Signals vs Noise Article







September 2006 Stock Report

Company 9/29/06 Close % of 52wk High % change since 9/30/05 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 $11.54 82% -15% $1,519 $455 $750 $1,815 $2.1 -$245 1.9 Dec-93 3.6 $3.00 $176
INCYTE CORP. $4.23 64% -10% $355 $290 $349 $414 $2.3 -$82 3.5 Nov-93 3.2 $1.88 $47
MILLENNIUM PHARMACEUTICALS $9.94 87% 7% $3,134 $626 $177 $2,685 $2.4 -$71 8.9 May-96 3.4 $3.00 $273
MYRIAD GENETICS $24.65 86% 13% $979 $228 $0 $751 $1.1 -$46 5.0 Oct-95 2.9 $9.00 $163
OSCIENT PHARMACEUTICALS $1.03 37% -51% $100 $77 $175 $198 $0.6 -$92 0.8 Feb-82 0.2 $11.00 $90
1st Generation Genomics Average   71% -11% $1,217 $335   $1,173 $1.7 -$107 4.0   2.7    
1st Generation Genomics Median   82% -10% $979 $290   $751 $2.1 -$82 3.5   3.2    
                             
Company 9/29/06 Close % of 52wk High % change since 9/30/05 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 $21.56 41% -53% $1,459 $261 $120 $1,319 $1.2 -$40 6.5 Jun-96 4.4 $7.50 $287
CALIPER LIFE SCIENCES $4.88 65% -31% $167 $24 $0 $144 $0.3 -$8 2.9 Dec-99 0.4 $16.00 $333
CEPHEID $7.22 64% -2% $394 $112 $1 $283 $1.1 -$28 4.0 Jun-00 1.5 $6.00 $158
CIPHERGEN BIOSYSTEMS $1.33 59% -28% $48 $21 $21 $48 $0.3 -$31 0.7 Sep-00 0.1 $16.00 $417
COMBIMATRIX CORP. $0.98 34% -41% $39 $10 $0 $29 $0.4 -$14 0.7 na na na na
COMPUGEN LTD $2.86 55% -14% $80 $26 $0 $54 $0.4 -$14 1.8 Sep-00 0.4 $10.00 na
ILLUMINA $33.04 83% 158% $1,518 $157 $9 $1,371 $3.7 na na Jul-00 1.5 $16.00 $515
NANOGEN $1.78 52% -45% $118 $19 $1 $101 $0.4 -$56 0.3 Apr-98 0.3 $11.00 $197
ORCHID CELLMARK $2.31 25% -73% $56 $21 $0 $35 $0.1 -$26 0.8 May-00 0.7 $8.00 $263
SEQUENOM $2.14 75% -26% $72 $31 $0 $40 $0.3 -$16 2.0 Feb-00 0.0 $78.00 $609
TRANSGENOMIC $0.56 50% -44% $28 $7 $0 $20 $0.1 -$2 4.8 Jul-00 0.1 $15.00 $317
Genomic Supply Average   55% -18% $362 $62   $313 $0.8 -$24 2.4   0.9    
Genomic Supply Median   55% -31% $80 $24   $54 $0.4 -$21 1.9   0.4    
                             
Company 9/29/06 Close % of 52wk High % change since 9/30/05 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)
ARENA PHARMACEUTICALS $11.98 58% 21% $567 $269 $0 $299 $0.9 -$74 3.6 Jul-00 1.0 $18.00 $394
CELERA GENOMICS GROUP $13.92 95% 15% $1,072 $620 $0 $452 $0.9 -$93 6.6 Feb-00 0.1 $225.00 na
CURAGEN CORP. $3.44 64% -31% $193 $194 $176 $176 $0.4 -$57 3.4 Mar-98 0.9 $5.75 $143
DECODE GENETICS $5.50 51% -34% $338 $116 $158 $381 $0.8 -$73 1.6 Jul-00 0.5 $18.00 $818
EXELIXIS $8.71 70% 14% $733 $181 $115 $667 $1.2 -$96 1.9 Apr-00 0.9 $13.00 $520
GENE LOGIC $1.55 31% -68% $49 $60 $1 -$11 $0.0 -$45 1.3 Nov-97 0.6 $8.00 $109
LEXICON GENETICS $3.77 64% -5% $244 $65 $37 $215 $0.3 -$68 1.0 Apr-00 0.3 $22.00 $1,037
MAXYGEN $8.31 93% 0% $300 $150 $0 $150 $1.0 -$14 11.1 Dec-99 0.5 $16.00 $465
RIGEL PHARMACEUTICALS $10.27 41% -57% $256 $128 $3 $131 $0.9 -$34 3.8 Nov-00 1.6 $7.00 $230
SANGAMO BIOSCIENCES $5.56 67% 27% $189 $59 $0 $130 $2.1 -$13 4.4 Apr-00 0.4 $15.00 $312
ZYMOGENETICS $16.87 67% 2% $1,131 $310 $0 $821 $1.8 -$120 2.6 Feb-01 1.8 $12.00 $547
Genomic Targets Average   64% -11% $461 $196   $310 $0.9 -$62 3.8   0.8    
Genomic Targets Median   64% 0% $300 $150   $215 $0.9 -$68 3.4   0.6    
                             
