Signals vs Noise Article







May 2003 Stock Report



Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $2.84 86% -10% $67 $47 $20 $16 152 $0.1 -$35.4 1.3 0.4
HUMAN GENOME SCIENCES $14.65 78% -15% $1,890 $1,286 $603 $503 1086 $0.6 -$239.4 5.4 1.1
INCYTE CORP $5.02 66% -32% $360 $453 -$93 $172 585 -$0.2 -$153.6 2.9 0.5
MILLENNIUM PHARMACEUTICALS $15.55 98% 3% $4,620 $1,652 $2,969 $83 2079 $1.4 -$551.4 3.0 1.0
MYRIAD GENETICS $15.30 58% -31% $413 $93 $320 $0 491 $0.7 -$22.1 4.2 1.6
1st Generation Genomics Average . 77% -17% $1,470 $706 $764 $155 . $0.5 -$200.4 3.4 0.9
1st Generation Genomics Median . 82% -12% $387 $273 $170 $49 . $0.6 -$94.5 3.0 1.0
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $3.35 94% 63% $119 $85 $34 $1 170 $0.2 -$28.4 3.0 0.5
AFFYMETRIX $22.75 76% -5% $1,338 $361 $976 $369 905 $1.1 na na 3.8
CALIPER TECHNOLOGIES $4.65 56% -36% $115 $154 -$39 $2 132 -$0.3 -$42.1 3.7 0.5
CEPHEID $4.30 65% -16% $140 $17 $123 $2 148 $0.8 -$13.9 1.2 1.7
CIPHERGEN BIOSYSTEMS $8.62 98% 81% $236 $40 $196 $0 112 $1.7 -$26.8 1.5 1.3
COMBIMATRIX $2.26 45% na $52 na na na na na -$26.7 na na
COMPUGEN $4.62 100% 98% $121 na na na 176 na na na na
ILLUMINA $3.45 50% -46% $113 $60 $52 $25 233 $0.2 -$35.8 1.7 1.8
NANOGEN $3.49 95% 14% $77 $53 $24 $0 195 $0.1 na na 0.4
ORCHID BIOSCIENCES $1.41 81% -1% $79 na na $2 492 na -$140.3 na 0.3
SEQUENOM $2.74 55% -44% $108 $96 $12 $9 216 $0.1 -$183.2 0.5 0.2
TRANSGENOMIC $1.86 36% -62% $44 $13 $30 $1 326 $0.1 -$37.2 0.4 0.4
Genomic Supply Average . 71% 4% $212 $98 $157 $41 . $0.5 -$59.4 1.7 1.1
Genomic Supply Median . 76% -3% $113 $57 $32 $2 . $0.2 -$32.1 1.3 0.5
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $4.73 76% -24% $98 $58 $40 $10 106 $0.4 -$13.1 4.4 0.6
ARENA PHARMACEUTICALS $7.01 82% -9% $200 $185 $15 $0 209 $0.1 -$35.1 5.3 0.7
CELERA GENOMICS GROUP $11.75 81% -19% $846 na na na na na na na na
CURAGEN CORP $5.40 67% -33% $267 $415 -$148 $150 857 -$0.2 -$115.5 3.6 0.6
DECODE GENETICS $3.75 75% -20% $201 $87 $113 $45 530 $0.2 -$72.7 1.2 0.5
DELTAGEN $0.82 18% -81% $32 $24 $7 $3 268 $0.0 -$84.2 0.3 0.1
EXELIXIS $8.07 86% 4% $483 $204 $279 $60 550 $0.5 -$92.2 2.2 1.0
GENAISSANCE PHARMACEUTICALS $1.63 87% 9% $38 $34 $3 $5 104 $0.0 -$21.4 1.6 0.2
GENE LOGIC $7.39 53% -43% $230 $157 $72 $1 264 $0.3 -$23.2 6.8 0.6
GENENCOR INTERNATIONAL $14.69 95% 33% $861 $169 $692 $85 1098 $0.6 -$3.5 48.1 1.7
LARGE SCALE BIOLOGY $1.30 58% -1% $33 $23 $10 $0 114 $0.1 -$29.3 0.8 0.2
LEXICON GENETICS $5.70 89% -6% $299 $108 $192 $4 579 $0.3 -$68.6 1.6 0.9
LYNX THERAPEUTICS $4.65 45% -49% $22 $12 $10 $1 128 $0.1 -$12.1 1.0 0.2
MAXYGEN $11.01 90% 9% $381 $198 $183 $0 280 $0.7 -$15.7 12.6 1.0
NUVELO $2.06 66% -32% $130 $2 $128 $4 98 $1.3 -$66.0 0.0 0.9
