0 10 $11.8 -$5.9 1.7 1.5
PRAECIS PHARMACEUTICALS $4.71 81% 35% $244 $181 $63 $33 110 $0.6 -$45.7 4.0 0.7
PROGENICS PHARMACEUTICALS $14.01 89% 14% $179 $33 $146 $0 100 $1.5 -$24.4 1.4 1.9
QLT INC $12.87 84% -4% $884 $126 $758 $0 336 $2.3 na na 2.3
SCICLONE PHARMACEUTICALS $8.73 96% 337% $327 $18 $310 $6 97 $3.2 -$11.4 1.5 2.1
SEATTLE GENETICS $4.93 83% -5% $152 $22 $130 $0 97 $1.3 -$23.8 0.9 1.4
SPECTRUM PHARMACEUTICALS $4.72 73% -1% $15 na na $0 18 na -$6.8 na 0.1
SUPERGEN $5.32 73% -27% $174 $32 $143 $8 107 $1.3 -$46.7 0.7 0.6
XENOVA GROUP PLC $2.02 20% -74% $35 $29 $6 $0 134 $0.0 -$13.9 2.1 1.2
Cancer Average   70% 51% $361 $94 $276 $22   $1.9 -$39.8 1.8 1.2
Cancer Average   75% 18% $174 $40 $128 $0   $1.5 -$23.8 1.5 0.9
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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
CORVAS INTERNATIONAL $2.89 75% 34% $80 $68 $12 $13 55 $0.2 -$18.5 3.7 0.4
CV THERAPEUTICS $30.12 73% 62% $852 $401 $450 $196 205 $2.2 -$82.9 4.8 1.5
ENCYSIVE PHARMACEUTICALS $4.71 95% 21% $209 $48 $161 $0 104 $1.5 -$18.6 2.6 1.0
MEDICINES COMPANY $19.80 76% 61% $927 $131 $796 $0 147 $5.4 -$25.7 5.1 2.1
QUESTCOR PHARMACEUTICALS $0.98 68% -33% $38 $15 $23 $3 52 $0.4 -$7.1 2.1 0.4
Cardiovascular Average   77% 29% $421 $132 $288 $42   $2.0 -$30.6 3.7 1.1
Cardiovascular Median   76% 48% $144 $58 $92 $2   $1.3 -$18.6 3.1 1.0
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $15.35 66% -27% $490 $124 $366 $66 860 $0.4 na na 2.7
ARGONAUT TECHNOLOGIES $1.30 74% 14% $26 $23 $3 $12 215 $0.0 -$10.1 2.3 0.2
ARQULE $3.95 53% -41% $92 $83 $10 $5 298 $0.0 -$3.0 27.6 0.4
ARRAY BIOPHARMA $3.26 33% -66% $92 $41 $51 $0 245 $0.2 -$24.5 1.7 0.7
BIOCRYST PHARMACEUTICALS $3.84 85% 341% $68 $23 $45 $0 44 $1.0 -$11.2 2.0 0.5
DISCOVERY PARTNERS $4.28 65% -35% $104 $71 $34 $0 236 $0.1 na na 0.5
KOSAN BIOSCIENCES $6.00 68% -31% $153 $53 $100 $0 112 $0.9 -$10.3 5.1 1.1
PHARMACOPEIA $8.84 76% 4% $209 $146 $63 $0 687 $0.1 -$21.8 6.7 0.7
SYMYX TECHNOLOGIES $16.51 92% 19% $513 $127 $386 $0 213 $1.8 na na 3.3
VERTEX PHARMACEUTICALS $15.38 64% -6% $1,180 $680 $500 $315 980 $0.5 na na 1.5
Chemistry Average   68% 17% $293 $137 $156 $40   $0.5 -$13.5 7.6 1.2
Chemistry Median   68% -6% $104 $71 $51 $0   $0.4 -$10.3 2.3 0.7
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $12.19 76% 8% $385 $137 $248 $0 124 $2.0 -$45.3 3.0 1.5
CEPHALON $41.28 70% -9% $2,291 $547 $1,744 $860 1271 $1.4 na na 2.2