Company 9/29/06 Close % of 52wk High % change since 9/30/05 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 $33.98 85% 23% $1,074 $164 $150 $1,060 $4.4 na na Feb-96 4.3 $8.25 $62
ATHEROGENICS $13.17 60% -18% $520 $194 $286 $612 $5.4 -$52 3.7 Aug-00 2.0 $8.00 $184
CONNETICS CORP. $10.90 62% -36% $375 $243 $290 $423 $1.1 -$9 28.1 Feb-96 1.5 $11.00 $81
CYPRESS BIOSCIENCE $7.30 91% 35% $235 $105 $0 $129 $8.6 -$9 11.9 Dec-83 0.1 $80.00 $33
ICOS CORP. $25.06 82% -9% $1,640 $126 $279 $1,793 $2.6 -$3 48.5 Jun-91 2.8 $8.00 $172
LA JOLLA PHARMACEUTICAL CO. $3.72 66% -2% $121 $59 $0 $62 $0.7 -$37 1.6 Jun-94 0.2 $25.00 $43
PDL BIOPHARMA $19.20 58% -31% $2,205 $405 $500 $2,301 $2.4 -$29 13.7 Jan-92 4.4 $7.50 $191
TANOX $11.82 56% -19% $535 $162 $0 $373 $2.1 -$9 17.8 Apr-00 0.7 $28.50 $1,193
Autoimmune Average   70% -7% $838 $182   $844 $3.4 -$21 17.9   2.0    
Autoimmune Median   64% -14% $527 $163   $517 $2.5 -$9 13.7   1.8    
                             
Company 9/29/06 Close % of 52wk High % change since 9/30/05 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)
ALLOS THERAPEUTICS $3.77 89% 55% $210 $50 $0 $159 $3.0 -$28 1.8 Mar-00 0.2 $18.00 $604
ANTIGENICS  $1.55 21% -71% $71 $32 $50 $89 $0.5 -$56 0.6 Feb-00 0.2 $18.00 $429
ARIAD PHARMACEUTICALS $4.36 56% -41% $271 $54 $7 $223 $2.1 -$68 0.8 May-94 0.8 $8.00 $124
AVALON PHARMACEUTICALS $2.70 29% na $27 $21 $9 $16 $0.4 na na Sep-05 0.5 $10.50 $88
AVI BIOPHARMA $3.64 40% 38% $193 $44 $0 $148 $1.2 -$28 1.6 Jun-97 0.8 $9.00 $103
BIOMIRA  $1.06 53% -23% $95 $29 $0 $66 $0.7 -$16 1.8 Jun-87 0.3 $4.40 $43
BOSTON LIFE SCIENCES $3.55 84% 68% $59 $3 $0 $56 $3.7 -$16 0.2 na na na na
CELGENE CORP. $43.30 88% 59% $15,187 $962 $400 $14,625 $15.5 na na Jul-87 24.2 $1.83 $55
CELL THERAPEUTICS $1.71 60% -40% $188 $48 $182 $322 $1.5 -$84 0.6 Mar-97 0.2 $10.00 $166
CYTOGEN CORP. $2.35 57% -42% $53 $31 $0 $22 $0.3 na na Jun-86 0.3 $13.00 $148
CYTOKINETICS $6.43 69% -21% $236 $95 $9 $150 $1.0 -$55 1.7 Apr-04 0.6 $13.00 $476
DENDREON CORP. $4.47 64% -33% $321 $100 $19 $241 $1.2 -$75 1.3 Jun-00 0.5 $10.00 $210
DUSA PHARMACEUTICALS $4.18 38% -61% $81 $22 $0 $60 $0.9 -$19 1.2 Jan-92 1.2 $6.00 $30
ENTREMED $1.86 62% -22% $138 $45 $1 $94 $2.4 -$24 1.9 Jun-96 0.2 $15.00 $182
EXEGENICS  $0.80 73% 100% $14 $9 $0 $5 na $0 31.5 na na na na
FAVRILLE $4.35 56% -4% $126 $62 $8 $73 $0.5 -$39 1.6 Feb-05 1.0 $7.00 $139
GENAERA CORP. $0.40 20% -79% $42 $45 $0 -$3 -$0.1 -$23 1.9 Dec-91 0.2 $9.00 $62
GENITOPE $2.92 30% -58% $105 $85 $4 $24 $0.2 -$43 2.0 Oct-03 1.0 $9.00 $145
GENTA $0.78 22% -48% $104 $36 $0 $68 $1.2 -$59 0.6 Dec-91 0.0 $100.00 $123
GERON CORP. $6.27 58% -39% $415 $181 $0 $234 $2.6 -$37 4.9 Jul-96 1.0 $8.00 $77
GTX $9.24 76% -1% $286 $56 $0 $231 $2.7 -$40 1.4 Feb-04 0.8 $14.50 $450
IMCLONE SYSTEMS $28.32 66% -10% $2,387 $997 $600 $1,990 $2.3 na na Nov-91 4.9 $7.00 $107
IMMUNOGEN $3.54 47% -52% $147 $75 $0 $72 $0.4 -$27 2.8 Nov-89 0.4 $10.00 $60
IMMUNOMEDICS $1.78 51% -13% $102 $44 $31 $90 $0.8 -$23 1.9 Oct-83 2.4 $1.25 $25
MEDAREX $10.75 67% 13% $1,313 $328 $150 $1,135 $2.5 -$144 2.3 Jun-91 4.4 $3.00 $31
NEOPHARM $4.85 37% -61% $135 $51 $0 $85 $0.9 -$39 1.3 Jan-96 2.6 $3.18 $28
ONYX PHARMACEUTICALS $17.29 55% -31% $718 $248 $40 $510 $5.1 -$126 2.0 May-96 2.2 $12.00 $105
OSI PHARMACEUTICALS $37.53 98% 28% $2,154 $204 $265 $2,216 $4.9 -$4 54.8 Apr-86 5.4 $6.00 $53
OXIGENE $3.91 68% -26% $110 $50 $0 $59 $2.3 -$20 2.5 Oct-93 0.8 $6.00 $28
PHARMION $21.55 96% -1% $691 $188 $0 $502 $1.5 -$14 13.4 Nov-03 1.3 $14.00 $358
PONIARD PHARMACEUTICALS $3.50 35% -37% $80 $54 $0 $26 $1.4 -$26 2.1 Aug-88 0.0 $168.00 $102
PRAECIS PHARMACEUTICALS $2.05 32% 336% $22 $46 $0 -$24 -$0.3 -$60 0.8 Apr-00 0.5 $10.00 $400
PROGENICS PHARMACEUTICALS $23.46 76% -1% $608 $157 $0 $451 $3.0 -$57 2.7 Nov-97 3.3 $8.00 $70
QLT  $7.60 90% -1% $670 $468 $173 $374 $0.8 na na Sep-86 7.1 $1.08 $22
SCICLONE PHARMACEUTICALS $2.32 41% -59% $106 $44 $0 $62 $0.4 na na Mar-92 0.5 $7.45 $63
SEATTLE GENETICS $4.86 84% -7% $248 $97 $0 $151 $1.1 -$35 2.8 Mar-01 0.7 $7.00 $207
SGX PHARMACEUTICALS $2.58 23% na $39 $48 $8 -$1 $0.0 -$37 1.3 Jan-06 1.6 $6.00 $80
SPECTRUM PHARMACEUTICALS $5.24 92% 6% $128 $55 $0 $73 $2.2 -$36 1.5 na na na na
SUNESIS PHARMACEUTICALS $5.06 68% na $148 $79 $2 $71 $0.6 -$18 4.4 Sep-05 1.0 $7.00 $146
SUPERGEN $4.66 72% -26% $249 $50 $0 $199 $2.4 -$47 1.1 Mar-96 0.9 $6.00 $21
TAPESTRY PHARMACEUTICALS $2.08 30% -44% $34 $32 $3 $5 na -$17 1.9 Apr-94 0.1 $50.00 $41
THRESHOLD PHARMACEUTICALS $2.57 15% -81% $96 $76 $2 $22 $0.3 -$62 1.2 Feb-05 2.1 $7.00 $204
VERNALIS $2.54 72% 4% $240 $54 $18 $204 $1.6 -$74 0.7 May-96 0.4 $7.20 $178
Cancer Average   57% -8% $666 $127   $585 $1.8 -$43 4.3   1.9    
Cancer Median   58% -23% $138 $54   $89 $1.2 -$37 1.8   0.8    
                             