PARADIGM GENETICS $1.25 76% -2% $40 $12 $28 $3 194 $0.1 -$37.2 0.3 0.4
RIGEL PHARMACEUTICALS $1.40 34% -65% $65 $27 $38 $0 160 $0.2 -$32.3 0.8 0.5
SANGAMO BIOSCIENCES $3.91 60% -37% $97 $52 $45 $0 74 $0.6 -$2.8 18.5 0.8
ZYMOGENETICS $12.50 89% 28% $575 $268 $307 $0 364 $0.8 -$52.5 5.1 1.3
Genomic Targets Average . 70% -18% $258 $113 $112 $21 . $0.3 -$43.2 6.3 0.7
Genomic Targets Median . 76% -14% $165 $58 $40 $3 . $0.3 -$32.3 1.6 0.6
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $1.48 53% -22% $36 $31 $5 $0 55 $0.1 -$34.6 0.9 0.3
EMBREX $9.56 38% -59% $78 $7 $71 $0 241 $0.3 na na 1.3
IDEXX LABORATORIES $35.64 91% 13% $1,217 $147 $1,070 $0 1281 $0.8 na na 3.6
IMMUCELL CORP $2.79 94% -5% $8 $3 $5 $0 26 $0.2 na na 0.8
NEOGEN $16.65 98% 9% $102 $8 $94 $0 265 $0.4 na na 4.1
Agbio/enviro. Average . 75% -13% $288 $39 $249 $0 . $0.4 -$34.6 0.9 2.0
Agbio/enviro. Median . 92% 2% $57 $8 $38 $0 . $0.3 -$16.8 0.9 1.1
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $14.01 78% -11% $255 $253 $2 $124 172 $0.0 -$85.9 2.9 0.7
ATHEROGENICS $12.50 96% 66% $455 $73 $382 $0 79 $4.8 -$46.0 1.6 2.7
AUTOIMMUNE $1.25 81% 39% $21 $10 $11 $0 2 $5.6 -$1.0 10.0 0.2
CONNETICS CORP $16.64 91% 28% $524 $33 $491 $0 190 $2.6 -$22.4 1.5 3.1
CORTECH $2.69 74% -24% $10 $12 -$2 $0 na na -$0.3 37.7 0.1
CYPRESS BIOSCIENCE $3.98 92% 59% $69 $12 $57 $0 10 $5.7 -$7.0 1.7 0.6
ICOS CORP $31.65 92% 41% $1,971 $156 $1,816 $0 525 $3.5 -$162.0 1.0 2.5
INKINE PHARMACEUTICAL CO $2.99 99% 160% $113 $12 $101 $12 49 $2.1 -$18.2 0.7 1.8
LA JOLLA PHARMACEUTICAL CO $3.90 44% -35% $166 $53 $113 $1 156 $0.7 -$52.6 1.0 0.8
PROTEIN DESIGN LABS $14.17 94% 25% $1,323 $606 $716 $158 397 $1.8 -$31.5 19.2 2.1
TANOX $17.84 99% 50% $781 $207 $574 $5 127 $4.5 -$25.4 8.2 2.5
Autoimmune Average . 85% 36% $517 $130 $387 $27 . $3.1 -$41.1 7.8 1.5
Autoimmune Median . 92% 40% $211 $43 $107 $1 . $2.6 -$23.9 1.7 1.4
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $3.30 33% -62% $85 $49 $36 $0 61 $0.6 -$28.5 1.7 0.5
ANTIGENICS $12.27 97% 22% $483 $59 $424 $0 208 $2.0 -$17.8 3.3 1.7
APHTON CORP $7.00 87% -10% $173 $9 $164 $3 50 $3.3 -$36.6 0.2 1.3
ARIAD PHARMACEUTICALS $3.37 70% -23% $118 $21 $96 $6 69 $1.4 -$21.2 1.0 0.7
AVAX TECHNOLOGIES $0.21 35% -64% $3 $4 -$1 $0 43 $0.0 -$10.8 0.4 0.1
AVI BIOPHARMA $5.46 77% 13% $170 $19 $151 $0 85 $1.8 -$16.0 1.2 1.2
BIOMIRA $2.43 73% -8% $132 $60 $72 $0 158 $0.5 -$12.7 4.7 2.0
BOSTON LIFE SCIENCES $1.92 98% 30% $62 $0 $62 $0 14 $4.5 na na na
BRITISH BIOTECH PLC $2.50 37% -58% $43 $284 -$242 $5 96 -$2.5 -$59.4 4.8 0.1
CELGENE CORP $31.48 88% 75% $2,543 $261 $2,281 $0 560 $4.1 -$37.7 6.9 4.3
CELL PATHWAYS $1.59 75% -19% $63 $11 $52 $0 34 $1.5 -$22.9 0.5 0.4
