Signals vs Noise Article







June 2005 Stock Report

Company
6/30/05 Close
% of 52wk High
% change since 6/30/04
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 $11.58 84% 0% $1,513 $582 $505 $1,436 $1.3 -$267 2.2 Dec-93 3.9 $3.00 $176
INCYTE CORP. $7.15 64% -6% $594 $429 $379 $544 $1.2 -$104 4.1 Nov-93 3.8 $1.88 $47
MILLENNIUM PHARMACEUTICALS $9.27 66% -33% $2,851 $497 $193 $2,548 $1.7 -$379 1.3 May-96 3.1 $3.00 $273
MYRIAD GENETICS $15.65 60% 5% $482 $74 $0 $408 $0.8 -$40 1.8 Oct-95 1.7 $9.00 $163
OSCIENT PHARMACEUTICALS $2.65 53% -48% $203 $110 $0 $93 $1.5 -$129 0.9 Feb-82 0.2 $11.00 $90
1st Generation Genomics Average   65% -17% $1,129 $338   $1,006 $1.3 -$184 2.1   2.5    
1st Generation Genomics Median   64% -6% $594 $429   $544 $1.3 -$129 1.8   3.1    
                             
Company
6/30/05 Close
% of 52wk High
% change since 6/30/04
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 $53.92 98% 65% $3,403 $260 $120 $3,263 $3.7 na na Jun-96 7.2 $7.50 $287
CALIPER LIFE SCIENCES $5.60 67% 20% $171 $44 $1 $128 $0.3 -$28 1.6 Dec-99 0.4 $16.00 $333
CEPHEID $7.34 64% -36% $312 $54 $7 $265 $1.5 -$12 4.5 Jun-00 1.2 $6.00 $158
CIPHERGEN BIOSYSTEMS $1.91 32% -74% $56 $34 $29 $52 $0.2 na na Sep-00 0.1 $16.00 $417
COMBIMATRIX CORP. $2.34 48% -46% $73 $17 $0 $56 $1.0 -$14 1.2 na na na na
COMPUGEN LTD $3.20 49% -32% $89 $16 $0 $73 $0.4 -$15 1.1 Sep-00 0.3 $10.00 $0
ILLUMINA $12.07 93% 91% $466 $64 $0 $402 $11.2 na na Jul-00 0.8 $16.00 $515
NANOGEN $3.84 47% -43% $183 $30 $1 $155 $1.1 -$45 0.7 Apr-98 0.3 $11.00 $197
ORCHID CELLMARK $10.81 75% 24% $264 $31 $1 $234 $0.6 na na May-00 1.4 $8.00 $263
SEQUENOM $1.16 64% -21% $47 $21 $7 $33 $0.2 -$26 0.8 Feb-00 0.0 $26.00 $609
TRANSGENOMIC $0.68 41% -48% $23 ($6) $8 $37 $0.2 -$34 (0.2) Jul-00 0.0 $15.00 $317
Genomic Supply Average   62% -9% $463 $51   $427 $1.8 -$25 1.4   1.2    
Genomic Supply Median   64% -32% $171 $31   $128 $0.6 -$26 1.1   0.3    
                             
