Signals vs Noise Article







September 2010 Stock Report

Company 9/24/2010 close % of 52wk High % change since 9/25/2009 Market Cap ($M) Liquidity, Pro forma ($M) ST&LT Debt ($M) Company Valuation ($M) Valuation/
Employee ($M)
Burn Rate, annualized ($M) Survival Index (Yrs) IPO Date Cash/
cash from IPO/
share
Price/Share At IPO IPO Post-Money Valuation ($M)
HUMAN GENOME SCIENCES $28.63 83% 57% $5,387 $611 $622 $5,398 $7.0 -$227 2.7 Dec-93 9.5 $3.00 $176
INCYTE CORP. $15.11 99% 129% $1,844 $441 $355 $1,757 $9.4 na na Nov-93 8.0 $1.88 $47
MYRIAD GENETICS $16.40 59% -38% $1,543 $422 $0 $1,121 $1.6 na na Oct-95 1.8 $9.00 $163
1st Generation Genomics Average   81% 49% $2,925 $491   $2,759 $6.0 na 2.7   6.5    
1st Generation Genomics Median   83% 57% $1,844 $441   $1,757 $7.0 na 2.7   8.0    
                             
Company 9/24/2010 close % of 52wk High % change since 9/25/2009 Market Cap ($M) Liquidity, Pro forma ($M) ST&LT Debt ($M) Company Valuation ($M) Valuation/
Employee ($M)
Burn Rate, annualized ($M) Survival Index (Yrs) IPO Date Cash/
cash from IPO/
share
Price/Share At IPO IPO Post-Money Valuation ($M)
AFFYMETRIX $4.82 48% -45% $341 $305 $234 $270 $0.2 -$22 13.8 Jun-96 0.6 $7.50 $287
CALIPER LIFE SCIENCES $4.00 87% 57% $201 $38 $12 $175 $0.3 na na Dec-99 0.3 $16.00 $333
CEPHEID $18.86 90% 42% $1,127 $48 $8 $1,086 $3.5 -$7 6.7 Jun-00 3.1 $6.00 $158
COMBIMATRIX CORP. $2.26 29% -66% $17 $13 $0 $4 $0.1 na na na na na na
COMPUGEN LTD $4.74 81% 66% $156 $21 $0 $135 $1.1 -$4 5.8 Sep-00 0.5 $10.00 na
ILLUMINA $50.17 99% 23% $6,236 $805 $357 $5,788 $9.7 na na Jul-00 3.1 $16.00 $515
ORCHID CELLMARK $1.52 69% -11% $46 $19 $0 $27 $0.1 -$6 2.9 May-00 0.2 $8.00 $263
ROSETTA GENOMICS $1.22 35% -50% $20 $7 $0 $13 $0.3 -$18 0.4 Feb-07 0.2 $7.00 $79
SEQUENOM $6.84 79% 24% $513 $72 $4 $445 $4.2 -$237 0.3 Feb-00 0.3 $26.00 $609
VERMILLION $5.38 16% -36% $56 $29 $13 $40 $0.3 -$3 10.4 Sep-00 0.0 $160.00 $417
Genomic Supply Average   63% 0% $871 $136   $798 $2.0 -$42 5.8   0.9    
Genomic Supply Median   74% 6% $178 $33   $155 $0.3 -$7 5.8   0.3    
                             
Company 9/24/2010 close % of 52wk High % change since 9/25/2009 Market Cap ($M) Liquidity, Pro forma ($M) ST&LT Debt ($M) Company Valuation ($M) Valuation/
Employee ($M)
Burn Rate, annualized ($M) Survival Index (Yrs) IPO Date Cash/
cash from IPO/
share
Price/Share At IPO IPO Post-Money Valuation ($M)
AMICUS THERAPEUTICS $3.82 39% -60% $106 $69 $2 $38 $0.5 -$45 1.5 May-07 0.3 $15.00 $327
ARENA PHARMACEUTICALS $1.61 20% -65% $181 $119 $139 $201 $0.5 -$115 1.0 Jul-00 0.1 $18.00 $394
CELERA GENOMICS GROUP $6.89 89% 9% $565 $323 $2 $244 $0.5 -$25 13.1 Feb-00 0.0 $225.00 na
EXELIXIS $4.17 52% -36% $453 $213 $356 $596 $0.9 -$90 2.4 Apr-00 0.3 $13.00 $520
LEXICON PHARMACEUTICALS $1.48 52% -27% $499 $272 $28 $255 $0.4 -$101 2.7 Apr-00 0.1 $22.00 $1,037
MAXYGEN $5.76 80% -13% $176 $155 $5 $26 $0.2 na na Dec-99 0.4 $16.00 $465
ORE PHARMACEUTICALS $0.40 47% -42% $2 $0 $0 $2 $0.0 na na Nov-97 0.1 $8.00 $109
RIGEL PHARMACEUTICALS $8.55 84% 3% $446 $187 $48 $306 $2.0 na na Nov-00 1.2 $7.00 $230
SANGAMO BIOSCIENCES $3.63 42% -57% $164 $69 $1 $96 $1.3 -$15 4.5 Apr-00 0.2 $15.00 $312
ZYMOGENETICS $9.73 99% 58% $836 $205 $189 $819 $1.6 -$15 13.7 Feb-01 0.8 $12.00 $547
Genomic Targets Average   60% -23% $343 $161   $258 $0.8 -$58 5.6   0.3    
Genomic Targets Median   52% -31% $313 $171   $222 $0.5 -$45 2.7   0.2    
                             