CELL THERAPEUTICS $12.50 92% 76% $414 $110 $305 $86 286 $1.1 -$121.9 0.9 1.1
CORIXA CORP $8.19 89% 24% $412 $61 $351 $6 366 $1.0 -$74.8 0.8 0.3
CYTOGEN CORP $5.24 39% -55% $46 $15 $31 $0 49 $0.6 -$14.1 1.0 0.1
DENDREON $6.29 87% 117% $169 $47 $121 $0 117 $1.0 -$30.8 1.5 1.0
DUSA PHARMACEUTICALS $2.62 90% 15% $37 $53 -$16 $2 43 -$0.4 -$14.8 3.6 0.4
ENTREMED $3.85 66% -34% $110 $24 $86 $0 58 $1.5 -$6.0 4.0 0.5
EXEGENICS $0.60 58% -36% $10 $17 -$7 $0 8 -$0.9 -$16.1 1.0 0.1
GENAERA $1.80 70% -22% $64 $9 $55 $0 22 $2.5 -$7.3 1.3 0.3
GENTA $11.62 97% 26% $859 $114 $745 $10 96 $7.8 -$118.9 1.0 2.7
GENZYME MOLECULAR ONCOLOGY $2.62 58% 12% $44 na na na na na na na na
GERON CORP $5.08 69% -17% $150 $40 $111 $16 92 $1.2 -$31.7 1.2 0.6
ILEX ONCOLOGY $16.32 89% 5% $534 $161 $372 $37 277 $1.3 -$99.7 1.6 1.2
IMCLONE SYSTEMS $28.50 75% 195% $2,098 $293 $1,805 $242 399 $4.5 -$168.0 1.7 6.1
IMMUNOGEN $4.01 87% -1% $163 $515 -$353 $0 1618 -$0.2 na na 0.1
IMMUNOMEDICS $6.98 60% -40% $348 $28 $320 $0 94 $3.4 na na 2.2
MAXIM PHARMACEUTICALS $4.23 95% 5% $99 $97 $1 $1 115 $0.0 -$37.3 2.6 0.3
MEDAREX $6.52 64% -35% $504 $321 $182 $175 431 $0.4 -$118.5 2.7 0.8
NAPRO BIOTHERAPEUTICS $1.02 14% -85% $31 $7 $24 $25 151 $0.2 -$4.5 1.5 0.3
NEOPHARM $15.19 98% 18% $249 $91 $158 $0 100 $1.6 -$45.6 2.0 1.5
NEORX CORP $3.41 82% 29% $92 $16 $76 $5 36 $2.1 na na 0.4
OSI PHARMACEUTICALS $26.36 78% -13% $962 $434 $528 $0 429 $1.2 -$120.4 3.6 1.4
OXIGENE $3.88 84% 94% $49 $12 $37 $0 10 $3.7 -$9.8 1.2 0.6
PRAECIS PHARMACEUTICALS $5.14 93% 53% $266 $181 $85 $33 110 $0.8 -$45.7 4.0 0.7
PROGENICS PHARMACEUTICALS $14.00 93% 9% $179 $37 $142 $0 100 $1.4 -$28.1 1.3 2.0
QLT PHOTOTHERAPEUTICS $13.48 98% 7% $926 $257 $668 $0 336 $2.0 -$48.3 5.3 2.0
SCICLONE PHARMACEUTICALS $8.20 95% 127% $307 $21 $286 $6 97 $3.0 -$10.5 2.0 2.0
SEATTLE GENETICS $5.13 92% 11% $158 $22 $136 $0 97 $1.4 -$23.8 0.9 1.5
SPECTRUM PHARMACEUTICALS $3.59 33% -65% $11 na na $0 18 na -$15.3 na 0.1
SUPERGEN $5.04 64% -15% $165 $20 $145 $0 107 $1.4 -$25.3 0.8 0.6
XENOVA GROUP PLC $1.97 20% -76% $27 $29 -$2 $0 134 $0.0 -$13.9 2.1 1.0
Cancer Average . 73% 5% $326 $98 $243 $16 . $1.6 -$42.1 2.1 1.1
Cancer Median . 80% 5% $154 $38 $104 $0 . $1.3 -$25.3 1.5 0.8
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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
CORVAS INTERNATIONAL $2.60 93% 2% $72 $78 -$7 $13 55 -$0.1 -$15.9 4.9 0.3
CV THERAPEUTICS $32.39 98% 69% $916 $411 $505 $196 205 $2.5 -$117.4 3.5 1.7
MEDICINES COMPANY $23.30 98% 174% $1,090 $131 $960 $0 147 $6.5 -$25.7 5.1 2.4
QUESTCOR PHARMACEUTICALS $0.90 52% -45% $35 $8 $28 $3 52 $0.5 -$1.4 5.3 0.4
ENCYSIVE PHARMACEUTICALS $2.71 61% -40% $119 $48 $71 $0 104 $0.7 -$18.6 2.6 0.6