Company 9/29/06 Close % of 52wk High % change since 9/30/05 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)
ANESIVA $6.78 62% -28% $136 $67 $0 $69 $0.5 -$55 1.2 Feb-04 0.1 $64.00 $64
CARDIOVASCULAR BIOTHER. $2.76 31% -69% $342 $19 $17 $341 na -$3 6.2 Feb-05 0.8 $10.00 $1,184
COTHERIX $7.06 47% -49% $203 $89 $0 $114 $1.3 -$44 2.0 Oct-04 1.5 $6.00 $116
CV THERAPEUTICS $11.14 39% -58% $616 $439 $400 $577 $0.9 -$292 1.5 Nov-96 2.8 $8.00 $48
ENCYSIVE PHARMACEUTICALS $4.30 36% -63% $255 $101 $130 $284 $1.3 -$120 0.8 Dec-93 0.7 $6.75 $88
MEDICINES COMPANY $22.56 95% -2% $1,138 $150 $0 $988 $3.6 na na Sep-00 1.3 $16.00 $506
MYOGEN $35.08 83% 49% $1,498 $193 $0 $1,306 $11.9 -$74 2.6 Oct-03 2.6 $14.00 $358
NITROMED $3.17 14% -82% $117 $72 $14 $60 $1.3 -$73 1.0 Nov-03 0.8 $11.00 $264
NUVELO $18.24 87% 90% $947 $183 $6 $770 $7.5 -$76 2.4 Sep-97 1.3 $14.00 $175
QUESTCOR PHARMACEUTICALS $1.53 58% 183% $87 $11 $0 $76 $1.5 -$9 1.3 na na na na
Cardiovascular Average   55% -3% $534 $132   $459 $3.3 -$83 2.1   1.3    
Cardiovascular Median   53% -39% $299 $95   $313 $1.3 -$73 1.5   1.3    
                             