Company
6/30/05 Close
% of 52wk High
% change since 6/30/04
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 $6.82 91% 25% $240 $153 $0 $87 $0.3 -$70 2.2 Jul-00 0.4 $18.00 $394
CELERA GENOMICS GROUP $10.97 74% -5% $809 na na na na -$78 na Feb-00 0.0 $225.00 na
CURAGEN CORP. $5.14 65% -14% $261 $282 $240 $219 $0.7 -$91 3.1 Mar-98 0.9 $5.75 $143
DECODE GENETICS $9.39 94% 10% $512 $183 $161 $491 $1.2 -$78 2.4 Jul-00 0.5 $18.00 $818
EXELIXIS $7.43 74% -26% $567 $77 $143 $633 $1.1 -$208 0.4 Apr-00 0.6 $13.00 $520
GENAISSANCE PHARMACEUTICALS $1.12 26% -73% $40 $3 $7 $43 $0.4 -$16 0.2 Aug-00 0.1 $13.00 $288
GENE LOGIC  $3.31 79% -18% $105 $98 $1 $8 $0.0 -$16 6.1 Nov-97 0.4 $8.00 $109
ICORIA INC. $0.15 16% -81% $6 $10 $6 $2 $0.0 -$12 0.8 May-00 0.0 $7.00 $177
LARGE SCALE BIOLOGY CORP. $0.97 61% -30% $31 ($4) $4 $38 $0.5 -$20 (0.2) Aug-00 0.1 $17.00 $388
LEXICON GENETICS $4.94 62% -37% $314 $73 $37 $278 $0.4 -$2 36.7 Apr-00 0.2 $22.00 $1,037
MAXYGEN $6.86 54% -35% $245 $171 $0 $74 $0.3 -$62 2.8 Dec-99 0.4 $16.00 $465
RIGEL PHARMACEUTICALS $19.92 69% 40% $396 $58 $3 $340 $2.7 -$59 1.0 Nov-00 2.8 $7.00 $230
SANGAMO BIOSCIENCES $3.57 55% -40% $91 $27 $0 $64 $1.1 -$12 2.3 Apr-00 0.2 $15.00 $312
ZYMOGENETICS $17.60 71% -7% $1,017 $281 $66 $803 $2.2 -$94 3.0 Feb-01 1.5 $12.00 $547
Genomic Targets Average   64% -21% $331 $109   $237 $0.8 -$58 4.7   0.6    
Genomic Targets Median   67% -22% $253 $77   $87 $0.5 -$60 2.3   0.4    
                             
Company
6/30/05 Close
% of 52wk High
% change since 6/30/04
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 $23.04 85% 24% $648 $207 $150 $591 $3.1 -$98 2.1 Feb-96 2.8 $8.25 $62
ATHEROGENICS $15.98 38% -16% $602 $225 $300 $677 $7.0 -$70 3.2 Aug-00 2.0 $8.00 $184
CONNETICS CORP. $17.64 58% -13% $614 $243 $290 $660 $3.1 na na Feb-96 1.6 $11.00 $81
CORTECH $3.26 86% 3% $12 $11 $0 $0 $0.3 na na Nov-92 0.1 $40.00 $116
CYPRESS BIOSCIENCE $13.20 92% -4% $401 $112 $0 $290 $19.3 na na Dec-83 0.2 $80.00 $33
ICOS CORP. $21.17 70% -29% $1,352 $168 $279 $1,462 $2.2 -$134 1.3 Jun-91 2.6 $8.00 $172
INKINE PHARMACEUTICAL CO. $3.19 53% -18% $157 $11 $0 $145 $2.6 na na na na na na
LA JOLLA PHARMACEUTICAL $0.80 21% -67% $59 $20 $1 $41 $0.3 -$44 0.4 Jun-94 0.2 $5.00 $43
PROTEIN DESIGN LABS $20.21 93% 6% $2,143 $184 $508 $2,466 $4.5 -$58 3.2 Jan-92 2.7 $7.50 $191
TANOX $11.72 61% -39% $525 $148 $5 $382 $3.2 -$15 9.7 Apr-00 0.4 $28.50 $1,193
Autoimmune Average   66% -15% $651 $133   $672 $4.6 -$70 3.3   1.4    
Autoimmune Median   66% -14% $564 $158   $487 $3.1 -$64 2.6   1.6    
                             