Cardiovascular Average . 80% 32% $446 $135 $311 $42 . $2.0 -$35.8 4.3 1.1
Cardiovascular Median . 95% 36% $95 $63 $49 $2 . $0.8 -$17.3 4.2 0.8
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $13.54 58% -35% $432 $130 $302 $5 532 $0.6 na na 2.4
ARGONAUT TECHNOLOGIES $0.98 70% -27% $20 $27 -$7 $12 154 $0.0 -$9.0 3.0 0.2
ARQULE $4.28 48% -50% $100 $86 $15 $7 385 $0.0 -$16.4 5.2 0.4
ARRAY BIOPHARMA $3.66 36% -63% $103 $47 $56 $0 245 $0.2 -$11.6 4.0 0.8
BIOCRYST PHARMACEUTICALS $3.29 87% 9% $58 $24 $34 $0 77 $0.4 -$10.9 2.2 0.4
DISCOVERY PARTNERS $4.10 61% -32% $100 $71 $29 $0 236 $0.1 na na 0.5
KOSAN BIOSCIENCES $7.24 79% -20% $185 $53 $132 $0 112 $1.2 -$12.7 4.2 1.3
PHARMACOPEIA $10.49 94% -6% $248 $141 $107 $0 687 $0.2 na na 0.9
SYMYX TECHNOLOGIES $17.00 98% 5% $528 $127 $401 $0 213 $1.9 na na 3.4
VERTEX PHARMACEUTICALS $14.50 61% -27% $1,112 $635 $477 $315 980 $0.5 -$128.3 4.9 1.4
Chemistry Average . 69% -25% $289 $134 $155 $34 . $0.5 -$31.5 3.9 1.2
Chemistry Median . 70% -27% $103 $71 $56 $0 . $0.4 -$11.6 4.0 0.9
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $12.85 80% -8% $406 $154 $252 $0 124 $2.0 -$48.2 3.2 1.6
CEPHALON $45.16 76% -16% $2,506 $583 $1,924 $861 1271 $1.5 na na 2.4
DOV PHARMACEUTICALS $8.87 91% na $129 $61 $68 $14 32 $2.1 -$26.2 2.3 1.6
GUILFORD PHARMACEUTICALS $5.58 66% -16% $167 $83 $84 $4 235 $0.4 -$57.4 1.5 0.5
INDEVUS PHARMACEUTICALS $5.34 88% -6% $251 $36 $214 $0 24 $8.9 -$21.7 1.7 0.8
NEUROBIOLOGICAL TECHNOLOGIES $4.48 51% 42% $81 $6 $76 $0 11 $6.9 -$5.3 1.1 1.8
NEUROCRINE BIOSCIENCES $50.70 97% 56% $1,585 $308 $1,277 $0 276 $4.6 -$53.6 5.8 3.7
NYMOX PHARMACEUTICAL $2.78 48% -31% $65 $1 $65 na 60 $1.1 na na na
PAIN THERAPEUTICS $7.47 75% -12% $203 $46 $158 $0 30 $5.3 -$18.5 2.5 2.0
PHARMOS CORP $1.18 76% 8% $73 $22 $51 $0 67 $0.8 -$13.2 1.6 0.6
STEMCELLS $1.72 76% -4% $51 $4 $46 $0 28 $1.7 -$12.2 0.3 0.3
TITAN PHARMACEUTICALS $2.24 53% -43% $62 $73 -$12 $0 72 -$0.2 -$35.6 2.1 0.3
CNS Average . 73% -3% $465 $115 $350 $80 . $2.9 -$29.2 2.2 1.4
CNS Median . 76% -7% $129 $46 $76 $0 . $1.7 -$21.7 1.7 1.3
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $5.84 83% -4% $56 $6 $50 $0 257 $0.2 na na 1.3
GTC BIOTHERAPEUTICS $4.34 100% 151% $121 $48 $73 $13 182 $0.4 -$29.6 1.6 0.6
HARVARD BIOSCIENCE $3.72 55% -41% $112 $15 $96 $0 386 $0.2 -$3.9 3.9 0.6
ICON PLC $27.41 83% 3% $324 na na na 1637 na na na na
INVITROGEN CORP $39.01 99% 11% $1,952 $764 $1,189 $697 2744 $0.4 na na 1.0
MOLECULAR DEVICES CORP $16.92 86% -11% $259 $54 $205 $0 433 $0.5 na na 1.4
NEOSE TECHNOLOGIES $11.10 79% 5% $191 $52 $139 $8 124 $1.1 -$33.7 1.5 1.0
PARAXEL INTERNATIONAL $13.83 92% -2% $355 $80 $275 $1 4930 $0.1 na na 2.1
PHARMACEUTICAL PRODUCT DEVELOP $28.01 87% 10% $1,561 $186 $1,375 $6 5300 $0.3 na na 5.7