Company 9/29/06 Close % of 52wk High % change since 9/30/05 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)
ACCELRYS $6.29 72% -7% $165 $56 $0 $110 $0.2 -$1 42.1 Dec-95 0.5 $16.00 $158
ALBANY MOLECULAR RESEARCH $9.36 65% -23% $324 $109 $21 $236 $0.3 -$1 77.9 Feb-99 1.0 $10.00 $280
ARGONAUT TECHNOLOGIES $0.33 97% 7% $7 $10 $0 -$3 $0.0 -$9 1.1 Jul-00 0.0 $15.00 $253
ARQULE $4.21 53% -46% $150 $121 $2 $31 $0.1 -$30 4.0 Oct-96 0.5 $12.00 $114
ARRAY BIOPHARMA $8.52 87% 19% $334 $74 $13 $273 $1.0 -$48 1.5 Nov-01 1.2 $7.50 $168
BIOCRYST PHARMACEUTICALS $12.47 54% 28% $364 $55 $0 $310 $6.0 -$40 1.4 Mar-94 2.8 $6.50 $47
KOSAN BIOSCIENCES $4.83 60% -34% $167 $45 $3 $126 $1.6 -$42 1.1 Oct-00 0.4 $14.00 $341
SYMYX TECHNOLOGIES $21.19 70% -19% $694 $191 $0 $503 $1.4 na na Nov-99 2.0 $14.00 $398
VERTEX PHARMACEUTICALS $33.65 75% 51% $3,762 $639 $180 $3,303 $4.1 -$200 3.2 Jul-91 8.1 $4.50 $85
Chemistry Average   70% -3% $663 $144   $543 $1.6 -$47 16.5   1.8    
Chemistry Median   70% -7% $324 $74   $236 $1.0 -$35 2.4   1.0    
                             
Company 9/29/06 Close % of 52wk High % change since 9/30/05 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 $8.64 48% -24% $257 $44 $0 $213 $1.9 -$38 1.2 May-04 2.3 $7.00 $208
ACORDA THERAPEUTICS $9.15 77% na $180 $18 $11 $173 $2.2 -$38 0.5 Feb-06 0.9 $6.00 $118
ADOLOR CORP. $13.87 50% 30% $637 $217 $0 $419 $2.4 -$63 3.5 Nov-00 1.6 $15.00 $407
CEPHALON $61.75 74% 33% $3,751 $779 $1,696 $4,668 $1.6 na na Apr-91 3.3 $18.00 $155
CORCEPT THERAPEUTICS $0.93 15% -81% $21 $17 $0 $4 $0.4 -$31 0.6 Apr-04 0.4 $12.00 $273
DOV PHARMACEUTICAL $0.90 5% -95% $24 $60 $80 $44 $0.4 -$82 0.7 Apr-02 1.2 $13.00 $188
INDEVUS PHARMACEUTICALS $5.92 88% 106% $331 $53 $72 $349 $2.4 -$54 1.0 Mar-90 3.1 $2.00 $31
MEMORY PHARMACEUTICALS $1.02 31% -62% $39 $32 $2 $8 $0.1 na na Apr-04 0.4 $7.00 $265
NEUROBIOLOGICAL TECH. $2.37 56% -38% $70 $16 $0 $54 $2.4 -$15 1.0 Feb-94 0.4 $8.00 $30
NEUROCRINE BIOSCIENCES $10.75 15% -78% $407 $240 $56 $223 $0.4 -$110 2.2 May-96 6.1 $10.50 $172
NEW RIVER PHARMACEUTICALS $25.73 72% 7% $944 $92 $0 $853 $29.4 -$17 5.4 Aug-04 8.3 $4.00 $142
NYMOX PHARMACEUTICAL $3.75 63% 74% $104 $0 $0 $104 $5.8 -$5 0.0 na na na na
PAIN THERAPEUTICS $8.62 73% 37% $381 $205 $0 $175 $4.7 na na Jul-00 0.9 $12.00 $319
PHARMOS CORP. $1.75 60% -18% $33 $39 $0 -$6 -$0.1 -$16 2.4 Jul-83 0.1 $20.00 $16
RENOVIS $13.76 57% 2% $404 $107 $0 $297 $3.0 -$23 4.6 Feb-04 1.8 $12.00 $352
TITAN PHARMACEUTICALS $2.20 44% 24% $86 $20 $0 $65 $1.3 -$14 1.5 Jan-96 0.7 $5.00 $66
CNS Average   52% -6% $479 $121   $478 $3.6 -$39 1.9   2.1    
CNS Median   57% 2% $218 $49   $174 $2.0 -$31 1.2   1.2    
                             