DOV PHARMACEUTICALS $10.98 92% na $160 $57 $102 $14 32 $3.2 -$10.4 5.5 1.9
GUILFORD PHARMACEUTICALS $4.42 60% -41% $132 $66 $66 $4 235 $0.3 -$44.8 1.5 0.4
INDEVUS PHARMACEUTICALS $6.40 45% 452% $356 $33 $323 $0 24 $13.5 -$48.0 0.7 1.2
NEUROBIOLOGICAL TECHNOLOGIES $3.71 42% 29% $67 $5 $63 $0 11 $5.7 -$3.0 1.5 1.5
NEUROCRINE BIOSCIENCES $51.25 85% 79% $1,603 $308 $1,294 $0 276 $4.7 -$53.6 5.8 3.7
NYMOX PHARMACEUTICAL $3.22 56% -31% $76 $0 $76 na 228 $0.3 na na na
PAIN THERAPEUTICS $5.88 59% -30% $160 $46 $114 $0 30 $3.8 -$18.5 2.5 1.5
PHARMOS CORP $2.01 76% 118% $124 $17 $107 $0 67 $1.6 -$18.0 0.9 1.0
STEMCELLS $1.60 56% -1% $47 $2 $46 $0 28 $1.6 -$9.6 0.2 0.3
TITAN PHARMACEUTICALS $2.10 50% -37% $58 $66 -$8 $0 72 -$0.1 -$26.1 2.5 0.3
CNS Average   64% 49% $455 $107 $348 $80   $3.2 -$27.7 2.4 1.4
CNS Median   60% 4% $132 $46 $102 $0   $1.6 -$18.5 1.5 1.3
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $6.88 98% 17% $66 $4 $62 $0 296 $0.2 na na 1.5
GTC BIOTHERAPEUTICS $3.18 73% 152% $89 $48 $41 $13 182 $0.2 -$29.6 1.6 0.4
HARVARD BIOSCIENCE $3.80 56% -32% $114 $9 $105 $0 386 $0.3 na na 0.7
ICON PLC $30.74 94% 8% $363 na na na 1637 na na na na
INVITROGEN CORP $39.22 93% 23% $1,963 $764 $1,199 $697 2744 $0.4 na na 1.0
MOLECULAR DEVICES CORP $14.62 75% -18% $224 $55 $168 $0 433 $0.4 na na 1.2
NEOSE TECHNOLOGIES $10.05 72% -8% $173 $52 $121 $8 124 $1.0 -$33.7 1.5 0.9
PARAXEL INTERNATIONAL $13.95 94% 0% $358 $76 $282 $1 4930 $0.1 na na 2.1
PHARMACEUTICAL PRODUCT DEVELOP $29.07 90% 10% $1,620 $186 $1,434 $6 5300 $0.3 na na 5.9
QIAGEN NV $8.27 74% -29% $1,204 $30 $1,174 $0 1651 $0.7 na na 24.3
QUINTILES TRANSNATIONAL CORP $14.21 100% 14% $1,681 $731 $949 $0 15548 $0.1 na na 1.9
CRO/Service/Supply Average   83% 12% $714 $196 $554 $73   $0.4 -$31.6 1.6 4.0
CRO/Service/Supply Median   92% 9% $291 $52 $168 $1   $0.3 -$29.6 1.5 1.2
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $10.99 75% 12% $966 $346 $620 $200 387 $1.6 -$132.7 2.6 1.0
AEROGEN $0.53 48% -40% $11 $4 $6 $0 80 $0.1 -$17.2 0.3 0.1
ALKERMES $11.06 76% -31% $713 $158 $556 $172 520 $1.1 na na 1.5
ANDRX $19.81 71% -27% $1,424 $67 $1,357 $0 2100 $0.6 na na 2.9
ARADIGM CORP $1.82 41% -58% $92 $36 $56 $0 285 $0.2 -$31.7 1.1 0.3
ATRIX LABORATORIES $22.07 95% -1% $453 $96 $358 $0 167 $2.1 -$11.0 8.7 1.8
BIODELIVERY SCIENCES $4.00 89% na $28 $6 $23 $0 19 $1.2 -$2.3 2.5 2.0
CIMA LABS $27.59 90% 14% $395 $72 $323 $0 219 $1.5 na na 1.6
DEPOMED $4.99 93% 61% $128 $13 $115 $0 51 $2.3 -$25.2 0.5 1.9