Company
6/30/05 Close
% of 52wk High
% change since 6/30/04
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 $2.18 72% -3% $68 $53 $0 $15 $0.3 -$20 2.6 Mar-00 0.1 $18.00 $604
ANTIGENICS  $5.41 48% -37% $246 $102 $59 $203 $0.9 -$68 1.5 Feb-00 0.3 $18.00 $429
APHTON CORP. $0.74 17% -82% $44 $37 $12 $20 $0.4 -$29 1.3 na na na na
ARIAD PHARMACEUTICALS $6.66 83% -11% $352 $53 $9 $309 $5.9 -$43 1.2 May-94 0.8 $8.00 $124
AVI BIOPHARMA $2.32 55% -3% $102 $32 $0 $70 $0.7 -$20 1.6 Jun-97 0.3 $9.00 $103
BIOMIRA  $1.72 41% 33% $135 $25 $0 $110 $0.7 -$15 1.6 Jun-87 0.4 $4.40 $43
BOSTON LIFE SCIENCES $2.10 42% -59% $22 $3 $0 $19 $1.6 -$10 0.3 na na na na
CANCERVAX $2.85 25% -63% $79 $64 $10 $26 $0.2 -$57 1.1 Oct-03 0.2 $12.00 $308
CELGENE CORP. $40.70 94% -29% $6,790 $782 $400 $6,408 $9.4 na na Jul-87 11.1 $3.66 $55
CELL THERAPEUTICS $2.71 25% -63% $175 $40 $222 $356 $1.0 -$174 0.2 Mar-97 0.3 $10.00 $166
CORIXA CORP. $4.38 82% -6% $261 $57 $127 $331 $1.0 -$99 0.6 Oct-97 0.3 $13.00 $152
CYTOGEN CORP. $5.23 31% -67% $81 $21 $2 $62 $1.0 -$25 0.8 Jun-86 0.4 $13.00 $148
CYTOKINETICS $6.94 46% -53% $198 $92 $10 $116 $0.7 -$47 2.0 Apr-04 0.5 $13.00 $371
DENDREON CORP. $5.23 39% -57% $310 $153 $5 $162 $1.1 -$88 1.7 Jun-00 0.5 $10.00 $210
DUSA PHARMACEUTICALS $9.30 57% -2% $157 $40 $0 $117 $2.3 -$16 2.5 Jan-92 1.6 $6.00 $30
ENTREMED $2.31 48% 15% $115 $41 $0 $74 $1.7 -$12 3.3 Jun-96 0.2 $15.00 $182
EXEGENICS  $0.36 42% -51% $6 $8 $0 ($2) ($0.3) -$2 3.7 na na na na
GENAERA CORP. $1.70 39% -60% $97 $21 $0 $76 $3.3 -$20 1.1 Dec-91 0.2 $9.00 $62
GENITOPE $12.84 73% 30% $363 $104 $0 $259 $2.8 -$27 3.9 Oct-03 1.4 $9.00 $145
GENTA $1.18 37% -53% $113 $33 $4 $84 $0.5 na na Dec-91 0.0 $100.00 $123
GERON CORP. $7.74 79% -4% $429 $118 $2 $313 $5.9 -$38 3.1 Jul-96 1.0 $8.00 $77
GTX $9.94 67% -5% $245 $51 $0 $194 $4.6 -$28 1.8 Feb-04 0.7 $14.50 $358
IMCLONE SYSTEMS  $30.97 35% -64% $2,590 $842 $600 $2,348 $5.6 -$53 15.9 Nov-91 4.4 $7.00 $107
IMMUNOGEN $5.79 62% -5% $237 $90 $0 $147 $1.3 -$9 10.2 Nov-89 0.6 $10.00 $60
IMMUNOMEDICS $1.71 34% -65% $92 $8 $14 $99 $0.9 -$26 0.3 Oct-83 1.4 $1.25 $25
MAXIM PHARMACEUTICALS $1.30 14% -87% $37 $22 $1 $16 $0.2 -$38 0.6 Jul-96 0.2 $7.50 $50
MEDAREX $8.30 72% 14% $919 $351 $264 $832 $2.0 -$228 1.5 Jun-91 2.8 $3.00 $31
NEOPHARM $9.99 74% -3% $235 $41 $0 $195 $1.9 -$58 0.7 Jan-96 3.1 $3.18 $28
NEORX CORP. $0.60 21% -76% $21 $12 $4 $13 $0.3 -$18 0.7 Aug-88 0.0 $28.00 $102
ONYX PHARMACEUTICALS $23.82 53% -44% $841 $182 $0 $658 $41.1 -$56 3.2 May-96 2.0 $12.00 $105
OSI PHARMACEUTICALS $40.87 55% -42% $2,095 $609 $150 $1,637 $3.4 -$194 3.1 Apr-86 6.8 $6.00 $53
OXIGENE $4.54 63% -28% $91 $40 $0 $51 $4.6 -$9 4.6 Oct-93 0.8 $6.00 $28
PHARMION $23.21 40% -53% $739 $250 $0 $489 $8.3 na na Nov-03 1.7 $14.00 $358
PRAECIS PHARMACEUTICALS $0.52 13% -86% $27 $56 $32 $3 $0.0 -$54 1.0 Apr-00 0.1 $10.00 $400
PROGENICS PHARMACEUTICALS $20.86 85% 24% $408 $13 $0 $395 $3.4 -$42 0.3 Nov-97 2.6 $8.00 $70
QLT  $10.42 51% -48% $978 $425 $173 $725 $2.2 na na Sep-86 9.6 $1.08 $22
SCICLONE PHARMACEUTICALS $4.49 87% -11% $201 $46 $6 $161 $1.5 -$10 4.8 Mar-92 0.6 $7.45 $63
SEATTLE GENETICS $5.36 68% -24% $226 $34 $0 $192 $1.8 -$42 0.8 Mar-01 0.8 $7.00 $207
SPECTRUM PHARMACEUTICALS $4.20 55% -33% $64 $34 $0 $31 $1.9 -$16 2.1 na na na na
SUPERGEN $4.94 61% -23% $253 $63 $0 $190 $1.6 na na Mar-96 0.8 $6.00 $21
TAPESTRY PHARMACEUTICALS $0.46 25% -74% $15 $19 $3 $0 $0.0 -$32 0.6 Apr-94 0.1 $5.00 $41
VERNALIS $2.13 44% -6% $11 $73 $116 $53 $0.6 -$48 1.5 May-96 0.3 $7.20 $178
XCYTE THERAPIES $0.72 15% -84% $14 $34 $2 ($18) ($0.3) -$27 1.3 Mar-04 0.1 $8.00 $157
XENOVA PLC $0.74 36% -64% $32 $26 $0 $6 $0.0 -$12 2.3 Jul-94 0.0 $16.00 $90
Cancer Average   50% -34% $466 $118   $399 $2.9 -$46 2.3   1.5    
Cancer Median   48% -39% $166 $43   $116 $1.4 -$29 1.5   0.6    
                             