Company 9/29/06 Close % of 52wk High % change since 9/30/05 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)
ACUSPHERE $3.61 50% -34% $104 $59 $17 $62 $0.6 -$92 0.6 Oct-03 0.5 $14.00 $200
ALEXZA PHARMACEUTICALS $8.04 76% na $190 $64 $6 $132 $1.1 -$42 1.5 Mar-06 1.2 $8.00 $180
ALKERMES $15.85 59% -6% $1,606 $369 $171 $1,408 $2.7 -$3 128.0 Jul-91 4.4 $5.00 $70
ANDRX CORP. $24.43 99% 58% $1,805 $289 $0 $1,516 $0.9 -$48 6.0 Jun-96 7.9 $3.00 $155
ARADIGM CORP. $1.68 31% 57% $25 $9 $0 $16 $0.2 -$50 0.2 Jun-96 0.3 $11.00 $114
BIODELIVERY SCIENCES INTL. $2.05 59% 14% $29 $5 $4 $27 $1.2 -$12 0.4 na na na na
DEPOMED $4.08 57% -37% $170 $45 $0 $125 $1.4 -$40 1.1 Nov-97 1.1 $6.10 $33
DOR BIOPHARMA $0.27 38% -20% $18 $2 $0 $16 $1.8 -$13 0.1 na na na na
DURECT CORP. $4.10 55% -40% $281 $66 $39 $254 $1.8 -$35 1.9 Sep-00 0.5 $12.00 $557
EMISPHERE TECHNOLOGIES $8.45 74% 88% $237 $35 $24 $226 $1.9 -$15 2.3 Feb-89 1.6 $5.00 $15
ENZON PHARMACEUTICALS $8.25 89% 25% $361 $162 $394 $594 $1.9 na na Feb-84 5.4 $1.50 $12
FLAMEL TECHNOLOGIES SA $18.75 77% 0% $443 $69 $3 $377 $1.7 -$38 1.8 na na na na
GENEREX BIOTECHNOLOGY $1.72 34% 156% $169 $42 $3 $131 $6.2 -$127 0.3 na na na na
INOVIO BIOMEDICALCORP $2.57 80% -6% $79 $11 $0 $69 $2.5 -$12 0.9 na na na na
KOS PHARMACEUTICALS $49.42 67% -26% $2,345 $521 $30 $1,854 $1.4 na na Mar-97 3.2 $15.00 $233
MEDICIS PHARMACEUTICAL $32.35 92% -1% $1,770 $624 $453 $1,599 $4.5 -$354 1.8 na na na na
NASTECH PHARMACEUTICAL $15.26 66% 8% $335 $62 $7 $279 $2.0 -$2 27.6 na na na na
NEKTAR THERAPEUTICS $14.41 62% -15% $1,296 $512 $438 $1,223 $1.6 -$251 2.0 May-94 5.4 $3.75 $65
NOVAVAX $3.79 45% 117% $233 $79 $23 $178 $3.8 -$26 3.1 na na na na
NOVEN PHARMACEUTICALS $24.12 95% 72% $574 $131 $0 $442 $1.2 na na May-88 32.7 $0.55 $5
SEPRACOR  $48.44 80% -18% $5,292 $818 $1,163 $5,637 $2.7 na na Sep-91 9.8 $5.00 $168
XENOPORT $20.37 76% 23% $501 $152 $1 $351 $2.9 -$58 2.6 Jul-04 0.1 $7.00 $104
Delivery Average   66% 20% $812 $187   $751 $2.1 -$68 10.1   5.3    
Delivery Median   67% 0% $308 $68   $267 $1.8 -$39 1.8   2.4    
                             
Company 9/29/06 Close % of 52wk High % change since 9/30/05 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)
ADEZA BIOMEDICAL $16.41 70% -6% $287 $93 $0 $194 $1.9 na na Dec-04 1.3 $16.00 $259
ADVANCED MAGNETICS $34.10 87% 251% $407 $48 $0 $359 $10.0 -$27 1.8 na na na na
BIOSITE $46.23 67% -25% $804 $139 $14 $679 $0.7 na na Feb-97 4.3 $12.00 $149
CHOLESTECH CORP. $12.00 83% 19% $180 $29 $0 $151 $0.7 na na Jun-92 2.6 $5.00 $32
DIGENE CORP. $43.15 90% 51% $1,018 $144 $2 $876 $2.2 na na May-96 3.4 $11.50 $128
ENZO BIOCHEM $12.19 80% -21% $393 $76 $0 $317 $1.1 -$14 5.5 Jun-80 15.5 $0.87 $8
EPIX PHARMACEUTICALS $4.14 33% -64% $64 $114 $100 $50 $0.5 -$13 9.0 Feb-97 0.5 $10.50 $59
EXACT SCIENCES CORP. $2.03 41% 12% $54 $27 $4 $31 $0.6 -$13 2.1 Jan-01 0.2 $14.00 $261
GENOMIC HEALTH $14.46 82% na $354 $55 $5 $304 $2.5 -$20 2.8 Oct-05 0.9 $12.00 $286
GEN-PROBE $46.89 78% -5% $2,429 $254 $0 $2,175 $2.5 na na Sep-87 7.9 $7.00 $103
IDEXX LABORATORIES $91.14 96% 36% $2,839 $102 $7 $2,744 $0.8 na na Jun-91 23.0 $3.75 $76
IMMUCOR $3.55 25% -81% $240 $58 $0 $182 $0.3 na na na na na na
IMMUNICON $4.38 72% 11% $121 $33 $5 $92 $0.9 -$22 1.6 Apr-04 0.5 $8.00 $221
LUMINEX CORP. $18.23 90% 82% $573 $39 $0 $534 $2.9 na na Mar-00 0.9 $17.00 $450
MARTEK BIOSCIENCES CORP. $21.51 58% -39% $692 $35 $45 $702 $1.2 na na Nov-93 4.7 $7.00 $54
MATRITECH $0.62 40% -2% $35 $4 $2 $34 $0.4 -$14 0.3 Jul-92 0.2 $5.00 $22
MERIDIAN BIOSCIENCE $23.51 84% 14% $614 $31 $2 $585 $1.5 na na na na na na
ORASURE TECHNOLOGIES $8.04 57% -15% $369 $91 $10 $288 $1.2 na na na na na na
QUIDEL CORP. $14.12 89% 49% $467 $39 $8 $436 $1.7 -$16 2.4 Aug-81 1.3 $10.00 $19
SONUS PHARMACEUTICALS $4.69 68% 10% $173 $67 $0 $106 $2.2 -$20 3.4 Oct-95 0.9 $7.00 $60
STRATAGENE $6.48 57% -28% $145 $41 $4 $108 $0.2 na na na na na na
TRINITY BIOTECH PLC $9.30 94% 26% $143 $20 $37 $160 $0.2 -$8 2.4 na na na na
Diagnostic/imag. Average   70% 13% $564 $70   $505 $1.7 -$17 3.1   4.3    
Diagnostic/imag. Median   75% 10% $362 $52   $296 $1.1 -$15 2.4   1.3    
                             