Company 9/24/2010 close % of 52wk High % change since 9/25/2009 Market Cap ($M) Liquidity, Pro forma ($M) ST&LT Debt ($M) Company Valuation ($M) Valuation/
Employee ($M)
Burn Rate, annualized ($M) Survival Index (Yrs) IPO Date Cash/
cash from IPO/
share
Price/Share At IPO IPO Post-Money Valuation ($M)
ALEXION PHARMACEUTICALS $63.54 99% 41% $5,727 $266 $8 $5,470 $18.5 na na Feb-96 7.7 $8.25 $62
CYPRESS BIOSCIENCE $3.82 46% -52% $147 $136 $5 $17 $1.1 -$7 18.9 Dec-83 0.0 $80.00 $33
TRUBION PHARMACEUTICALS $4.57 85% -12% $93 $42 $15 $66 $0.8 -$23 1.9 Oct-06 0.4 $13.00 $208
Autoimmune Average   76% -8% $1,989 $148   $1,851 $6.8 -$15 10.4   2.7    
Autoimmune Median   85% -12% $147 $136   $66 $1.1 -$15 10.4   0.4    
                             
Company 9/24/2010 close % of 52wk High % change since 9/25/2009 Market Cap ($M) Liquidity, Pro forma ($M) ST&LT Debt ($M) Company Valuation ($M) Valuation/
Employee ($M)
Burn Rate, annualized ($M) Survival Index (Yrs) IPO Date Cash/
cash from IPO/
share
Price/Share At IPO IPO Post-Money Valuation ($M)
AFFYMAX $6.02 23% -74% $147 $143 $44 $47 $0.5 na na Dec-06 0.2 $25.00 $345
ALLOS THERAPEUTICS $4.47 51% -43% $471 $122 $0 $349 $5.9 -$80 1.5 Mar-00 0.2 $18.00 $604
ALSERES PHARMACEUTICALS $0.30 40% -44% $8 $0 $34 $42 $1.9 -$7 0.0 na na na na
ANTIGENICS  $0.97 43% -54% $95 $29 $49 $115 $0.7 -$20 1.5 Feb-00 0.1 $18.00 $429
ARIAD PHARMACEUTICALS $3.55 80% 62% $393 $81 $11 $323 $3.1 na na May-94 0.4 $8.00 $124
AVEO PHARMACEUTICALS $9.71 98% na $300 $107 $36 $229 $1.7 -$62 1.7 Mar-10 1.1 $9.00 $267
AVI BIOPHARMA $1.94 87% 20% $217 $38 $35 $214 $1.8 -$67 0.6 Jun-97 0.2 $9.00 $103
CELL THERAPEUTICS $0.38 27% -69% $288 $65 $13 $236 $1.2 -$94 0.7 Mar-97 0.0 $10.00 $166
CLEVELAND BIOLABS $5.08 88% 41% $137 $6 $0 $131 $5.5 -$10 0.6 Jul-06 0.8 $6.00 $66
CYTOKINETICS $2.67 48% -46% $172 $88 $0 $85 $0.6 -$53 1.7 Apr-04 0.2 $13.00 $839
DENDREON CORP. $42.58 74% 60% $6,131 $480 $77 $5,728 $24.7 -$570 0.8 Jun-00 4.3 $10.00 $210
DUSA PHARMACEUTICALS $2.50 91% 123% $61 $18 $1 $44 $0.7 na na Jan-92 0.4 $6.00 $30
ENTREMED $3.90 23% -30% $38 $8 $0 $30 $0.5 -$20 0.4 Jun-96 0.0 $165.00 $182
GERON CORP. $5.36 75% -19% $546 $122 $1 $426 $4.1 -$68 1.8 Jul-96 0.7 $8.00 $77
GTX $3.37 29% -74% $145 $28 $1 $118 $1.3 -$52 0.5 Feb-04 0.2 $14.50 $623
IMMUNOGEN $5.69 52% -30% $387 $111 $4 $280 $1.5 -$54 2.1 Nov-89 0.6 $10.00 $60
IMMUNOMEDICS $3.22 55% -42% $242 $25 $0 $218 $2.1 na na Oct-83 2.6 $1.25 $25
ONCOTHYREON $3.30 56% -38% $85 $0 $0 $85 $0.4 na na Jun-87 0.8 $4.40 $43
ONYX THERAPEUTICS $27.03 81% -15% $1,695 $520 $292 $1,467 $11.7 -$389 1.3 May-96 2.3 $12.00 $105
OPKO HEALTH $2.28 85% -6% $582 $20 $0 $562 $562.4 -$24 0.8 na na na na
OXIGENE $0.27 16% -82% $20 $7 $5 $18 $0.8 na na Oct-93 0.0 $6.00 $28
PONIARD PHARMACEUTICALS $0.60 7% -92% $29 $29 $16 $16 $0.8 -$26 1.1 Aug-88 0.0 $168.00 $102
PROGENICS PHARMACEUTICALS $5.05 72% -8% $166 $72 $1 $95 $0.5 -$61 1.2 Nov-97 0.6 $8.00 $70
QLT  $6.26 94% 66% $328 $224 $0 $104 $0.4 -$4 54.9 Sep-86 5.8 $1.08 $22
SCICLONE PHARMACEUTICALS $2.59 58% -37% $124 $43 $0 $81 $0.5 na na Mar-92 0.3 $7.45 $63
SEATTLE GENETICS $12.16 85% -11% $1,231 $313 $24 $941 $6.2 -$33 9.4 Mar-01 1.7 $7.00 $207
SPECTRUM PHARMACEUTICALS $4.10 58% -37% $206 $83 $15 $137 $2.7 -$39 2.1 na na na $198
SUNESIS PHARMACEUTICALS $0.40 17% -14% $90 $49 $0 $40 $0.3 -$19 2.6 Sep-05 0.1 $7.00 $146
SUPERGEN $2.11 56% -22% $127 $103 $1 $25 $0.3 na na Mar-96 0.4 $6.00 $21
SYNTA PHARMACEUTICALS $3.91 56% 29% $159 $49 $0 $110 $0.8 -$36 1.3 Feb-07 0.4 $10.00 $334
THRESHOLD PHARMACEUTICALS $1.31 34% -26% $44 $26 $0 $18 $0.3 -$1 25.1 Feb-05 0.2 $7.00 $204
Cancer Average   57% -17% $473 $97   $397 $20.8 -$78 5.0   0.9    
Cancer Median   56% -28% $166 $49   $115 $1.2 -$39 1.3   0.4    
                             
