Signals vs Noise Article







Feb 2003 Stock Report



COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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 $1.73 28% -66% $ 40 $54 -$14 $16 176 -$0.1 -$40.3 1.3 0.9
HUMAN GENOME SCIENCES $6.79 26% -67% $874 $1,352 -$478 $503 1010 -$0.5 -$300.3 4.5 0.5
INCYTE GENOMICS $3.38 26% -69% $230 $453 -$223 $172 585 -$0.4 -$153.6 2.9 0.3
MILLENNIUM PHARMACEUTICALS $7.16 28% -62% $2,055 $1,822 $233 $83 1900 $0.1 na na 0.5
MYRIAD GENETICS $9.78 26% -70% $264 $59 $206 $0 491 $0.4 -$21.3 2.8 1.3
1st Generation Genomics Average . 27% -67% $693 $748 -$55 $155 . -$0.1 -$128.9 2.9 0.7
1st Generation Genomics Median . 27% -67% $247 $256 -$6 $50 . $0.0 -$40.3 2.8 0.7
                         
COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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 $2.00 52% -44% $ 72 $119 -$47 $1 170 -$0.3 -$44.8 2.7 0.3
AFFYMETRIX $26.39 85% 7% $1,541 $353 $1,188 $370 905 $1.3 na na 4.4
CALIPER TECHNOLOGIES $3.26 23% -70% $80 $128 -$48 $0 132 -$0.4 -$37.5 3.4 0.3
CELERA GENOMICS GROUP $8.25 35% -59% $590 $880 -$290 $0 na na na na na
CEPHEID $3.98 60% 49% $123 $21 $102 $2 143 $0.7 -$23.0 0.9 1.5
CIPHERGEN BIOSYSTEMS $5.00 69% -13% $136 $46 $91 $0 229 $0.4 -$31.6 1.4 0.8
COMBIMATRIX $2.05 41% na $ 39 na  na na na na na na na
ILLUMINA $2.41 25% -65% $ 78 $ 0 $78 $0 179 $0.4 -$30.4 0.0 na
SEQUENOM $1.68 22% -70% $ 66 $106 -$40 $6 272 -$0.1 -$68.0 1.6 0.1
TRANSGENOMIC $1.93 21% -76% $ 45 $18 $27 $0 na na -$18.9 1.0 0.4
Genomic Supply Average . 43% -38% $277 $186 $118 $42 . $0.3 -$36.3 1.6 1.1
Genomic Supply Median . 41% -52% $ 78 $76 $14 $0 . $0.4 -$31.0 1.2 0.6
                         
COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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 $2.49 28% -71% $ 51 $55 -$4 $10 83 $0.0 -$20.4 2.7 0.3
ARENA PHARMACEUTICALS $6.50 61% -33% $180 $196 -$16 $0 209 -$0.1 -$41.1 4.8 0.6
CURAGEN CORP $3.43 19% -79% $169 $431 -$262 $150 454 -$0.6 -$79.5 5.4 0.3
DECODE GENETICS $2.01 31% -66% $108 $102 $6 $0 592 $0.0 -$86.8 1.2 0.2
DELTAGEN $0.25 3% -97% $10 $50 -$39 $2 356 -$0.1 -$85.2 0.6 0.0
EXELIXIS $5.77 39% -49% $331 $154 $177 $0 571 $0.3 -$91.8 1.7 0.7
GENE LOGIC $5.05 25% -69% $137 $172 -$35 $1 272 -$0.1 -$27.8 6.2 0.4
GENENCOR INTERNATIONAL $9.72 77% -5% $567 $171 $396 $85 1144 $0.3 na na 1.1
LARGE SCALE BIOLOGY $0.57 15% -80% $ 14 $27 -$13 $0 169 -$0.1 -$27.1 1.0 0.1
LEXICON GENETICS $3.85 40% -54% $202 $114 $88 $0 507 $0.2 -$67.2 1.7 0.6
LYNX THERAPEUTICS $2.15 11% -88% $ 9 $13 -$3 $1 182 $0.0 -$13.1 1.0 0.1
MAXYGEN $7.36 55% -41% $253 $229 $25 $0 308 $0.1 -$29.2 7.8 0.6
NANOGEN $1.07 21% -74% $ 23 $46 -$23 $0 194 -$0.1 -$32.9 1.4 0.1
NUVELO $0.80 12% -85% $18 $ 4 $14 $4 224 $0.1 -$5.8 0.7 0.1
ORCHID BIOSCIENCES $0.42 15% -84% $23 $ 9 $14 $4 595 $0.0 -$89.1 0.1 0.1
PARADIGM GENETICS $0.36 16% -78% $12 $ 9 $2 $4 253 $0.0 -$15.7 0.6 0.1
RIGEL PHARMACEUTICALS $0.62 12% -84% $ 28 $37 -$8 $0 147 -$0.1 -$40.6 0.9 0.2
SANGAMO BIOSCIENCES $2.71 28% -68% $ 67 $52 $15 $0 90 $0.2 -$83.8 0.6 0.5
Genomic Targets Average . 28% -67% $122 $104 $18 $14 . $0.0 -$49.2 2.3 0.4
Genomic Targets Median . 25% -71% $ 51 $52 $1 $1 . $0.0 -$36.7 1.1 0.3
                         
COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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
EMBREX $6.66 26% -63% $ 54 $ 8 $46 $0 221 $0.2 na na 0.9
IDEXX LABORATORIES $36.46 96% 40% $1,254 $128 $1,126 $0 2170 $0.5 na na 3.8
IMMUCELL CORP $1.95 56% -42% $ 5 $ 2 $4 $0 30 $0.1 na na 0.6
Agbio/enviro. Average . 59% -22% $438 $46 $392 $0 . $0.3 na na 1.7
Agbio/enviro. Median . 76% -1% $ 30 $ 5 $25 $0 . $0.4 na na 0.9
                         
COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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 $11.01 41% -49% $200 $283 -$83 $124 140 -$0.6 -$86.6 3.3 0.5
AUTOIMMUNE $0.76 60% -28% $13 $10 $3 $0 na na -$1.0 10.4 0.1
BIOMARIN PHARMACEUTICAL $10.01 91% 0% $614 $86 $527 $0 216 $2.4 -$68.5 1.3 1.9
CONNETICS CORP $14.65 96% 34% $455 $29 $426 $0 162 $2.6 -$10.0 3.0 2.7
CORTECH $2.51 61% -32% $ 9 $0 $9 $0 na na na na na
CYPRESS BIOSCIENCE $2.68 60% -21% $ 35 $14 $21 $0 9 $2.4 -$7.2 1.9 0.3
EPIMMUNE $0.85 28% -70% $10 $12 -$2 $0 52 $0.0 -$6.0 2.0 0.1
ICOS CORP $19.95 38% -53% $1,238 $85 $1,153 $0 469 $2.5 -$138.1 0.6 1.6
INKINE PHARMACEUTICAL CO $1.59 64% 22% $ 56 $ 7 $48 $0 12 $4.0 -$5.9 1.3 1.0
KERYX BIOPHARMACEUTICALS $1.55 26% -67% $31 $27 $4 $0 63 $0.1 -$12.1 2.2 0.4
LA JOLLA PHARMACEUTICAL CO $1.30 15% -79% $ 55 $65 -$10 $0 118 -$0.1 -$42.7 1.5 0.3
PROTEIN DESIGN LABS $7.65 37% -52% $681 $624 $58 $159 363 $0.2 -$32.0 19.5 1.1
TANOX $8.84 55% -36% $392 $235 $157 $5 114 $1.4 -$30.6 7.7 1.3
Autoimmune Average . 52% -33% $292 $114 $178 $22 . $1.3 -$36.7 4.5 0.9
Autoimmune Median . 57% -34% $ 56 $28 $15 $0 . $1.2 -$12.1 2.0 1.0
                         
COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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 $4.40 44% -27% $113 $60 $53 $0 61 $0.9 -$21.2 2.8 0.7
ANTIGENICS $8.13 54% -38% $269 $70 $198 $0 208 $1.0 -$54.2 1.3 0.9
APHTON CORP $2.50 21% -78% $ 57 $ 9 $48 $0 50 $1.0 -$43.7 0.2 0.5
AVAX TECHNOLOGIES $0.13 19% -75% $ 2 $ 6 -$4 $0 43 -$0.1 -$10.4 0.6 0.0
AVI BIOPHARMA $3.16 28% -66% $ 84 $22 $61 $0 85 $0.7 -$28.2 0.8 0.6
BIOMIRA $1.09 26% -71% $ 58 $83 -$25 $0 179 -$0.1 -$17.6 4.7 0.6
BOSTON LIFE SCIENCES $0.93 32% -62% $21 $0  $21 $0 na na na na na
BRITISH BIOTECH PLC $2.19 24% -73% $37 $173 -$136 $3 145 -$0.9 -$36.2 4.8 0.1
CELGENE CORP $21.90 79% -16% $1,724 $289 $1,435 $0 383 $3.7 -$4.1 69.7 3.2
CELL PATHWAYS $0.81 14% -82% $ 32 $17 $15 $0 77 $0.2 -$18.9 0.9 0.2
CELL THERAPEUTICS $7.02 26% -68% $229 $169 $60 $0 238 $0.3 -$121.6 1.4 0.6
CORIXA CORP $5.99 53% -39% $301 $47 $254 $23 496 $0.5 -$66.3 0.7 0.2
CYTOGEN CORP $2.87 11% -87% $25 $16 $9 $3 74 $0.1 -$15.9 1.0 0.1
DENDREON $4.10 57% 26% $108 $55 $53 $0 72 $0.7 -$20.8 2.6 0.7
DOR  BIOPHARMA $1.05 61% -19% $ 23 $ 4 $19 $0 22 $0.8 -$2.5 1.6 0.3
DUSA PHARMACEUTICALS $1.52 29% -61% $ 21 $56 -$35 $2 55 -$0.6 na na 0.2
ENTREMED $1.04 11% -86% $ 23 $ 5 $18 $3 112 $0.2 -$47.0 0.1 0.1
EXEGENICS $0.59 29% -65% $ 10 $20 -$10 $0 29 -$0.4 -$10.7 1.9 0.1
GENAERA $0.32 9% -89% $ 11 $12 -$1 $0 57 $0.0 -$11.9 1.0 0.1
GENTA $6.55 35% -49% $479 $127 $352 $10 60 $5.9 -$60.4 2.1 1.5
GERON CORP $1.69 19% -77% $ 42 $47 -$6 $16 142 $0.0 -$28.8 1.6 0.2
ILEX ONCOLOGY $6.34 34% -58% $206 $149 $57 $0 310 $0.2 -$41.6 3.6 0.4
IMCLONE SYSTEMS $13.33 44% -41% $982 $293 $688 $242 399 $1.7 -$168.0 1.7 2.8
IMMUNOGEN $2.37 20% -79% $103 $127 -$25 $0 105 -$0.2 -$12.9 9.9 0.3
IMMUNOMEDICS $2.80 13% -83% $140 $38 $101 $0 94 $1.1 -$11.5 3.3 0.9
MAXIM PHARMACEUTICALS $3.30 48% -41% $ 77 $108 -$31 $2 132 -$0.2 -$44.4 2.4 0.2
MEDAREX $2.79 15% -82% $213 $370 -$157 $175 297 -$0.5 -$216.5 1.7 0.3
NAPRO BIOTHERAPEUTICS $0.45 4% -96% $13 $12 $2 $25 189 $0.0 -$15.8 0.7 0.1
NEOPHARM $10.76 43% -37% $176 $102 $74 $0 72 $1.0 -$41.1 2.5 1.0
NEORX CORP $0.49 12% -88% $ 13 $12 $1 $5 118 $0.0 -$46.0 0.3 0.1
OSI PHARMACEUTICALS $14.78 34% -61% $539 $465 $74 $160 429 $0.2 -$88.6 5.2 0.8
OXIGENE $1.61 50% -25% $ 20 $14 $6 $0 15 $0.4 -$6.7 2.1 0.2
PRAECIS PHARMACEUTICALS $4.05 69% -10% $210 $209 $1 $33 na na -$22.3 9.4 0.6
PROGENICS PHARMACEUTICALS $5.40 32% -59% $ 68 $42 $27 $0 80 $0.3 -$25.6 1.6 0.7
QLT PHOTOTHERAPEUTICS $9.09 43% -49% $621 $257 $363 $0 285 $1.3 -$48.3 5.3 1.3
SCICLONE PHARMACEUTICALS $4.75 95% 107% $175 $25 $151 $6 na na -$6.7 3.7 1.1
SEATTLE GENETICS $2.87 43% -40% $ 88 $31 $57 $0 na na -$20.4 1.5 0.8
XENOVA GROUP PLC $3.25 33% -66% $ 45 $18 $27 $0 134 $0.2 -$8.8 2.1 2.5
Cancer Average . 35% -53% $194 $94 $100 $19 . $0.6 -$40.1 4.4 0.7
Cancer Median . 32% -61% $ 77 $47 $21 $0 . $0.2 -$22.3 1.7 0.5
                         
COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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
ATHEROGENICS $8.60 96% 31% $313 $41 $272 $0 79 $3.4 -$27.7 1.5 2.6
CORVAS INTERNATIONAL $1.74 26% -70% $ 48 $71 -$23 $12 95 -$0.2 -$26.2 2.7 0.2
CV THERAPEUTICS $17.64 39% -54% $478 $420 $58 $196 222 $0.3 -$99.3 4.2 0.9
QUESTCOR PHARMACEUTICALS $1.08 52% -29% $ 42 $ 9 $32 $3 38 $0.9 -$4.0 2.3 0.5
SCIOS $43.64 99% 118% $2,048 $66 $1,982 $161 425 $4.7 -$87.3 0.8 3.6
TEXAS BIOTECHNOLOGY CORP $0.80 12% -86% $35 $47 -$12 $0 na na -$23.4 2.0 0.2
Cardiovascular Average . 54% -15% $494 $109 $385 $62 . $1.8 -$44.6 2.3 1.3
Cardiovascular Median . 52% -29% $ 48 $47 $32 $3 . $0.9 -$26.2 2.0 0.9
                         
COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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
3-DIMENSIONAL PHARMACEUTICALS $5.71 75% -23% $129 $75 $54 $5 204 $0.3 -$30.8 2.4 0.8
ARGONAUT TECHNOLOGIES $0.97 31% -61% $19 $29 -$9 $0 154 -$0.1 -$21.4 1.3 0.2
ARIAD PHARMACEUTICALS $1.79 29% -53% $ 62 $28 $34 $6 69 $0.5 -$31.3 0.9 0.4
ARQULE $2.37 18% -81% $ 51 $83 -$32 $8 385 -$0.1 -$21.9 3.8 0.2
ARRAY BIOPHARMA $4.08 31% -60% $114 $52 $62 $0 na na -$4.9 10.7 0.9
BIOCRYST PHARMACEUTICALS $1.01 21% -76% $ 18 $27 -$9 $0 77 -$0.1 -$13.7 2.0 0.1
KOSAN BIOSCIENCES $5.50 59% -23% $140 $63 $76 $0 68 $1.1 -$29.5 2.1 1.0
PHARMACOPEIA $6.60 43% -47% $155 $142 $13 $0 800 $0.0 -$25.3 5.6 0.5
SYMYX TECHNOLOGIES $13.26 53% -21% $409 $119 $290 $0 204 $1.4 na na 2.7
VERTEX PHARMACEUTICALS $11.05 34% -49% $841 $651 $190 $315 1000 $0.2 -$133.8 4.9 1.1
Chemistry Average . 39% -49% $194 $127 $67 $33 . $0.4 -$34.7 3.8 0.8
Chemistry Median . 34% -49% $114 $63 $34 $0 . $0.2 -$23.6 2.3 0.8
                         
COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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
CEPHALON $48.15 70% -17% $2,657 $637 $2,020 $871 1127 $1.8 na na 2.7
DOV PHARMACEUTICALS $5.64 47% na $ 81 $64 $17 $14 NA NA -$10.4 6.2 1.0
GUILFORD PHARMACEUTICALS $3.43 33% -60% $102 $96 $7 $4 289 $0.0 -$58.3 1.6 0.3
INDEVUS PHARMACEUTICALS $2.06 22% -75% $97 $40 $56 $0 19 $3.0 -$19.3 2.1 0.3
MACROCHEM CORP $0.61 18% -80% $ 17 $10 $7 $0 32 $0.2 -$6.1 1.7 0.2
NEUROCRINE BIOSCIENCES $42.13 84% 19% $1,289 $275 $1,014 $0 222 $4.6 -$80.9 3.4 3.1
SPECTRUM PHARMACEUTICALS $1.98 3% -97% $ 3 $ 0 $3 $0 53 $0.1 -$9.4 0.0 0.0
SYNAPTIC PHARMACEUTICAL CORP $6.46 94% 4% $ 71 $28 $43 $0 101 $0.4 -$32.5 0.9 0.5
TITAN PHARMACEUTICALS $1.55 19% -76% $ 43 $81 -$39 $0 58 -$0.7 -$29.2 2.8 0.2
CNS Average . 43% -48% $485 $137 $348 $99 . $1.2 -$30.8 2.3 0.9
CNS Median . 40% -60% $76 $52 $12 $0 . $0.4 -$19.3 1.7 0.4
                         
COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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 $5.76 26% -68% $504 $464 $41 $200 324 $0.1 -$135.4 3.4 0.5
ALKERMES $7.94 25% -68% $512 $72 $440 $206 520 $0.8 -$271.4 0.3 1.1
ARADIGM CORP $0.79 14% -80% $ 25 $35 -$11 $0 307 $0.0 -$41.1 0.9 0.1
BIODELIVERY SCIENCES $2.19 58% na $16 $ 6 $9 $0 8 $1.1 -$5.7 1.1 1.1
CIMA LABS $20.49 70% -11% $292 $73 $218 $0 171 $1.3 na na 1.2
CYGNUS $0.40 6% -90% $15 $25 -$10 $20 102 -$0.1 -$40.8 0.6 0.1
DEPOMED $2.34 44% -55% $ 33 $ 9 $24 $0 40 $0.6 -$35.4 0.3 0.5
EMISPHERE TECHNOLOGIES $5.62 28% -64% $101 $18 $83 $32 241 $0.3 -$52.1 0.3 0.3
ENZON PHARMACEUTICALS $12.55 26% -71% $545 $224 $321 $0 106 $3.0 na na 2.1
FLAMEL TECHNOLOGIES SA $4.72 87% 120% $ 76 $13 $64 $2 137 $0.5 -$8.9 1.5 1.5
GENETRONICS BIOMEDICAL LTD $0.35 52% -33% $18 $ 2 $15 $0 27 $0.6 -$5.6 0.4 0.3
NEKTAR THERAPEUTICS $5.05 38% -61% $280 $314 -$34 $299 694 $0.0 -$106.1 3.0 0.4
NOVAVAX $4.25 35% -59% $105 $8 $97 $40 173 $0.6 -$26.9 0.3 1.0
NOVEN PHARMACEUTICALS $10.86 39% -48% $245 $60 $185 $0 252 $0.7 na na 3.1
SEPRACOR $12.36 26% -71% $1,040 $553 $487 $999 930 $0.5 -$94.4 5.9 1.3
SHEFFIELD PHARMACEUTICALS $0.27 9% -91% $ 8 $ 0 $8 $12 16 $0.5 -$5.2 0.1 0.1
Delivery Average . 37% -50% $238 $117 $121 $113 . $0.7 -$63.8 1.4 0.9
Delivery Median . 35% -62% $101 $25 $41 $2 . $0.6 -$38.1 0.7 1.0
                         
COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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 $4.20 79% 17% $28 $18 $10 $0 24 $0.4 -$9.5 1.8 0.6
CHOLESTECH CORP $6.36 32% -44% $ 87 $15 $72 $0 220 $0.3 na na 1.1
DIAGNOSTIC PRODUCTS CORP $33.91 64% -5% $968 $43 $925 $0 1955 $0.5 na na 16.6
DIGENE CORP $16.59 44% -48% $301 $34 $267 $3 243 $1.1 -$10.5 3.2 2.6
ENZO BIOCHEM $12.36 58% -32% $352 $73 $279 $0 255 $1.1 na na 2.2
EPIX MEDICAL $6.40 40% -50% $109 $36 $73 $0 88 $0.8 -$22.4 1.6 0.9
HYCOR BIOMEDICAL $2.38 43% -56% $ 19 $ 6 $14 $1 149 $0.1 na na 1.5
IGEN INTERNATIONAL $32.96 72% -21% $783 $49 $733 $46 370 $2.0 -$33.4 1.5 3.2
LUMINEX $4.00 28% -73% $118 $40 $78 $0 183 $0.4 -$22.1 1.8 1.0
MARTEK BIOSCIENCES CORP $24.40 71% -9% $570 $29 $541 $0 166 $3.3 -$15.0 1.9 2.4
MATRITECH $1.80 55% -22% $ 55 $ 3 $53 $0 44 $1.2 -$8.5 0.3 0.8
ORASURE $6.82 79% 31% $256 $13 $243 $3 221 $1.1 -$1.5 8.6 1.7
OSTEX INTERNATIONAL $1.94 72% -10% $ 24 $1 $23 $1 46 $0.5 -$4.5 0.2 0.5
QUIDEL CORP $3.15 44% -50% $ 91 $ 5 $86 $0 336 $0.3 -$4.8 1.0 0.6
SONUS PHARMACEUTICALS $2.20 31% -60% $ 30 $19 $11 $0 34 $0.3 -$13.1 1.5 0.5
TRINITY BIOTECH PLC $1.95 99% 26% $ 79 $ 1 $78 $0 332 $0.2 na na 3.6
Diagnostic/imag. Average . 57% -25% $242 $24 $218 $3 . $0.9 -$13.2 2.1 2.5
Diagnostic/imag. Median . 58% -22% $ 91 $18 $78 $0 . $0.5 -$10.0 1.6 1.1
                         
COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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 $0.30 34% -66% $15 $8 $8 $0 44 $0.2 -$9.8 0.8 0.1
AVIGEN $2.90 25% -65% $ 58 $125 -$67 $0 143 -$0.5 -$28.4 4.4 0.2
CELL GENESYS $7.94 44% -47% $286 $226 $60 $0 262 $0.2 -$50.8 4.4 1.0
DIACRIN $1.03 46% -51% $ 18 $40 -$22 $0 30 -$0.7 -$6.1 6.5 0.2
INTROGEN $2.19 41% -52% $47 $31 $16 $7 77 $0.2 -$22.8 1.4 0.5
RIBOZYME PHARMACEUTICALS $0.34 9% -88% $ 7 $15 -$8 $5 130 -$0.1 -$27.3 0.6 0.0
TARGETED GENETICS CORP $0.29 13% -86% $ 15 $17 -$3 $23 173 $0.0 -$19.3 0.9 0.1
TRANSGENE SA $1.52 53% -35% $ 46 na  na $0 318 na na na na
TRANSKARYOTIC THERAPIES $5.01 11% -87% $175 $288 -$114 $0 376 -$0.3 -$83.6 3.5 0.3
VALENTIS $4.95 5% -88% $ 6 $12 -$6 $0 58 -$0.1 -$18.6 0.6 0.0
VICAL $2.53 25% -70% $ 51 $120 -$69 $0 152 -$0.5 -$40.9 2.9 0.2
Gene therapy Average . 28% -67% $ 66 $88 -$20 $3 . -$0.2 -$30.8 2.6 0.3
Gene therapy Median . 29% -66% $ 32 $31 -$6 $0 . -$0.1 -$22.8 1.4 0.2
                         
COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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 $1.09 44% -19% $ 66 $26 $40 $0 71 $0.6 -$1.1 23.8 0.3
ESSENTIAL $0.12 3% -96% $ 2 $41 -$38 $1 139 -$0.3 -$20.3 2.0 0.0
GENELABS TECHNOLOGIES $1.33 37% -28% $ 71 $12 $59 $0 90 $0.7 -$17.2 0.7 0.4
IMMUNE RESPONSE CORP $1.42 30% -62% $ 14 $1 $13 $3 129 $0.1 -$22.0 0.1 0.1
INTERMUNE $19.96 52% -45% $631 $343 $288 $150 57 $5.1 -$39.0 8.8 1.3
INTRABIOTICS $0.16 3% -95% $ 6 $35 -$29 $4 31 -$0.9 -$45.1 0.8 0.0
MEDIMMUNE $30.01 67% -27% $7,540 $454 $7,086 $218 877 $8.1 -$145.2 3.1 2.9
NABI BIOPHARMACEUTICALS $5.13 67% -7% $199 $44 $155 $0 615 $0.3 na na 1.2
NEOSE TECHNOLOGIES $6.24 19% -80% $89 $43 $46 $4 111 $0.4 -$23.8 1.8 0.5
SIGA TECHNOLOGIES $1.26 46% -52% $14 $ 1 $13 $0 12 $1.1 -$2.5 0.4 0.5
TRIMERIS $40.02 70% 5% $854 $61 $793 $0 109 $7.3 -$72.6 0.8 3.0
VAXGEN $3.76 16% -66% $ 54 $26 $28 $0 80 $0.4 -$31.0 0.8 0.4
VERSICOR $10.30 51% -43% $272 $73 $199 $1 63 $3.2 -$52.1 1.4 1.3
VION PHARMACEUTICALS $0.36 8% -91% $ 10 $13 -$3 $0 50 -$0.1 -$9.9 1.3 0.1
VIROLOGIC $0.92 27% -61% $ 23 $ 6 $17 $0 204 $0.1 -$22.3 0.3 0.2
VIROPHARMA $1.73 10% -89% $45 $176 -$131 $156 418 $0.4 na na 0.2
XOMA LTD $3.61 40% -55% $254 $36 $218 $58 193 $1.1 -$49.0 0.7 -18.5
Infection Average . 35% -54% $597 $82 $515 $35 . $1.6 -$36.9 3.1 -0.4
Infection Median . 39% -54% $ 60 $36 $34 $1 . $0.5 -$23.1 0.9 0.4
                         
COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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 $15.34 81% 73% $1,256 $180 $1,076 $0 150 $7.2 -$125.2 1.4 2.4
BIO-TECHNOLOGY GENERAL CORP $2.55 41% -52% $150 $20 $130 $14 378 $0.3 na na 0.7
INSMED INC $0.49 15% -82% $ 16 $ 0 $16 $0 na na -$2.2 0.0 9.6
NPS PHARMACEUTICALS $17.36 48% -42% $529 $158 $371 $0 146 $2.5 -$73.1 2.2 1.4
ZONAGEN $0.93 19% -80% $ 11 $27 -$17 $0 10 -$1.7 na na 0.1
Metabolic Average . 41% -37% $392 $77 $315 $3 . $2.1 -$66.8 1.2 2.8
Metabolic Median . 44% -47% $ 83 $24 $73 $0 . $1.0 -$37.7 1.2 1.2
                         
COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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 $14.50 48% -48% $470 $121 $349 $5 532 $0.7 na na 2.6
BIOPURE CORP $3.11 23% -55% $ 96 $30 $66 $10 211 $0.3 -$50.4 0.6 0.2
BIORELIANCE CORP $17.00 61% -18% $144 $36 $108 $11 556 $0.2 na na 2.6
BIOTIME $1.59 41% -59% $ 21 $ 2 $20 $2 12 $1.6 -$2.3 0.8 0.7
CARRINGTON LABORATORIES $1.03 40% -49% $10 $ 2 $8 $0 181 $0.0 -$2.2 1.1 0.2
COLLAGENEX PHARMACEUTICALS $9.06 75% -9% $103 $ 5 $98 $0 155 $0.6 na na 1.2
COLUMBIA LABORATORIES $3.15 53% -17% $112 $ 4 $107 $10 19 $5.7 -$7.5 0.6 0.9
CYANOTECH CORP $0.51 43% -54% $ 9 $ 0 $9 $3 53 $0.2 -$2.2 0.1 0.4
CYTRX CORP $0.41 39% -38% $ 9 $ 2 $7 $0 5 $1.3 -$9.9 0.2 0.1
DISCOVERY LABORATORIES $1.85 56% -40% $ 61 $11 $50 $0 50 $1.0 -$18.1 0.6 0.8
GTC BIOTHERAPEUTICS $1.36 35% -61% $38 $66 -$28 $13 168 -$0.2 -$27.9 2.4 0.2
ICON PLC $25.99 75% -16% $307 $0 $307 $0 1262 $0.2 na na na
IMMUCOR $19.73 76% 187% $249 $ 6 $243 $23 481 $0.5 na na 8.6
INSITE VISION $0.80 36% -58% $ 20 $ 4 $17 $0 39 $0.4 -$12.4 0.3 0.2
INVITROGEN CORP $31.04 79% -32% $1,601 $712 $889 $512 2726 $0.3 na na 0.9
MOLECULAR DEVICES CORP $13.16 62% -38% $202 $51 $150 $0 370 $0.4 na na 1.1
NORTHFIELD LABORATORIES $5.82 65% -23% $ 83 $12 $71 $0 60 $1.2 -$12.6 1.0 0.7
OSTEOTECH $7.50 66% -10% $127 $19 $108 $17 365 $0.3 na na 2.0
PAIN THERAPEUTICS $1.85 15% -81% $ 50 $54 -$4 $0 26 -$0.1 -$12.2 4.4 0.5
PHARMACEUTICAL PRODUCT DEVELOP $31.37 89% 1% $1,743 $147 $1,596 $7 4375 $0.4 na na 6.5
PHARMACYCLICS $3.30 36% -54% $ 53 $109 -$56 $0 176 -$0.3 -$26.9 4.1 0.2
PHARMOS CORP $0.98 49% -46% $ 55 $25 $30 $0 70 $0.4 -$21.8 1.2 0.5
QIAGEN NV $5.84 34% -62% $849 $30 $819 $0 na na na na 17.1
QUINTILES TRANSNATIONAL CORP $12.40 64% -25% $1,461 $ 1 $1,461 $0 17224 $0.1 na na na
SANGSTAT MEDICAL CORP $8.37 30% -60% $221 $107 $114 $15 263 $0.4 na na 0.7
SICOR $14.84 78% -7% $1,737 $201 $1,536 $25 1851 $0.8 na na 2.2
SUPERGEN $3.38 39% -61% $111 $27 $84 $0 115 $0.7 -$80.4 0.3 0.4
TRIPOS $5.30 20% -76% $ 47 $10 $36 $3 267 $0.1 -$3.1 3.3 1.3
Other Average . 51% -32% $357 $64 $293 $23 . $0.6 -$19.3 1.4 2.0
Other Median . 49% -40% $103 $19 $84 $1 . $0.4 -$12.3 0.9 0.8
                         
COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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 $54.64 87% -6% $70,325 $4,042 $66,283 $3,040 7700 $8.6 na na 3.7
BIOGEN $35.54 62% -33% $5,298 $828 $4,469 $39 1992 $2.2 na na 6.4
CHIRON CORP $36.52 74% -16% $6,870 $945 $5,925 $415 3736 $1.6 na na 2.8
GENENTECH $35.36 65% -25% $18,125 $1,124 $17,001 $0 4950 $3.4 na na 2.7
GENZYME CORP $31.18 60% -30% $6,690 $441 $6,249 $869 5200 $1.2 na na 2.4
GILEAD SCIENCES $34.00 85% -3% $6,687 $625 $6,062 $250 1000 $6.1 na na 7.1
IDEC PHARMACEUTICALS CORP $28.75 40% -54% $4,400 $947 $3,452 $861 692 $5.0 na na 4.9
Revenue-driven Average . 67% -24% $16,914 $1,279 $15,635 $782 . $4.0 na na 4.3
Revenue-driven Median . 69% -20% $6,689 $887 $5,994 $333 . $2.8 na na 3.2
                         
COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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
CUBIST PHARMACEUTICALS $8.22 36% -42% $235 $147 $88 $209 180 $0.5 -$68.0 2.2 0.9
DISCOVERY PARTNERS $2.59 32% -57% $ 63 $70 -$7 $0 225 $0.0 -$3.2 21.6 0.3
DIVERSA $7.01 51% -35% $251 $164 $87 $11 276 $0.3 -$26.8 6.1 0.9
DYAX $1.72 33% -65% $ 34 $34 $0 $16 239 $0.0 -$22.7 1.5 0.2
ISIS PHARMACEUTICALS $4.48 25% -69% $247 $292 -$45 $179 434 -$0.1 -$70.3 4.2 0.4
LIGAND PHARMACEUTICALS $4.73 23% -67% $338 $35 $303 $4 351 $0.9 -$28.2 1.3 0.5
NEUROGEN CORP $3.78 26% -72% $ 68 $84 -$16 $20 200 -$0.1 -$31.2 2.7 0.4
ONYX PHARMACEUTICALS $7.20 80% 87% $155 $50 $105 $5 85 $1.2 -$43.3 1.2 0.8
REGENERON PHARMACEUTICALS $18.34 68% -19% $808 $300 $508 $200 575 $0.9 -$131.3 2.3 1.4
REPLIGEN CORP $3.47 77% 20% $ 95 $17 $77 $0 40 $1.9 -$4.3 4.0 0.6
TULARIK $4.01 18% -78% $220 $175 $45 $9 380 $0.1 -$91.8 1.9 0.6
Screening Average . 43% -36% $228 $124 $104 $59 . $0.5 -$47.4 4.4 0.6
Screening Median . 35% -49% $188 $77 $61 $10 . $0.4 -$29.7 2.2 0.6
                         
COMPANY
02/28/03 Close
% 52wk High
% change from 02/28/02
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
CELLEGY PHARMACEUTICALS $4.16 59% -28% $ 81 $ 5 $76 $1 36 $2.1 -$6.5 0.8 0.9
LIFECELL CORP $2.38 63% -16% $ 50 $ 5 $44 $1 138 $0.3 na na 0.6
LIFECORE BIOMEDICAL $7.25 62% -19% $ 93 $ 1 $93 $6 200 $0.5 -$4.2 0.2 2.0
Wound Average . 61% -21% $ 75 $ 4 $71 $2 . $1.0 -$5.3 0.5 1.2
Wound Median . 62% -18% $ 65 $ 3 $60 $1 . $0.7 -$4.2 0.8 0.9
                     
Grand Average . 42% -44% $782 $143 $645 $57 . $0.8 -$39.0 2.8 1.1
Grand Median . 39% -52% $101 $47 $45 $0 . $0.4 -$27.5 1.7 0.6



originally published 03/06/2003


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