Company 9/29/06 Close % of 52wk High % change since 9/30/05 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 $1.16 46% -51% $139 $43 $0 $96 $2.0 -$17 2.5 Feb-97 0.3 $7.00 $88
AVIGEN $5.17 76% 86% $129 $69 $0 $60 $1.9 -$19 3.6 May-96 0.6 $8.00 $58
CELL GENESYS $4.57 56% -17% $227 $163 $195 $259 $1.0 -$112 1.5 Jan-93 0.7 $11.00 $120
CORAUTUS GENETICS $0.69 13% -84% $14 $23 $0 -$9 -$0.4 -$14 1.6 na na na na
GENVEC $1.13 48% -45% $72 $27 $3 $47 $0.4 -$16 1.7 Dec-00 0.2 $9.50 $186
INTROGEN THERAPEUTICS $4.50 68% -14% $168 $23 $8 $153 $1.9 -$31 0.8 Oct-00 0.7 $8.00 $167
SIRNA THERAPEUTICS $5.57 65% 27% $406 $92 $0 $314 $4.6 -$40 2.3 Apr-96 0.7 $10.00 $59
STEMCELLS $2.13 38% -61% $166 $31 $2 $136 $3.0 -$17 1.8 Mar-92 0.3 $11.00 $82
TARGETED GENETICS CORP. $1.81 25% -73% $18 $12 $8 $14 $0.1 -$112 0.1 May-94 0.1 $60.00 $54
VALENTIS $0.36 9% -85% $6 $8 $0 -$2 -$0.1 -$19 0.4 Sep-97 0.2 $12.00 $161
VIACELL $4.20 66% -28% $162 $57 $1 $106 $0.6 -$28 2.1 Jan-05 0.8 $7.00 $259
VICAL $5.05 67% 3% $149 $60 $5 $94 $0.6 -$13 4.6 Mar-93 1.2 $5.00 $52
Gene/Cell therapy Average   48% -29% $138 $51   $106 $1.3 -$36 1.9   0.5    
Gene/Cell therapy Median   52% -36% $144 $37   $95 $0.8 -$19 1.8   0.6    
                             
Company 9/29/06 Close % of 52wk High % change since 9/30/05 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)
ADVANCED LIFE SCIENCES $2.98 59% -40% $84 $39 $0 $45 $2.5 -$18 2.2 Aug-05 0.7 $5.00 $85
ADVANCIS $6.00 90% 326% $182 $21 $0 $161 $3.1 -$43 0.5 Oct-03 0.3 $10.00 $224
ANADYS PHARMACEUTICALS $2.90 17% -73% $83 $100 $0 -$17 -$0.2 -$23 4.3 Mar-04 2.3 $7.00 $200
AVANT IMMUNOTHERAPEUTICS $1.31 46% 1% $97 $53 $0 $44 $0.6 -$23 2.4 May-86 0.6 $4.00 $38
CUBIST PHARMACEUTICALS $21.74 81% 1% $1,188 $272 $350 $1,266 $3.4 -$20 13.4 Oct-96 3.8 $6.00 $55
DYNAVAX TECHNOLOGIES $4.31 64% -36% $132 $61 $0 $71 $0.9 -$61 1.0 Feb-04 0.8 $7.50 $229
GENELABS TECHNOLOGIES $1.63 49% -49% $39 $23 $0 $16 $0.2 -$17 1.4 Jun-91 0.0 $45.65 $160
IDENIX PHARMACEUTICALS $9.70 35% -61% $544 $168 $2 $378 $1.7 -$58 2.9 Jul-04 1.0 $14.00 $684
IMMUNE RESPONSE CORP. $0.02 3% -96% $14 $7 $5 $12 $0.3 -$16 0.4 May-90 0.0 $28.00 $77
INHIBITEX $1.53 14% -85% $46 $77 $5 -$26 -$0.3 -$36 2.1 Jun-04 1.0 $7.00 $212
INTERMUNE $16.42 79% -1% $554 $186 $170 $538 $2.8 -$176 1.1 Mar-00 0.9 $20.00 $433
IOMAI $4.72 64% na $80 $24 $3 $59 $0.9 -$30 0.8 Feb-06 0.8 $7.00 $116
MONOGRAM BIOSCIENCES $1.53 63% -35% $200 $35 $29 $193 $0.7 -$87 0.4 May-00 0.3 $7.00 $137
NABI BIOPHARMACEUTICALS $5.78 44% -56% $349 $71 $109 $387 $0.5 -$59 1.2 na na na na
SIGA TECHNOLOGIES $1.45 62% 37% $40 $0 $0 $40 $1.0 -$9 0.0 Sep-97 0.3 $5.00 $32
TRIMERIS $8.80 56% -43% $195 $42 $0 $153 $1.7 -$1 31.6 Oct-97 1.1 $12.00 $120
VAXGEN $4.55 27% -69% $135 $33 $0 $102 na -$37 na Jul-99 0.7 $13.00 $146
VIROPHARMA $12.17 50% -41% $835 $190 $0 $645 $13.4 na na Nov-96 1.8 $7.00 $65
XOMA LTD $1.89 77% 7% $184 $35 $73 $222 $1.0 -$24 1.5 Jun-86 0.1 $16.00 $140
Infection Average   52% -17% $262 $76   $226 $1.9 -$41 3.9   0.9    
Infection Median   56% -41% $135 $42   $102 $0.9 -$27 1.4   0.7    
                             