Company 9/24/2010 close % of 52wk High % change since 9/25/2009 Market Cap ($M) Liquidity, Pro forma ($M) ST&LT Debt ($M) Company Valuation ($M) Valuation/
Employee ($M)
Burn Rate, annualized ($M) Survival Index (Yrs) IPO Date Cash/
cash from IPO/
share
Price/Share At IPO IPO Post-Money Valuation ($M)
ANTHERA PHARMACEUTICALS $4.20 49% na $94 $51 $0 $43 $3.0 -$32 1.6 Feb-10 0.6 $7.00 $193
ARCA BIOPHARMA $3.76 41% 3% $33 $11 $0 $23 $0.3 -$9 1.2 Sep-97 0.0 $280.00 $175
CARDIOVASCULAR BIOTHERA. $0.27 65% 37% $42 $0 $3 $45 $2.4 na na Feb-05 0.0 $10.00 $1,184
MEDICINES COMPANY $14.97 97% 32% $798 $219 $0 $580 $2.0 na na Sep-00 0.9 $16.00 $506
QUESTCOR PHARMACEUTICALS $10.11 87% 89% $628 $101 $18 $545 $10.9 na na na na na na
Cardiovascular Average   68% 40% $319 $76   $247 $3.7 -$20 1.4   0.4    
Cardiovascular Median   65% 35% $94 $51   $45 $2.4 -$20 1.4   0.3    
                             
Company 9/24/2010 close % of 52wk High % change since 9/25/2009 Market Cap ($M) Liquidity, Pro forma ($M) ST&LT Debt ($M) Company Valuation ($M) Valuation/
Employee ($M)
Burn Rate, annualized ($M) Survival Index (Yrs) IPO Date Cash/
cash from IPO/
share
Price/Share At IPO IPO Post-Money Valuation ($M)
ALBANY MOLECULAR RESEARCH $6.62 68% -23% $206 $66 $28 $168 $0.2 -$16 4.2 Feb-99 0.7 $10.00 $280
ARQULE $5.35 71% 11% $240 $109 $26 $157 $1.6 -$33 3.3 Oct-96 0.4 $12.00 $114
ARRAY BIOPHARMA  $3.14 74% 26% $168 $112 $168 $225 $0.8 -$63 1.8 Nov-01 0.4 $7.50 $168
BIOCRYST PHARMACEUTICALS $4.75 37% -42% $213 $64 $3 $152 $2.9 -$10 6.2 Mar-94 0.7 $6.50 $47
IRONWOOD PHARMACEUTICALS $10.30 69% na $1,007 $272 $38 $773 $4.7 -$69 4.0 Feb-10 0.9 $11.25 $1,096
VERTEX PHARMACEUTICALS $36.88 83% 1% $7,480 $979 $219 $6,721 $7.1 -$800 1.2 Jul-91 8.2 $4.50 $85
Chemistry Average   67% -5% $1,552 $267   $1,366 $2.9 -$165 3.4   1.9    
Chemistry Median   70% 1% $227 $110   $196 $2.3 -$48 3.6   0.7    
                             