DOR BIOPHARMA $0.90 53% 210% $25 $3 $21 $0 5 $4.3 -$9.7 0.3 0.3
DURECT $2.39 31% -70% $121 $37 $84 $0 6 $13.9 -$23.6 1.6 0.6
EMISPHERE TECHNOLOGIES $3.67 58% -12% $66 $53 $13 $34 124 $0.1 -$39.5 1.3 0.2
ENZON PHARMACEUTICALS $13.01 51% -48% $565 $100 $466 $0 127 $3.7 na na 2.1
FLAMEL TECHNOLOGIES SA $13.95 99% 806% $226 $13 $213 $2 150 $1.4 -$8.9 1.5 4.4
GENEREX BIOTECHNOLOGY $1.70 53% -42% $34 $12 $23 $2 23 $1.0 -$10.4 1.1 0.4
GENETRONICS BIOMEDICAL LTD $0.74 78% 57% $37 $2 $35 $0 26 $1.4 na na 0.7
KOS PHARMACEUTICALS $23.33 86% 15% $489 $26 $463 $0 726 $0.6 na na 2.2
MACROCHEM CORP $1.07 59% -39% $30 $8 $23 $0 13 $1.8 -$4.7 1.6 0.4
MEDICIS PHARMACEUTICAL $56.15 91% 31% $1,525 $539 $986 $400 279 $3.5 na na 3.5
NASTECH PHARMACEUTICAL $10.27 63% -37% $105 $17 $88 $4 63 $1.4 -$11.7 1.4 1.7
NEKTAR THERAPEUTICS $9.05 63% -5% $504 $252 $253 $299 680 $0.4 -$79.8 3.2 0.7
NOVAVAX $5.50 80% 31% $163 $14 $149 $41 121 $1.2 -$23.2 0.6 1.4
NOVEN PHARMACEUTICALS $10.30 41% -60% $232 $65 $166 $0 274 $0.6 na na 3.0
SEPRACOR $18.40 63% 93% $1,552 $482 $1,071 $983 818 $1.3 -$119.0 4.0 2.0
Delivery Average   69% 37% $412 $101 $311 $89   $2.0 -$34.4 2.0 1.5
Delivery Median   71% -3% $163 $36 $149 $0   $1.3 -$17.2 1.4 1.5
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $10.32 84% 174% $69 $15 $53 $0 23 $2.3 -$2.6 6.0 1.6
BIOSITE $48.96 90% 74% $734 $72 $662 $7 513 $1.3 na na 9.1
CHOLESTECH CORP $10.18 67% -4% $140 $16 $124 $0 220 $0.6 -$14.8 1.1 1.7
DIAGNOSTIC PRODUCTS CORP $41.73 88% 13% $1,196 $33 $1,162 $0 2100 $0.6 na na 19.5
DIGENE CORP $28.01 98% 138% $508 $31 $477 $3 243 $2.0 -$2.5 12.5 4.4
ENZO BIOCHEM $22.12 77% 54% $630 $79 $551 $0 231 $2.4 na na 3.9
EPIX MEDICAL $13.81 96% 31% $237 $21 $216 $0 93 $2.3 -$21.8 1.0 2.0
EXACT SCIENCES $10.99 69% -31% $209 $35 $174 $0 75 $2.3 -$31.5 1.1 1.8
GEN-PROBE $41.50 95% na $988 $0 $988 $0 186 $5.3 na na na
HYCOR BIOMEDICAL $4.85 96% 34% $39 $5 $34 $0 148 $0.2 na na 3.0
IGEN INTERNATIONAL $31.60 69% 0% $751 $42 $709 $45 370 $1.9 -$17.2 2.4 3.1
IMMUCOR $21.70 84% 39% $277 $5 $272 $20 481 $0.6 na na 9.1
LUMINEX $5.27 65% -30% $156 $39 $117 $0 117 $1.0 -$3.6 10.9 1.3
MARTEK BIOSCIENCES CORP $43.56 89% 108% $1,170 $103 $1,067 $0 198 $5.4 na na 3.6
MATRITECH $2.36 79% -7% $76 $7 $69 $4 50 $1.4 -$7.8 0.9 1.0
MERIDIAN BIOSCIENCE $9.18 87% 39% $135 $3 $131 $23 350 $0.4 na na 5.7
ORASURE $7.77 90% 20% $298 $15 $283 $3 187 $1.5 -$4.4 3.5 1.9
OSTEX INTERNATIONAL $2.15 81% 57% $27 $1 $26 $0 48 $0.5 -$2.6 0.5 0.6