Company
6/30/05 Close
% of 52wk High
% change since 6/30/04
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)
CORGENTECH $2.60 13% -84% $73 $93 $1 ($20) ($0.3) -$50 1.9 Feb-04 0.2 $16.00 $450
CV THERAPEUTICS $22.42 91% 34% $808 $359 $330 $779 $3.0 -$215 1.7 Nov-96 2.8 $8.00 $48
ENCYSIVE PHARMACEUTICALS $10.81 87% 27% $628 $169 $132 $591 $6.4 -$59 2.9 Dec-93 1.6 $6.75 $88
MEDICINES COMPANY $23.33 72% -24% $1,153 $156 $0 $997 $5.2 na na Sep-00 1.5 $16.00 $506
MYOGEN $6.99 72% -10% $250 $89 $2 $163 $2.9 -$52 1.7 Oct-03 0.5 $14.00 $358
NITROMED $19.45 69% 221% $589 $118 $0 $471 $11.5 -$43 2.7 Nov-03 1.8 $11.00 $264
NUVELO $7.73 69% -20% $325 $97 $15 $243 $3.9 -$52 1.9 Sep-97 0.6 $14.00 $175
QUESTCOR PHARMACEUTICALS $0.64 75% -25% $34 $9 $6 $31 $0.6 na na na na na na
Cardiovascular Average   68% 15% $482 $136   $407 $4.1 -$78 2.1   1.3    
Cardiovascular Median   72% -15% $457 $107   $357 $3.4 -$52 1.9   1.5    
                             
Company
6/30/05 Close
% of 52wk High
% change since 6/30/04
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 $4.95 49% -50% $129 $58 $3 $74 $0.1 -$19 3.1 Dec-95 0.3 $16.00 $158
ALBANY MOLECULAR RESEARCH $14.00 96% 8% $452 $148 $52 $356 $0.4 na na Feb-99 1.4 $10.00 $280
ARGONAUT TECHNOLOGIES $0.99 74% -26% $21 $7 $0 $13 $0.1 -$14 0.5 Jul-00 0.1 $15.00 $253
ARQULE $6.48 94% 23% $226 $79 $0 $147 $0.6 na na Oct-96 0.5 $12.00 $114
ARRAY BIOPHARMA  $6.30 63% -21% $242 $87 $0 $155 $0.6 -$20 4.4 Nov-01 0.8 $7.50 $168
BIOCRYST PHARMACEUTICALS $5.08 67% -26% $133 $37 $0 $96 $2.1 -$21 1.8 Mar-94 0.8 $6.50 $47
DISCOVERY PARTNERS INTL $2.86 48% -44% $75 $87 $0 ($12) ($0.1) na na Jul-00 0.2 $18.00 $428
KOSAN BIOSCIENCES $5.28 65% -33% $154 $57 $4 $102 $0.8 -$28 2.1 Oct-00 0.4 $14.00 $341
SYMYX TECHNOLOGIES $27.98 87% 16% $912 $152 $0 $760 $3.2 na na Nov-99 2.0 $14.00 $398
VERTEX PHARMACEUTICALS $16.85 99% 55% $1,370 $296 $335 $1,408 $2.0 -$171 1.7 Jul-91 3.7 $4.50 $85
Chemistry Average   74% -10% $371 $101   $310 $1.0 -$45 2.3   1.0    
Chemistry Median   71% -23% $190 $83   $124 $0.6 -$20 1.9   0.7    
                             