Company 9/24/2010 close % of 52wk High % change since 9/25/2009 Market Cap ($M) Liquidity, Pro forma ($M) ST&LT Debt ($M) Company Valuation ($M) Valuation/
Employee ($M)
Burn Rate, annualized ($M) Survival Index (Yrs) IPO Date Cash/
cash from IPO/
share
Price/Share At IPO IPO Post-Money Valuation ($M)
ACADIA PHARMACEUTICALS $0.98 47% -44% $38 $34 $6 $10 $0.1 -$17 2.0 May-04 0.1 $7.00 $269
ACORDA THERAPEUTICS $34.17 84% 45% $1,329 $220 $51 $1,159 $17.3 -$27 8.1 Feb-06 5.7 $6.00 $118
ADOLOR CORP $1.10 49% -33% $51 $62 $0 -$11 -$0.1 -$33 1.9 Nov-00 0.1 $15.00 $407
CEPHALON $63.87 88% 8% $4,803 $1,215 $1,014 $4,602 $1.6 na na Apr-91 3.5 $18.00 $155
CORCEPT THERAPEUTICS $3.51 89% 142% $253 $35 $0 $217 $21.7 -$23 1.6 Apr-04 0.3 $12.00 $864
NEUROCRINE BIOSCIENCES $6.32 95% 101% $347 $68 $12 $290 $1.1 -$35 2.0 May-96 0.6 $10.50 $172
NUPATHE $7.61 74% na $110 $15 $5 $100 na -$23 0.7 Aug-10 0.8 $10.00 $142
NYMOX PHARMACEUTICAL  $3.36 62% -28% $108 $0 $0 $107 $1.1 -$7 0.1 na na na na
OMEROS CORPORATION $7.47 79% na $161 $42 $5 $124 na -$31 1.3 Oct-09 0.7 $10.00 $296
OREXIGEN THERAPEUTICS $5.67 53% -41% $269 $63 $0 $206 $11.4 -$48 1.3 May-07 0.5 $12.00 $324
PAIN THERAPEUTICS $6.36 91% 29% $272 $181 $11 $101 $2.5 -$3 56.6 Jul-00 0.5 $12.00 $319
PHARMOS CORP. $0.10 56% -38% $6 $4 $1 $3 $0.1 -$2 2.1 Jul-83 0.0 $20.00 $16
TARGACEPT $23.15 93% 18% $663 $241 $88 $509 $6.9 na na Apr-06 2.6 $9.00 $172
TITAN PHARMACEUTICALS $0.87 35% -35% $52 $1 $2 $52 $1.4 -$7 0.2 Jan-96 0.2 $5.00 $66
VANDA PHARMACEUTICALS $7.05 53% -40% $197 $207 $27 $18 $0.4 na na Apr-06 0.7 $10.00 $218
CNS Average   70% 7% $577 $159   $499 $5.0 -$21 6.5   1.2    
CNS Median   74% -28% $197 $62   $107 $1.4 -$23 1.7   0.6    
                             