QIAGEN NV $9.40 60% -38% $1,369 $30 $1,339 $0 1651 $0.8 na na 27.6
QUINTILES TRANSNATIONAL CORP $14.16 99% 0% $1,675 $731 $944 $0 15548 $0.1 na na 1.9
CRO/Service/Supply Average . 84% 8% $725 $197 $568 $73 . $0.4 -$22.4 2.4 4.3
CRO/Service/Supply Median . 87% 1% $291 $52 $205 $1 . $0.4 -$16.7 1.6 1.3
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $10.64 80% -18% $935 $397 $539 $200 324 $1.7 -$155.5 2.5 1.0
AEROGEN $0.63 42% -52% $13 $9 $4 $0 140 $0.0 -$20.5 0.4 0.1
ALKERMES $12.89 66% -34% $831 $158 $674 $172 520 $1.3 na na 1.7
ANDRX $19.25 44% -57% $1,383 $97 $1,286 $0 1837 $0.7 -$127.6 0.8 2.8
ARADIGM CORP $1.70 37% -57% $86 $30 $56 $0 307 $0.2 -$28.6 1.0 0.3
ATRIX LABORATORIES $20.75 83% -14% $426 $96 $330 $0 167 $2.0 -$11.0 8.7 1.7
BIODELIVERY SCIENCES $3.40 89% na $24 $5 $19 $0 8 $2.4 -$3.3 1.6 1.7
CIMA LABS $28.75 98% 1% $412 $72 $340 $0 219 $1.6 na na 1.7
DEPOMED $3.80 90% -11% $98 $20 $78 $0 51 $1.5 na na 1.4
DOR  BIOPHARMA $0.99 58% 161% $27 $4 $23 $0 5 $4.6 -$3.5 1.2 0.4
DURECT $3.58 44% -49% $181 $37 $144 $0 6 $23.9 -$23.6 1.6 0.9
EMISPHERE TECHNOLOGIES $3.05 48% -39% $55 $60 -$5 $33 124 $0.0 -$48.0 1.3 0.2
ENZON PHARMACEUTICALS $14.90 52% -47% $648 $120 $528 $0 127 $4.2 -$61.0 2.0 2.4
FLAMEL TECHNOLOGIES SA $10.51 93% 515% $170 $13 $157 $2 137 $1.1 -$8.9 1.5 3.3
GENEREX BIOTECHNOLOGY $1.41 27% -72% $28 $14 $14 $1 23 $0.6 -$18.3 0.8 0.3
GENETRONICS BIOMEDICAL LTD $0.38 73% -28% $19 $1 $18 $0 26 $0.7 -$6.3 0.1 0.3
KOS PHARMACEUTICALS $24.36 90% 22% $511 $20 $491 $0 726 $0.7 na na 2.3
MACROCHEM CORP $1.05 42% -51% $30 $9 $21 $0 13 $1.6 -$6.5 1.4 0.4
MEDICIS PHARMACEUTICAL $56.00 94% 21% $1,521 $579 $942 $400 279 $3.4 na na 3.5
NASTECH PHARMACEUTICAL $9.30 56% -39% $95 $9 $86 $5 63 $1.4 -$23.2 0.4 1.5
NEKTAR THERAPEUTICS $11.20 99% 53% $624 $294 $330 $299 680 $0.5 -$124.3 2.4 0.8
NOVAVAX $3.80 73% -17% $113 $3 $110 $41 121 $0.9 -$20.6 0.1 1.1
NOVEN PHARMACEUTICALS $9.67 35% -64% $217 $59 $159 $0 274 $0.6 na na 2.8
SEPRACOR $22.82 87% 95% $1,925 $503 $1,422 $983 818 $1.7 -$116.0 4.3 2.5
SHEFFIELD PHARMACEUTICALS $0.31 18% -81% $9 $0 $9 $11 10 $0.9 -$4.0 0.1 0.1
Delivery Average 65% 6% $415 $104 $311 $86 $2.3 -$42.7 1.7 1.4
Delivery Median 70% -28% $142 $25 $127 $0 $1.2 -$20.6 1.2 1.3
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $4.70 89% 21% $31 $17 $14 $0 24 $0.6 -$1.5 11.6 0.7
BIOSITE $41.76 76% 34% $626 $71 $555 $5 351 $1.6 na na 7.9
CHOLESTECH CORP $12.02 65% -34% $164 $16 $148 $0 220 $0.7 -$14.8 1.1 2.0
DIAGNOSTIC PRODUCTS CORP $37.96 75% -25% $1,088 $54 $1,033 $0 2100 $0.5 na na 17.9
DIGENE CORP $25.90 99% 11% $470 $31 $439 $3 243 $1.8 -$2.5 12.5 4.0
ENZO BIOCHEM $25.42 97% 39% $724 $76 $648 $0 231 $2.8 na na 4.5