QUIDEL CORP $5.90 87% -14% $171 $13 $157 $10 330 $0.5 na na 1.2
SONUS PHARMACEUTICALS $3.78 88% 81% $52 $14 $38 $0 37 $1.0 -$9.1 1.5 0.9
TRINITY BIOTECH PLC $3.03 87% 116% $123 $1 $121 $0 332 $0.4 na na 5.7
Diagnostic/imag. Average   84% 45% $380 $26 $354 $5   $1.6 -$10.7 3.8 4.0
Diagnostic/imag. Median   87% 39% $190 $15 $166 $0   $1.2 -$6.1 1.3 2.0
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $1.06 61% 186% $60 $5 $55 $0 44 $1.3 -$8.4 0.6 0.6
AVIGEN $3.52 34% -63% $71 $105 -$34 $8 102 -$0.3 -$23.9 4.4 0.3
CELL GENESYS $9.20 62% -33% $342 $161 $180 $60 336 $0.5 -$69.5 2.3 1.2
CORAUTUS GENETICS $3.05 51% 21% $30 $3 $28 $0 17 $1.6 -$85.8 0.0 0.4
DIACRIN $2.75 58% 95% $49 $41 $9 $0 29 $0.3 -$5.5 7.4 0.5
GENVEC $2.00 45% -9% $45 $12 $33 $6 95 $0.4 -$20.6 0.6 0.4
INTROGEN $5.58 55% 175% $120 $19 $101 $7 50 $2.0 -$21.8 0.9 1.3
SIRNA THERAPEUTICS $8.74 76% 6% $247 $5 $242 $4 81 $3.0 -$19.7 0.2 1.2
TARGETED GENETICS CORP $1.91 43% 77% $97 $12 $84 $0 125 $0.7 -$3.3 3.7 0.4
TRANSGENE SA $2.39 51% 33% $72 na na $0 318 na na na na
TRANSKARYOTIC THERAPIES $11.00 26% -69% $384 $212 $172 $0 345 $0.5 -$103.8 2.0 0.6
VALENTIS $3.19 98% -92% $18 $6 $12 $0 58 $0.2 -$12.1 0.5 0.1
VICAL $4.28 59% -19% $86 $102 -$16 $0 165 -$0.1 -$28.1 3.6 0.4
Gene therapy Average   55% 24% $125 $57 $72 $7   $0.8 -$33.5 2.2 0.6
Gene therapy Median   56% 13% $71 $12 $33 $0   $0.5 -$20.6 1.0 0.5
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $2.62 76% 134% $158 $20 $138 $0 66 $2.1 -$13.4 1.5 0.7
CUBIST PHARMACEUTICALS $10.57 78% 12% $312 $114 $198 $208 204 $1.0 -$100.0 1.1 1.2
EPIMMUNE $1.32 63% -22% $16 $8 $9 $0 52 $0.2 -$7.2 1.0 0.1
GENELABS TECHNOLOGIES $1.56 44% -22% $96 $2 $94 $0 94 $1.0 -$16.8 0.1 0.5
IMMUNE RESPONSE CORP $3.25 82% 132% $64 $2 $62 $5 43 $1.4 -$20.8 0.1 0.3
INTERMUNE $15.17 40% -28% $482 $277 $205 $150 250 $0.8 -$75.7 3.7 1.0
INTRABIOTICS $4.37 15% -72% $14 $11 $3 $0 8 $0.4 -$7.6 1.5 0.1
MEDIMMUNE $35.84 85% 36% $9,035 $568 $8,467 $217 1505 $5.6 na na 3.4
NABI BIOPHARMACEUTICALS $6.80 85% 44% $266 $47 $219 $0 722 $0.3 na na 1.6
SIGA TECHNOLOGIES $1.63 68% 46% $22 $2 $20 $0 17 $1.2 -$121.5 0.0 0.7
TRIMERIS $46.77 82% 5% $1,000 $140 $860 $0 129 $6.7 -$63.7 2.2 2.5
VAXGEN $5.11 22% -8% $81 $10 $71 $0 117 $0.6 -$26.6 0.4 0.5
VICURON $14.20 91% 6% $376 $145 $230 $0 28 $8.2 -$48.0 3.0 0.9
VION PHARMACEUTICALS $1.62 54% 315% $47 $8 $39 $0 34 $1.1 -$9.7 0.8 0.4
VIROLOGIC $1.31 45% -53% $38 $10 $28 $0 170 $0.2 -$9.9 1.0 0.3