Company 9/24/2010 close % of 52wk High % change since 9/25/2009 Market Cap ($M) Liquidity, Pro forma ($M) ST&LT Debt ($M) Company Valuation ($M) Valuation/
Employee ($M)
Burn Rate, annualized ($M) Survival Index (Yrs) IPO Date Cash/
cash from IPO/
share
Price/Share At IPO IPO Post-Money Valuation ($M)
ALEXZA PHARMACEUTICALS $3.49 89% 47% $185 $42 $3 $146 $1.2 -$52 0.8 Mar-06 0.4 $8.00 $180
ALKERMES $14.62 97% 59% $1,396 $292 $0 $1,104 $1.5 -$54 5.4 Jul-91 2.9 $5.00 $70
BIODELIVERY SCIENCES INT'L $2.86 54% -33% $69 $25 $0 $44 $3.4 na na na na na na
BIOMIMETIC THERAPEUTICS $11.63 74% -11% $323 $51 $0 $272 $8.5 -$31 1.7 May-06 1.5 $8.00 $122
DEPOMED $4.21 66% 1% $221 $67 $17 $171 $1.6 na na Nov-97 0.7 $6.10 $33
DURECT CORP. $2.44 78% -12% $212 $54 $10 $168 $1.0 -$25 2.1 Sep-00 0.2 $12.00 $557
EMISPHERE TECHNOLOGIES $1.21 32% 55% $54 $0 $31 $85 $0.8 -$55 0.0 Feb-89 0.2 $5.00 $15
ENZON PHARMACEUTICALS $11.12 96% 39% $674 $440 $135 $368 $1.0 -$22 19.6 Feb-84 7.4 $1.50 $12
FLAMEL TECHNOLOGIES SA $7.94 80% -10% $193 $35 $4 $162 $0.6 -$17 2.1 na na na na
GENEREX BIOTECHNOLOGY $0.48 60% -33% $127 $20 $3 $110 $4.8 -$18 1.1 na na na na
INOVIO BIOMEDICALCORP $1.16 62% -21% $119 $25 $0 $95 $2.9 -$30 0.8 na na na na
MARINA BIOTECH $2.54 34% -53% $60 $2 $0 $58 $0.3 -$16 0.1 na na na na
MEDICIS PHARMACEUTICAL $30.06 99% 43% $1,809 $631 $285 $1,462 $3.7 na na na na na na
NEKTAR THERAPEUTICS $14.86 94% 49% $1,400 $345 $304 $1,359 $1.7 -$2 165.7 May-94 4.0 $3.75 $65
NEUROGEX $6.63 63% -18% $118 $15 $8 $111 $3.0 -$41 0.4 May-07 0.6 $11.00 $143
NOVAVAX $2.19 49% -42% $235 $27 $1 $209 $3.7 -$38 0.7 na na na na
XENOPORT $7.12 32% -67% $218 $105 $0 $113 $0.8 -$78 1.3 Jul-04 1.4 $5.00 $198
Delivery Average   68% 0% $436 $128   $355 $2.4 -$34 14.4   1.9    
Delivery Median   66% -11% $212 $42   $162 $1.6 -$31 1.2   1.1    
                             
Company 9/24/2010 close % of 52wk High % change since 9/25/2009 Market Cap ($M) Liquidity, Pro forma ($M) ST&LT Debt ($M) Company Valuation ($M) Valuation/
Employee ($M)
Burn Rate, annualized ($M) Survival Index (Yrs) IPO Date Cash/
cash from IPO/
share
Price/Share At IPO IPO Post-Money Valuation ($M)
AMAG PHARMACEUTICALS $18.24 35% -59% $384 $289 $12 $107 $2.6 -$85 3.4 na na na na
ENZO BIOCHEM $4.03 52% -45% $154 $34 $2 $122 $0.4 -$18 1.9 Jun-80 4.6 $0.87 $8
EXACT SCIENCES CORP. $6.67 98% 147% $269 $37 $7 $238 $4.9 -$10 3.8 Jan-01 0.5 $14.00 $261
GENMARK DIAGNOSTICS $3.32 55% na $39 $30 $0 $9 $0.1 -$21 1.4 May-10 0.6 $6.00 $70
GENOMIC HEALTH $13.77 63% -35% $397 $62 $2 $337 $1.8 na na Oct-05 1.1 $12.00 $286
GEN-PROBE $47.85 93% 18% $2,329 $506 $6 $1,829 $7.4 na na Sep-87 6.8 $7.00 $103
HELICOS $0.58 19% -78% $46 $6 $11 $51 $0.6 -$19 0.3 May-07 0.1 $9.00 $188
IDEXX LABORATORIES $60.56 88% 21% $3,495 $161 $157 $3,491 $0.9 na na Jun-91 16.1 $3.75 $76
IMMUCOR $19.72 87% 14% $1,380 $217 $21 $1,184 $2.1 na na na na na na
LUMINEX CORP. $16.20 89% -5% $685 $105 $7 $587 $1.9 na na Mar-00 1.0 $17.00 $450
MARTEK BIOSCIENCES CORP. $22.60 90% -4% $757 $58 $4 $702 $1.4 na na Nov-93 3.2 $7.00 $54
MERIDIAN BIOSCIENCE  $21.50 83% -15% $874 $58 $1 $817 $2.0 na na na na na na
MOLECULAR INSIGHT $0.78 12% -86% $20 $40 $0 -$20 -$0.5 -$69 0.6 Feb-07 0.1 $14.00 $343
ONCOGENEX PHARMACEUTICALS $13.17 35% -63% $85 $47 $13 $51 $0.8 na na Oct-95 1.9 $7.00 $60
ORASURE TECHNOLOGIES $4.08 60% 36% $189 $75 $1 $115 $0.5 -$2 33.9 na na na na
QUIDEL CORP. $11.20 64% -32% $319 $28 $84 $375 $1.4 -$10 2.9 Aug-81 1.1 $10.00 $19
RESPONSE GENETICS $2.38 73% 40% $44 $7 $2 $39 $1.0 -$2 3.8 Jun-07 0.3 $7.00 $72
TRINITY BIOTECH PLC $6.53 98% 62% $138 $50 $0 $88 $0.1 na na na na na na
Diagnostic/imag. Average   66% -5% $645 $101   $562 $1.6 -$26 5.8   2.9    
Diagnostic/imag. Median   69% -5% $294 $54   $180 $1.2 -$18 2.9   1.1    
                             