EPIX MEDICAL $11.93 97% 20% $204 $21 $183 $0 93 $2.0 -$21.8 1.0 1.7
EXACT SCIENCES $13.30 76% 3% $253 $35 $218 $0 75 $2.9 -$31.5 1.1 2.2
GEN-PROBE $38.76 96% na $922 $107 $815 $0 186 $4.4 na na na
HYCOR BIOMEDICAL $4.15 98% 7% $33 $5 $28 $1 148 $0.2 na na 2.6
IGEN INTERNATIONAL $35.12 77% -9% $834 $42 $792 $45 370 $2.1 -$17.2 2.4 3.4
IMMUCOR $21.40 83% 65% $273 $5 $268 $20 481 $0.6 na na 9.0
LUMINEX $5.84 72% -10% $173 $40 $133 $0 117 $1.1 -$27.6 1.5 1.4
MARTEK BIOSCIENCES CORP $37.49 96% 54% $883 $21 $862 $0 198 $4.4 na na 3.7
MATRITECH $2.59 88% -12% $83 $4 $79 $0 50 $1.6 -$8.4 0.5 1.1
MERIDIAN BIOSCIENCE $9.20 92% 34% $135 $4 $131 $24 350 $0.4 na na 5.7
ORASURE $7.39 86% 10% $284 $15 $269 $3 187 $1.4 -$0.3 45.6 1.8
OSTEX INTERNATIONAL $2.06 86% 0% $26 $1 $25 $0 48 $0.5 -$5.6 0.2 0.6
QUIDEL CORP $6.25 90% -7% $181 $3 $178 $10 330 $0.5 na na 1.3
SONUS PHARMACEUTICALS $4.05 94% 14% $56 $16 $39 $0 37 $1.1 -$9.6 1.7 1.0
TRINITY BIOTECH PLC $2.39 84% 70% $97 $1 $96 $0 332 $0.3 na na 4.5
Diagnostic/imag. Average 86% 14% $359 $28 $331 $5 $1.5 -$12.8 7.2 3.8
Diagnostic/imag. Median 88% 11% $193 $17 $181 $0 $1.1 -$9.0 1.3 2.2
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $0.67 79% 29% $38 $7 $31 $0 44 $0.7 -$9.1 0.7 0.4
AVIGEN $3.87 37% -55% $78 $119 -$41 $8 143 -$0.3 -$26.1 4.6 0.3
CELL GENESYS $11.26 76% -19% $418 $231 $187 $51 336 $0.6 -$46.2 5.0 1.4
CORAUTUS GENETICS $2.90 49% -36% $29 $5 $24 $0 17 $1.4 -$14.9 0.3 0.6
DIACRIN $3.95 87% 139% $71 $41 $30 $0 29 $1.0 -$5.5 7.4 0.7
GENVEC $3.25 74% 8% $74 $18 $56 $6 95 $0.6 -$21.5 0.8 0.7
INTROGEN $3.35 96% -9% $72 $23 $49 $7 50 $1.0 -$22.5 1.0 0.8
SIRNA THERAPEUTICS $8.86 100% 49% $250 $9 $241 $3 81 $3.0 -$41.4 0.2 1.2
TARGETED GENETICS CORP $1.20 85% -9% $61 $13 $48 $20 125 $0.4 -$24.4 0.5 0.3
TRANSGENE SA $1.50 63% -18% $45 na na $0 318 na na na na
TRANSKARYOTIC THERAPIES $7.42 18% -80% $259 $257 $2 $0 345 $0.0 -$150.4 1.7 0.4
VALENTIS $3.30 6% -93% $18 $8 $10 $0 58 $0.2 -$20.5 0.4 0.1
VICAL $4.23 57% -42% $85 $112 -$27 $0 165 -$0.2 -$29.9 3.8 0.4
Gene therapy Average 63% -11% $115 $70 $51 $7 $0.7 -$34.4 2.2 0.6
Gene therapy Median 75% -14% $72 $18 $30 $1 $0.6 -$22.5 1.0 0.6
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $2.32 99% 113% $140 $25 $115 $0 71 $1.6 -$13.9 1.8 0.6
CUBIST PHARMACEUTICALS $10.79 74% -26% $319 $148 $171 $208 204 $0.8 -$99.0 1.5 1.3
EPIMMUNE $1.50 68% -32% $18 $10 $8 $0 52 $0.2 -$7.0 1.5 0.1
GENELABS TECHNOLOGIES $1.78 50% -9% $109 $7 $103 $0 94 $1.1 -$15.4 0.4 0.6
IMMUNE RESPONSE CORP $2.12 71% -18% $42 $4 $38 $4 43 $0.9 -$47.8 0.1 0.2
INTERMUNE $25.29 66% -5% $803 $316 $487 $150 250 $1.9 -$102.4 3.1 1.7
INTRABIOTICS $3.73 13% -80% $12 $13 -$1 $0 8 -$0.1 -$41.3 0.3 0.1
MEDIMMUNE $35.41 96% 9% $8,926 $568 $8,359 $217 1505 $5.6 na na 3.4