Company 9/29/06 Close % of 52wk High % change since 9/30/05 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)
ALTUS PHARMACEUTICALS $15.97 62% na $358 $33 $6 $332 $3.3 -$32 1.0 Jan-06 1.5 $15.00 $294
AMYLIN PHARMACEUTICALS $44.07 86% 27% $5,465 $904 $423 $4,984 $4.3 -$186 4.9 Jan-92 3.5 $14.00 $240
BIOMARIN PHARMACEUTICAL  $14.23 84% 63% $1,217 $310 $374 $1,282 $4.1 -$5 58.2 Aug-99 1.0 $13.00 $449
INSMED $1.36 41% 1% $136 $59 $3 $81 $0.9 -$54 1.1 na na na na
KERYX BIOPHARMACEUTICALS $11.83 61% -25% $511 $137 $0 $373 $12.9 -$71 1.9 Jul-00 1.9 $10.00 $194
MANNKIND $19.00 86% 39% $944 $51 $0 $893 $2.1 -$219 0.2 Jul-04 1.5 $14.00 $446
METABASIS THERAPEUTICS $5.62 57% -4% $171 $91 $5 $84 $0.9 -$31 3.0 Jun-04 1.3 $7.00 $213
NPS PHARMACEUTICALS $3.81 24% -62% $176 $191 $385 $370 $1.0 -$157 1.2 May-94 1.6 $5.50 $40
REPROS THERAPEUTICS $7.70 54% 34% $78 $15 $0 $63 $10.5 -$9 1.7 Mar-93 1.7 $5.50 $19
SAVIENT PHARMACEUTICALS $6.51 98% 59% $403 $89 $0 $314 $1.3 na na Sep-83 0.4 $13.00 $68
TERCICA $5.33 44% -53% $200 $66 $0 $134 $1.5 -$59 1.1 Mar-04 0.7 $9.00 $338
VIVUS $3.70 66% 3% $179 $34 $11 $156 $1.4 -$23 1.5 Apr-94 0.5 $7.00 $164
Metabolic Average   64% 7% $820 $165   $756 $3.7 -$77 6.9   1.4    
Metabolic Median   62% 3% $279 $78   $323 $1.8 -$54 1.5   1.5    
                             
Company 9/29/06 Close % of 52wk High % change since 9/30/05 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)
ALNYLAM PHARMACEUTICALS $14.41 78% 28% $463 $123 $6 $346 $3.7 -$40 3.1 May-04 2.9 $6.00 $193
ASPREVA PHARMACEUTICALS $25.95 74% 82% $903 $193 $2 $711 $6.7 na na Mar-05 2.3 $11.00 $362
BARRIER THERAPEUTICS $6.46 57% -23% $187 $58 $1 $130 $1.5 -$56 1.0 Apr-04 0.6 $15.00 $434
COLEY PHARMACEUTICAL $11.42 59% -37% $300 $134 $0 $167 $1.2 -$31 4.3 Aug-05 0.9 $16.00 $399
CRITICAL THERAPEUTICS $2.40 26% -75% $82 $52 $2 $32 $0.2 -$58 0.9 May-04 0.7 $7.00 $240
GENTIUM SPA $14.15 70% na $165 $10 $4 $160 $4.6 -$16 0.6 Jun-05 1.5 $9.00 $71
ICAGEN $0.92 10% -86% $20 $35 $2 -$13 -$0.2 -$25 1.4 Feb-05 1.0 $8.00 $176
MOMENTA PHARMACEUTICALS $13.52 45% -50% $422 $146 $7 $284 $2.7 -$50 2.9 Jun-04 3.0 $6.50 $203
Other Average   52% -23% $318 $94   $227 $2.5 -$39 2.0   1.6    
Other Median   58% -37% $244 $91   $163 $2.1 -$40 1.4   1.3    
                             