Company 9/24/2010 close % of 52wk High % change since 9/25/2009 Market Cap ($M) Liquidity, Pro forma ($M) ST&LT Debt ($M) Company Valuation ($M) Valuation/
Employee ($M)
Burn Rate, annualized ($M) Survival Index (Yrs) IPO Date Cash/
cash from IPO/
share
Price/Share At IPO IPO Post-Money Valuation ($M)
AASTROM BIOSCIENCES $1.56 38% -55% $44 $20 $0 $25 $0.4 -$20 1.0 Feb-97 0.2 $7.00 $88
GENVEC $0.62 18% -20% $79 $43 $2 $38 $0.4 -$19 2.3 Dec-00 0.1 $9.50 $186
OSIRIS THERAPEUTICS $7.74 84% 5% $254 $84 $41 $211 $3.3 na na Aug-06 0.7 $11.00 $450
STEMCELLS $0.77 45% -53% $98 $39 $1 $60 $1.3 -$21 1.9 Mar-92 0.1 $11.00 $82
TENGION $3.02 58% na $37 $27 $15 $25 $0.4 -$50 0.5 Apr-10 0.6 $5.00 $62
URIGEN PHARMACEUTICALS $0.06 30% -13% $5 $0 $5 $10 $1.2 -$8 0.0 Sep-97 0.0 $12.00 $161
VICAL $2.27 51% -47% $128 $32 $1 $97 $0.7 -$34 0.9 Mar-93 0.5 $5.00 $52
Gene/Cell therapy Average   46% -31% $92 $35   $67 $1.1 -$25 1.1   0.3    
Gene/Cell therapy Median   45% -34% $79 $32   $38 $0.7 -$21 0.9   0.2    
                             
Company 9/24/2010 close % of 52wk High % change since 9/25/2009 Market Cap ($M) Liquidity, Pro forma ($M) ST&LT Debt ($M) Company Valuation ($M) Valuation/
Employee ($M)
Burn Rate, annualized ($M) Survival Index (Yrs) IPO Date Cash/
cash from IPO/
share
Price/Share At IPO IPO Post-Money Valuation ($M)
ACHILLION PHARMACEUTICALS $2.96 76% 86% $114 $20 $0 $95 $1.5 -$26 0.8 Oct-06 0.3 $11.50 $178
ADVANCED LIFE SCIENCES $0.05 15% -81% $10 $0 $8 $18 $1.0 -$8 0.0 Aug-05 0.0 $5.00 $85
ANADYS PHARMACEUTICALS $2.22 69% -15% $96 $22 $3 $77 $0.8 -$12 1.9 Mar-04 0.3 $7.00 $302
CELLDEX THERAPEUTICS $4.16 44% -16% $133 $66 $12 $79 $1.1 -$38 1.7 May-86 0.1 $48.00 $38
CUBIST PHARMACEUTICALS $23.55 97% 15% $1,389 $478 $255 $1,166 $2.8 na na Oct-96 3.9 $6.00 $55
DYNAVAX TECHNOLOGIES $1.79 76% 1% $155 $57 $12 $109 $0.7 -$112 0.5 Feb-04 0.2 $7.50 $649
EMERGENT BIOSOLUTIONS $18.29 92% -1% $572 $105 $49 $516 $1.1 na na Nov-06 1.5 $12.50 $342
IDENIX PHARMACEUTICALS $2.99 49% -7% $218 $51 $12 $179 $0.8 -$65 0.8 Jul-04 0.2 $14.00 $684
INHIBITEX $1.93 65% 80% $120 $29 $1 $92 $1.1 -$22 1.3 Jun-04 0.3 $7.00 $435
INTERMUNE $12.59 25% -20% $705 $87 $126 $744 $3.9 -$114 0.8 Mar-00 0.6 $20.00 $433
MIDDLEBROOK PHARM. $0.08 4% -93% $7 $0 $0 $7 $0.1 na na Oct-03 0.0 $10.00 $224
NABI BIOPHARMACEUTICALS $4.95 77% 40% $213 $104 $15 $124 $0.2 -$14 7.6 na na na na
OPTIMER PHARMACEUTICALS $9.70 67% -30% $378 $67 $0 $311 $8.0 -$40 1.7 Feb-07 1.4 $7.00 $133
PHARMASSET $29.08 86% 39% $988 $144 $6 $850 $25.0 -$64 2.3 May-07 3.2 $9.00 $178
SIGA TECHNOLOGIES $8.79 87% 12% $402 $15 $5 $391 $8.9 -$18 0.8 Sep-97 1.8 $5.00 $32
TRIUS THERAPEUTICS $4.20 77% na $99 $10 $20 $109 $2.9 -$9 1.1 Aug-10 0.8 $5.00 $118
VIROPHARMA  $15.13 100% 69% $1,178 $421 $145 $902 $13.5 na na Nov-96 2.2 $7.00 $65
XOMA LTD $3.00 23% -76% $64 $12 $20 $71 $0.3 -$62 0.2 Jun-86 0.0 $240.00 $140
Infection Average   63% 0% $380 $94   $324 $4.1 -$43 1.5   1.0    
Infection Median   72% -1% $184 $54   $117 $1.1 -$32 1.0   0.3    
                             