VIROPHARMA $2.66 56% 86% $69 $145 -$76 $130 139 -$0.5 -$27.4 5.3 0.3
XOMA LTD $5.76 72% 44% $415 $33 $382 $71 229 $1.7 -$52.4 0.6 0.8
Infection Average   62% 39% $735 $91 $644 $46   $1.9 -$40.0 1.5 0.9
Infection Median   70% 24% $89 $16 $83 $0   $1.0 -$23.7 1.0 0.7
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $22.31 83% 104% $2,070 $264 $1,805 $0 350 $5.2 -$123.2 2.1 3.0
BIOMARIN PHARMACEUTICAL $9.44 69% 81% $598 $154 $445 $0 219 $2.0 -$78.7 2.0 1.5
INSMED INC $2.72 76% 94% $90 $0 $90 $0 23 $3.9 na na na
KERYX BIOPHARMACEUTICALS $2.17 76% -4% $44 $22 $22 $0 24 $0.9 -$15.2 1.5 0.6
NPS PHARMACEUTICALS $25.00 81% 63% $880 $209 $671 $0 183 $3.7 -$112.4 1.9 1.8
SAVIENT PHARMACEUTICALS $4.38 72% -27% $259 $23 $236 $11 490 $0.5 na na 1.2
VIVUS $5.38 81% -21% $179 $23 $156 $0 119 $1.3 -$12.8 1.8 1.3
ZONAGEN $1.64 95% 9% $19 $24 -$6 $0 4 -$1.4 -$3.8 6.5 0.2
Metabolic Average   79% 37% $517 $90 $427 $1   $2.0 -$57.7 2.6 1.4
Metabolic Median   81% 63% $179 $23 $156 $0   $1.3 -$15.2 1.9 1.3
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $6.00 72% -22% $236 $15 $221 $10 249 $0.9 -$46.6 0.3 0.5
BIORELIANCE CORP $22.93 82% -8% $195 $36 $160 $10 638 $0.3 na na 3.5
BIOTIME $1.99 67% -7% $27 $1 $26 $2 12 $2.2 -$3.0 0.2 0.8
CERUS $7.70 23% -77% $169 $96 $73 $51 158 $0.5 -$68.6 1.4 4.3
COLLAGENEX PHARMACEUTICALS $13.13 97% 77% $150 $10 $140 $0 148 $0.9 na na 1.8
COLUMBIA LABORATORIES $11.31 98% 89% $401 $4 $397 $10 25 $15.9 -$18.8 0.2 3.2
CURIS $3.60 64% 195% $114 $37 $78 $7 64 $1.2 -$17.2 2.1 0.2
CYANOTECH CORP $0.50 59% -21% $9 $1 $9 $4 58 $0.1 -$0.7 0.9 0.4
CYTRX CORP $1.95 52% 225% $45 $1 $44 $0 3 $14.7 -$3.7 0.4 0.6
DISCOVERY LABORATORIES $6.09 82% 248% $200 $14 $186 $0 65 $2.9 -$18.0 0.8 2.3
INSITE VISION $0.65 38% -55% $16 $1 $15 $0 41 $0.4 -$9.1 0.1 0.1
INSPIRE PHARMACEUTICALS $11.03 67% 186% $350 $96 $254 $0 54 $4.7 na na 1.8
INTEGRA LIFESCIENCES $27.25 91% 25% $710 $129 $581 $105 760 $0.8 na na 2.4
NORTHFIELD LABORATORIES $8.10 81% 102% $116 $9 $106 $0 60 $1.8 -$11.6 0.8 1.0
OSTEOTECH $13.67 94% 85% $233 $15 $218 $15 338 $0.6 na na 3.7
PALATIN TECHNOLOGIES $3.14 75% 59% $131 $26 $106 $0 46 $2.3 -$22.6 1.1 1.2
PHARMACYCLICS $4.75 83% 7% $77 $94 -$17 $0 133 -$0.1 -$28.8 3.3 0.3
REPLIGEN CORP $5.03 72% 123% $138 $18 $120 $0 39 $3.1 -$3.1 5.7 0.8
SALIX PHARMACEUTICALS $10.78 71% -29% $231 $40 $191 $0 135 $1.4 -$21.9 1.8 1.8
SANGSTAT MEDICAL CORP $13.43 53% -42% $355 $95 $261 $5 299 $0.9 na na 1.1
TRIPOS $7.18 49% -67% $64 $10 $54 $4 337 $0.2 na na 1.8