Company 9/29/06 Close % of 52wk High % change since 9/30/05 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  $71.53 85% -10% $83,731 $5,965 $9,000 $86,766 $5.3 na na Jun-83 207.9 $0.35 $175
BIOGEN IDEC $44.68 88% 13% $15,352 $853 $45 $14,543 $4.4 na na Sep-91 18.8 $2.50 $131
GENENTECH $82.70 83% -2% $87,079 $2,193 $2,132 $87,018 $9.2 na na Oct-80 58.3 $1.45 $246
GENZYME CORP. $67.47 87% -6% $17,635 $2,751 $0 $14,885 $1.8 na na Jun-86 26.9 $2.50 $70
GILEAD SCIENCES $68.77 99% 41% $31,417 $4,304 $0 $27,113 $14.3 na na Jan-92 16.6 $3.75 $210
MEDIMMUNE $29.27 78% -13% $7,008 $2,581 $1,656 $6,083 $2.7 -$253 10.2 May-91 23.8 $1.54 $114
Revenue-driven Average   87% 4% $40,370 $3,108   $39,401 $6.3 -$253 10.2   58.7    
Revenue-driven Median   86% -4% $24,526 $2,666   $20,999 $4.8 -$253 10.2   25.3    
                             
Company 9/29/06 Close % of 52wk High % change since 9/30/05 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)
COMBINATORX $6.23 43% na $179 $131 $13 $61 $0.6 -$36 3.6 Nov-05 1.7 $7.00 $171
DIVERSA CORP. $8.02 68% 39% $384 $65 $12 $331 $1.2 -$31 2.1 Feb-00 0.4 $24.00 $840
DYAX CORP. $3.33 52% -40% $145 $65 $12 $92 $0.6 -$35 1.9 Aug-00 0.4 $15.00 $295
ISIS PHARMACEUTICALS $7.18 72% 42% $530 $148 $136 $518 $2.0 -$9 17.1 May-91 0.9 $10.00 $104
LIGAND PHARMACEUTICALS $10.04 72% -1% $791 $87 $330 $1,034 $2.2 -$64 1.4 Nov-92 1.6 $8.27 $131
NEUROGEN CORP. $6.74 76% -2% $234 $92 $11 $153 $0.9 -$50 1.8 Oct-89 1.0 $6.00 $35
REGENERON PHARMACEUTICALS $15.69 87% 65% $894 $274 $200 $820 $1.4 -$94 2.9 Apr-91 0.8 $22.00 $330
SENOMYX $15.37 90% -10% $459 $82 $0 $378 $4.2 -$25 3.3 Jun-04 2.7 $6.00 $179
Screening Average   70% 13% $452 $118   $424 $1.6 -$43 4.3   1.2    
Screening Median   72% -1% $422 $89   $354 $1.3 -$35 2.5   1.0    
                             
Company 9/29/06 Close % of 52wk High % change since 9/30/05 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)
ACCENTIA BIOPHARMA. $2.58 29% na $81 $1 $26 $106 $0.4 -$49 0.0 Oct-05 0.8 $8.00 $230
ADAMS RESPIRATORY THERA. $36.59 74% na $1,282 $159 $0 $1,123 $6.4 na na Jul-05 2.3 $17.00 $582
AUXILIUM PHARMACEUTICALS $10.12 89% 103% $354 $44 $0 $310 $1.8 -$39 1.1 Jul-04 1.1 $7.50 $160
SANTARUS $7.42 85% 19% $355 $56 $0 $299 $0.9 -$67 0.8 Mar-04 0.8 $9.00 $431
SOMAXON PHARMACEUTICALS $12.31 58% na $222 $79 $0 $144 $5.7 -$59 1.3 Dec-05 1.5 $11.00 $198
VALERA PHARMACEUTICALS $6.41 53% na $95 $24 $0 $71 $0.7 -$11 2.2 Feb-06 1.1 $9.00 $130
Specialty Average   65% 61% $398 $60   $342 $2.7 -$45 1.1   1.3    
Specialty Median   66% 61% $288 $50   $221 $1.3 -$49 1.1   1.1    
                             
Company 9/29/06 Close % of 52wk High % change since 9/30/05 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)
CARRINGTON LABORATORIES $3.94 52% -6% $43 $3 $4 $43 $0.1 -$9 0.4 na na na na
LIFECELL CORP. $32.22 98% 49% $1,082 $70 $0 $1,012 $3.8 na na Feb-92 2.9 $7.75 $27
LIFECORE BIOMEDICAL $14.10 82% 17% $186 $39 $5 $152 $0.8 na na na na na na
Wound Average   77% 20% $437 $38   $402 $1.5 na na   na    
Wound Median   82% 17% $186 $39   $152 $0.8 na na   na    
                           
Grand Average   61% -3% $1,604 $204   $1,508 $2.2 -$49 5.0   3.6    
Grand Median   64% -7% $256 $69   $215 $1.4 -$37 1.9   1.0    



originally published 10/10/2006


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