NABI BIOPHARMACEUTICALS $6.99 92% 19% $273 $47 $226 $0 722 $0.3 na na 1.7
SIGA TECHNOLOGIES $1.48 62% -26% $20 $2 $18 $0 17 $1.0 -$4.2 0.5 0.6
TRIMERIS $49.34 87% 1% $1,055 $149 $906 $0 129 $7.0 -$92.6 1.6 2.7
VAXGEN $4.65 20% -34% $74 $18 $56 $0 117 $0.5 -$41.4 0.4 0.5
VICURON $14.28 97% 18% $681 $62 $619 $0 28 $22.1 -$52.5 1.2 3.4
VION PHARMACEUTICALS $1.24 80% 88% $36 $10 $26 $0 34 $0.8 -$10.0 1.0 0.3
VIROLOGIC $1.24 40% -56% $36 $11 $24 $0 170 $0.1 -$18.3 0.6 0.3
VIROPHARMA $3.20 85% 92% $83 $158 -$75 $135 139 -$0.5 na na 0.3
XOMA LTD $6.03 75% 48% $434 $38 $396 $63 229 $1.7 -$19.6 1.9 0.8
Infection Average 69% 6% $768 $93 $675 $46 $2.6 -$40.4 1.1 1.1
Infection Median 75% -2% $96 $22 $79 $0 $0.9 -$19.6 1.0 0.6
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $19.84 98% 120% $1,841 $147 $1,693 $63 150 $11.3 -$116.8 1.3 3.5
BIOMARIN PHARMACEUTICAL $11.43 90% 97% $725 $79 $646 $0 216 $3.0 -$77.3 1.0 2.3
BIO-TECHNOLOGY GENERAL CORP $4.70 75% -7% $278 $23 $255 $11 378 $0.7 na na 1.3
INSMED INC $2.37 84% 28% $78 $0 $78 $0 23 $3.4 na na na
KERYX BIOPHARMACEUTICALS $1.71 62% -35% $35 $24 $11 $0 24 $0.5 -$11.2 2.1 0.5
NPS PHARMACEUTICALS $21.56 70% 12% $758 $234 $524 $0 183 $2.9 -$101.6 2.3 1.5
VIVUS $5.00 64% -35% $166 $24 $143 $0 119 $1.2 -$6.6 3.6 1.2
ZONAGEN $1.61 92% -2% $19 $25 -$7 $0 4 -$1.7 -$5.4 4.6 0.2
Metabolic Average 79% 22% $487 $70 $418 $9 $2.7 -$53.2 2.5 1.5
Metabolic Median 84% 12% $166 $24 $143 $0 $1.2 -$11.2 2.1 1.3
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $6.00 72% -19% $185 $9 $176 $10 249 $0.7 -$44.3 0.2 0.4
BIORELIANCE CORP $20.43 73% -26% $174 $38 $136 $11 556 $0.2 na na 3.1
BIOTIME $2.24 75% -18% $30 $1 $29 $2 12 $2.4 -$3.1 0.4 0.9
CERUS $11.29 26% -73% $181 $64 $116 $0 158 $0.7 -$63.1 1.0 0.6
COLLAGENEX PHARMACEUTICALS $11.09 93% 23% $127 $10 $116 $0 148 $0.8 na na 1.5
COLUMBIA LABORATORIES $6.90 95% 30% $245 $5 $240 $10 25 $9.6 -$26.9 0.2 1.9
CURIS $2.80 86% 133% $89 $41 $48 $7 64 $0.7 na na 0.1
CYANOTECH CORP $0.45 52% -47% $8 $1 $8 $4 58 $0.1 -$0.7 0.9 0.3
CYTRX CORP $2.50 67% 198% $58 $2 $57 $0 3 $18.8 -$10.3 0.2 0.7
DISCOVERY LABORATORIES $4.03 100% 112% $132 $19 $113 $1 65 $1.7 -$21.0 0.9 1.5
INSITE VISION $0.53 29% -69% $13 $1 $12 $0 41 $0.3 -$9.1 0.1 0.1
INSPIRE PHARMACEUTICALS $12.26 75% 324% $389 $31 $358 $0 54 $6.6 -$34.1 0.9 3.1
INTEGRA LIFESCIENCES $28.22 94% 47% $735 $99 $637 $0 760 $0.8 na na 2.5
NORTHFIELD LABORATORIES $6.44 73% 56% $92 $9 $82 $0 60 $1.4 -$11.6 0.8 0.8
OSTEOTECH $13.97 98% 68% $238 $14 $224 $16 338 $0.7 -$12.2 1.1 3.7
PALATIN TECHNOLOGIES $3.60 99% 26% $151 $12 $139 $0 46 $3.0 -$17.4 0.7 1.6
PHARMACYCLICS $4.37 88% -7% $71 $94 -$24 $0 133 -$0.2 -$28.8 3.3 0.3