Company 9/24/2010 close % of 52wk High % change since 9/25/2009 Market Cap ($M) Liquidity, Pro forma ($M) ST&LT Debt ($M) Company Valuation ($M) Valuation/
Employee ($M)
Burn Rate, annualized ($M) Survival Index (Yrs) IPO Date Cash/
cash from IPO/
share
Price/Share At IPO IPO Post-Money Valuation ($M)
AMYLIN PHARMACEUTICALS $21.24 88% 66% $3,052 $582 $757 $3,227 $2.1 -$177 3.3 Jan-92 1.5 $14.00 $240
BIOMARIN PHARMACEUTICAL  $22.40 90% 25% $2,286 $348 $515 $2,453 $6.0 -$2 181.2 Aug-99 1.7 $13.00 $449
INSMED $0.69 53% -13% $90 $125 $0 -$35 -$0.3 -$2 82.4 na na na na
KERYX BIOPHARMACEUTICALS $4.53 68% 69% $267 $32 $0 $235 $5.9 -$21 1.5 Jul-00 0.5 $10.00 $194
MANNKIND $6.06 54% -38% $799 $31 $360 $1,129 $2.1 -$169 0.2 Jul-04 0.4 $14.00 $446
NPS PHARMACEUTICALS $6.68 86% 55% $440 $150 $338 $628 $3.2 -$25 5.9 May-94 1.2 $5.50 $40
REPROS THERAPEUTICS $0.53 21% -50% $19 $5 $0 $14 $1.7 -$5 1.0 Mar-93 0.1 $5.50 $19
SAVIENT PHARMACEUTICALS $22.81 97% 48% $1,542 $89 $24 $1,477 $22.0 -$20 4.4 Sep-83 1.8 $13.00 $68
VIVUS $6.76 49% -33% $549 $175 $20 $394 $3.5 -$91 1.9 Apr-94 1.0 $7.00 $164
Metabolic Average   67% 14% $1,005 $171   $1,058 $5.1 -$57 31.3   1.0    
Metabolic Median   68% 25% $549 $125   $628 $3.2 -$21 3.3   1.1    
                             
Company 9/24/2010 close % of 52wk High % change since 9/25/2009 Market Cap ($M) Liquidity, Pro forma ($M) ST&LT Debt ($M) Company Valuation ($M) Valuation/
Employee ($M)
Burn Rate, annualized ($M) Survival Index (Yrs) IPO Date Cash/
cash from IPO/
share
Price/Share At IPO IPO Post-Money Valuation ($M)
ALIMERA SCIENCES $9.16 81% na $114 $60 $0 $53 $2.5 -$16 3.7 Apr-10 0.8 $11.00 $338
ALNYLAM PHARMACEUTICALS $13.27 56% -42% $559 $261 $84 $382 $3.1 -$59 4.5 May-04 2.2 $6.00 $253
CODEXIS $9.39 63% na $321 $100 $5 $226 $0.8 -$16 6.3 Apr-10 0.7 $13.00 $390
CORNERSTONE THERAPEUTICS $6.86 91% 1% $176 $52 $16 $140 $0.8 -$2 32.3 May-04 1.0 $7.00 $303
GENTIUM SPA $6.30 91% 97% $94 $6 $6 $94 $1.4 na na Jun-05 0.7 $9.00 $71
ICAGEN $1.24 13% -85% $7 $12 $2 -$3 $0.0 -$9 1.4 Feb-05 0.0 $64.00 $176
METABOLIX $10.76 58% 4% $289 $78 $0 $211 $4.3 -$38 2.1 Nov-06 0.8 $14.00 $267
MOMENTA PHARMACEUTICALS $14.66 56% 34% $664 $71 $4 $597 $3.9 -$60 1.2 Jun-04 2.3 $6.50 $294
SUCAMPO PHARMACEUTICALS $3.45 57% -41% $144 $92 $7 $60 $1.2 -$1 76.6 Aug-07 0.3 $11.50 $479
Other Average   63% -5% $263 $81   $195 $2.0 -$25 16.0   1.0    
Other Median   58% 1% $176 $71   $140 $1.4 -$16 4.1   0.8    
                             