Other Average   70% 52% $189 $36 $153 $11   $2.6 -$19.5 1.4 1.6
Other Median   72% 42% $144 $15 $113 $2   $1.0 -$17.2 0.9 1.2
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $65.18 97% 56% $84,082 $4,757 $79,325 $3,056 10100 $7.9 na na 4.3
BIOGEN $39.53 78% -5% $5,869 $812 $5,056 $37 2633 $1.9 na na 7.0
CHIRON CORP $44.04 90% 25% $8,210 $843 $7,367 $419 4044 $1.8 na na 3.3
GENENTECH $73.60 95% 120% $37,547 $1,085 $36,462 $0 5252 $6.9 na na 5.7
GENZYME CORP $42.99 86% 123% $9,277 $515 $8,762 $600 5600 $1.6 na na 3.3
GILEAD SCIENCES $56.31 98% 71% $11,264 $612 $10,652 $595 1250 $8.5 na na 11.1
IDEC PHARMACEUTICALS CORP $35.29 74% 0% $5,473 $860 $4,613 $871 995 $4.6 na na 5.5
Revenue-driven Average   88% 56% $23,103 $1,355 $21,748 $797   $4.8 na na 5.8
Revenue-driven Median   92% 63% $8,743 $828 $8,064 $507   $3.3 na na 4.9
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $9.68 81% -3% $406 $155 $251 $11 279 $0.9 -$83.9 1.8 1.2
DYAX $4.00 82% 3% $98 $31 $67 $18 244 $0.3 -$25.5 1.2 0.7
ISIS PHARMACEUTICALS $5.40 46% -43% $299 $269 $30 $200 523 $0.1 -$97.3 2.8 0.5
LIGAND PHARMACEUTICALS $13.50 81% -7% $935 $34 $901 $159 402 $2.2 -$81.3 0.4 1.4
NEUROGEN CORP $4.88 40% -58% $87 $71 $16 $14 163 $0.1 -$31.6 2.3 0.5
ONYX PHARMACEUTICALS $11.54 77% 100% $275 $38 $237 $0 89 $2.7 -$42.8 0.9 1.4
REGENERON PHARMACEUTICALS $16.42 72% 13% $770 $312 $458 $200 266 $1.7 -$120.4 2.6 1.2
TULARIK $9.57 80% 4% $529 $156 $373 $0 430 $0.9 -$96.8 1.6 1.3
Screening Average   70% 1% $425 $133 $292 $75   $1.1 -$72.5 1.7 1.0
Screening Median   80% 3% $299 $71 $237 $14   $0.9 -$81.3 1.6 1.2
                         
Company 6/27/2003 Close % 52wk High % change from 6/28/2002 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 $2.65 92% 121% $27 $2 $24 $2 252 $0.1 -$1.2 2.0 0.5
CELLEGY PHARMACEUTICALS $5.02 82% 128% $100 $12 $88 $0 23 $3.8 -$12.5 0.9 1.0
CURATIVE HEALTH SERVICES $16.55 84% -1% $204 $2 $202 $24 340 $0.6 na na 1.9
LIFECELL CORP $5.24 84% 114% $112 $5 $106 $1 155 $0.7 na na 1.4
LIFECORE BIOMEDICAL $5.67 51% -50% $73 $3 $70 $6 199 $0.4 na na 1.5
Wound Average   79% 62% $103 $5 $98 $7   $1.1 -$6.9 1.4 1.3
Wound Median   84% 107% $86 $3 $79 $1   $0.6 -$1.2 1.0 1.2
                         
Grand Average   71% 33% $1,002 $135 $888 $56   $1.7 -$38.4 2.4 2.0
Grand Median   74% 12% $174 $41 $128 $1   $0.9 -$23.6 1.6 1.2



originally published 07/03/2003


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