REPLIGEN CORP $6.42 92% 106% $176 $18 $158 $0 39 $4.1 -$3.1 5.7 1.0
SALIX PHARMACEUTICALS $11.86 74% -21% $255 $49 $206 $0 135 $1.5 -$24.6 2.0 1.9
SANGSTAT MEDICAL CORP $13.73 54% -38% $363 $98 $266 $15 299 $0.9 na na 1.2
TRIPOS $6.01 26% -73% $53 $10 $43 $4 337 $0.1 na na 1.5
Other Average 73% 35% $179 $30 $150 $4 $2.6 -$20.7 1.2 1.4
Other Median 75% 25% $141 $13 $116 $1 $0.9 -$14.8 0.9 1.1
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $64.74 100% 36% $83,515 $4,757 $78,758 $3,056 10100 $7.8 na na 4.3
BIOGEN $42.42 84% -15% $6,298 $812 $5,485 $37 1992 $2.8 na na 7.6
CHIRON CORP $44.10 96% 22% $8,221 $843 $7,378 $419 4044 $1.8 na na 3.4
GENENTECH $62.61 98% 76% $31,940 $1,085 $30,855 $0 5252 $5.9 na na 4.8
GENZYME CORP $47.39 99% 48% $10,226 $515 $9,711 $600 5600 $1.7 na na 3.7
GILEAD SCIENCES $52.26 99% 47% $10,454 $942 $9,512 $595 1250 $7.6 na na 11.0
IDEC PHARMACEUTICALS CORP $38.22 80% -11% $5,927 $788 $5,139 $866 995 $5.2 na na 6.1
Revenue-driven Average 94% 29% $22,369 $1,392 $20,977 $796 $4.7 na na 5.8
Revenue-driven Median 98% 41% $9,224 $828 $8,445 $507 $4.0 na na 4.5
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $10.93 92% -2% $458 $163 $295 $11 279 $1.1 -$25.1 6.5 1.7
DYAX $2.23 49% -45% $55 $31 $24 $18 244 $0.1 -$25.5 1.2 0.4
ISIS PHARMACEUTICALS $6.39 54% -32% $354 $289 $65 $193 523 $0.1 -$63.3 4.6 0.6
LIGAND PHARMACEUTICALS $12.73 71% -30% $882 $34 $848 $159 402 $2.1 -$81.3 0.4 1.3
NEUROGEN CORP $5.12 42% -57% $92 $79 $12 $20 163 $0.1 -$17.9 4.4 0.5
ONYX PHARMACEUTICALS $10.10 88% 41% $240 $40 $201 $0 89 $2.3 -$53.2 0.7 1.3
REGENERON PHARMACEUTICALS $13.74 60% -17% $645 $264 $380 $200 266 $1.4 -$142.8 1.9 1.1
TULARIK $9.41 96% 1% $520 $156 $364 $0 430 $0.8 -$96.8 1.6 1.2
Screening Average 69% -18% $406 $132 $274 $75 $1.0 -$63.2 2.7 1.0
Screening Median 71% -17% $354 $79 $201 $18 $1.0 -$53.2 1.6 1.1
                         
Company
Close 05/30/03
% 52wk High
% Change From 05/31/02
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 $1.67 83% 4% $17 $4 $13 $2 181 $0.1 -$3.7 1.0 0.3
CELLEGY PHARMACEUTICALS $4.30 77% 89% $86 $24 $62 $1 23 $2.7 -$17.2 1.4 0.9
CURATIVE HEALTH SERVICES $14.24 72% 8% $176 $3 $173 $26 340 $0.5 na na 1.7
GENZYME BIOSURGERY $2.31 49% -46% $94 na na na na na na na na
LIFECELL CORP $3.60 95% 57% $77 $5 $71 $1 155 $0.5 na na 1.0
LIFECORE BIOMEDICAL $4.47 39% -60% $58 $3 $54 $6 199 $0.3 na na 1.2
Wound Average 69% 9% $84 $8 $75 $7 $0.8 -$10.5 1.2 1.0
Wound Median 77% 8% $77 $3 $58 $1 $0.5 -$3.7 1.0 1.0
                     
Grand Average 74% 6% $969 $138 $858 $55 $1.7 -$41.2 3.0 1.6
Grand Median 77% -3% $169 $46 $121 $1 $0.9 -$25.2 1.6 1.1



originally published 06/06/2003


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