Company 9/24/2010 close % of 52wk High % change since 9/25/2009 Market Cap ($M) Liquidity, Pro forma ($M) ST&LT Debt ($M) Company Valuation ($M) Valuation/
Employee ($M)
Burn Rate, annualized ($M) Survival Index (Yrs) IPO Date Cash/
cash from IPO/
share
Price/Share At IPO IPO Post-Money Valuation ($M)
AMGEN  $56.32 91% -7% $53,981 $15,844 $11,732 $49,869 $2.5 na na Jun-83 160.9 $0.35 $175
BIOGEN IDEC $56.42 94% 13% $13,649 $1,188 $1,183 $13,644 $3.6 na na Sep-91 22.6 $2.50 $131
CELGENE CORP. $58.46 89% 7% $26,859 $3,517 $98 $23,441 $18.2 na na Jul-87 31.9 $1.83 $55
GENZYME CORP. $71.60 100% 26% $18,247 $1,212 $1,296 $18,331 $2.0 -$15 80.3 Jun-86 28.6 $2.50 $70
GILEAD SCIENCES $36.55 74% -21% $30,652 $2,533 $1,687 $29,806 $11.9 na na Jan-92 9.7 $3.75 $210
Revenue-driven Average   89% 4% $28,678 $4,859   $27,018 $7.6 na na   50.8    
Revenue-driven Median   91% 7% $26,859 $2,533   $23,441 $3.6 na na   28.6    
                             
Company 9/24/2010 close % of 52wk High % change since 9/25/2009 Market Cap ($M) Liquidity, Pro forma ($M) ST&LT Debt ($M) Company Valuation ($M) Valuation/
Employee ($M)
Burn Rate, annualized ($M) Survival Index (Yrs) IPO Date Cash/
cash from IPO/
share
Price/Share At IPO IPO Post-Money Valuation ($M)
DYAX CORP. $2.42 52% -43% $238 $97 $65 $206 $1.3 -$21 4.6 Aug-00 0.2 $15.00 $295
ISIS PHARMACEUTICALS $8.65 57% -41% $858 $529 $222 $551 $2.0 -$101 5.3 May-91 0.9 $10.00 $116
LIGAND PHARMACEUTICALS $1.60 65% -32% $187 $42 $24 $169 $1.4 -$1 37.5 Nov-92 0.2 $8.27 $131
REGENERON PHARMACEUTICALS $26.74 87% 32% $2,196 $306 $218 $2,108 $3.6 -$102 3.0 May-00 1.2 $22.00 $330
SENOMYX $4.35 92% 26% $168 $55 $15 $127 $1.1 -$19 2.9 Jun-04 0.7 $6.00 $232
VERENIUM  $3.27 46% -53% $40 $17 $109 $133 $0.5 -$18 0.9 Feb-00 0.1 $24.00 $840
ZALICUS $1.27 63% -21% $113 $50 $0 $63 $1.2 na na Nov-05 0.2 $7.00 $171
Screening Average   66% -19% $543 $157   $480 $1.6 -$44 9.0   0.5    
Screening Median   63% -32% $187 $55   $169 $1.3 -$20 3.8   0.2    
                             
Company 9/24/2010 close % of 52wk High % change since 9/25/2009 Market Cap ($M) Liquidity, Pro forma ($M) ST&LT Debt ($M) Company Valuation ($M) Valuation/
Employee ($M)
Burn Rate, annualized ($M) Survival Index (Yrs) IPO Date Cash/
cash from IPO/
share
Price/Share At IPO IPO Post-Money Valuation ($M)
AUXILIUM PHARMACEUTICALS $26.21 68% -24% $1,248 $165 $7 $1,090 $4.1 -$54 3.1 Jul-04 3.5 $7.50 $160
BIODEL $5.33 85% 11% $141 $24 $0 $117 $4.7 -$35 0.7 May-07 0.4 $15.00 $304
CADENCE PHARMACEUTICALS $8.36 71% -25% $423 $69 $18 $373 $15.5 -$49 1.4 Oct-06 0.9 $9.00 $260
CATALYST PHARMACEUTICAL  $1.17 44% 27% $23 $6 $0 $17 $4.3 -$5 1.1 Nov-06 0.2 $6.00 $72
CUMBERLAND PHARMACEUTICALS $5.91 35% na $120 $75 $8 $53 $0.5 na na Oct-09 0.3 $17.00 $504
EURAND N.V. $9.90 65% -32% $475 $38 $11 $448 $0.9 na na May-07 0.6 $16.00 $701
JAZZ PHARMACEUTICALS $10.31 74% 18% $401 $11 $49 $438 $2.2 -$26 0.4 May-07 0.6 $18.00 $441
SANTARUS $2.62 45% -20% $153 $99 $24 $78 $0.2 na na Mar-04 0.3 $9.00 $527
SOMAXON PHARMACEUTICALS $4.26 40% 73% $150 $55 $0 $94 $2.6 -$23 2.4 Dec-05 0.4 $11.00 $198
Specialty Average   59% 3% $348 $60   $301 $3.9 -$32 1.5   0.8    
Specialty Median   65% -5% $153 $55   $117 $2.6 -$30 1.2   0.4    
                           
Grand Average   64% -4% $1,419 $255   $1,293 $5.8 -$48 8.1   2.8    
Grand Median   66% -11% $218 $67   $170 $1.5 -$25 1.9   0.6    



originally published 10/13/2010


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