Company
6/30/05 Close
% of 52wk High
% change since 6/30/04
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 $8.40 88% 35% $196 $43 $2 $155 $1.5 -$29 1.5 May-04 1.2 $7.00 $163
ADOLOR CORP. $9.25 55% -27% $362 $138 $0 $223 $1.8 -$46 3.0 Nov-00 0.6 $15.00 $407
CEPHALON $39.80 72% -26% $2,310 $912 $1,288 $2,687 $1.6 na na Apr-91 2.2 $18.00 $155
CORCEPT THERAPEUTICS $5.76 64% -25% $131 $29 $0 $102 $14.5 -$16 1.8 Apr-04 0.5 $12.00 $272
DOV PHARMACEUTICAL $18.66 94% 34% $425 $101 $80 $403 $11.2 -$48 2.1 Apr-02 1.4 $13.00 $188
GUILFORD PHARMACEUTICALS  $2.27 39% -52% $106 $66 $73 $113 $0.4 -$136 0.5 Jun-94 0.4 $5.33 $30
INDEVUS PHARMACEUTICALS $2.56 32% -58% $120 $99 $72 $93 $3.4 -$84 1.2 Mar-90 1.3 $2.00 $31
MEMORY PHARMACEUTICALS $1.85 19% -80% $38 $25 $4 $17 $0.2 -$27 0.9 Apr-04 0.3 $7.00 $146
NEUROBIOLOGICAL TECHNOLOGIES $3.02 60% -19% $82 $2 $0 $80 $7.2 -$11 0.2 Feb-94 0.4 $8.00 $30
NEUROCRINE BIOSCIENCES $42.06 77% -19% $1,541 $256 $65 $1,349 $4.3 -$82 3.1 May-96 4.0 $10.50 $172
NEW RIVER PHARMACEUTICALS $30.02 89% na $537 $66 $0 $471 $21.4 -$5 13.8 Aug-04 3.8 $8.00 $142
NYMOX PHARMACEUTICAL CORP. $2.45 64% -35% $63 ($1) $1 $64 $3.0 -$3 (0.2) na na na na
PAIN THERAPEUTICS $6.75 80% -16% $295 ($9) $0 $304 $10.1 -$37 (0.2) Jul-00 0.6 $12.00 $319
PHARMOS CORP. $2.45 12% -88% $47 $51 $0 ($4) ($0.1) -$19 2.6 Jul-83 0.0 $100.00 $16
RENOVIS $15.27 79% 67% $377 $69 $4 $313 $4.3 -$42 1.6 Feb-04 1.3 $12.00 $297
TITAN PHARMACEUTICALS $1.83 54% -32% $59 $24 $0 $35 $0.6 -$31 0.8 Jan-96 0.4 $5.00 $66
CNS Average   61% -23% $418 $117   $400 $5.4 -$41 2.2   1.2    
CNS Median   64% -26% $163 $58   $134 $3.2 -$31 1.5   0.6    
                             
Company
6/30/05 Close
% of 52wk High
% change since 6/30/04
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)
ABGENIX $8.58 73% -27% $770 $368 $464 $865 $2.1 -$172 2.1 Jul-98 4.3 $2.00 $86
ACUSPHERE $4.77 57% -25% $85 $76 $12 $21 $0.4 -$25 3.0 Oct-03 0.3 $14.00 $200
AEROGEN $0.40 12% -87% $3 $12 $0 ($9) ($0.1) -$9 1.4 Nov-00 0.0 $12.00 $233
ALKERMES $13.22 85% -3% $1,195 $196 $278 $1,277 $2.9 -$36 5.5 Jul-91 2.6 $5.00 $70
ANDRX CORP. $20.31 72% -27% $1,486 $348 $0 $1,138 $0.5 na na Jun-96 6.8 $3.00 $155
ARADIGM CORP. $1.06 49% 18% $77 $48 $0 $29 $0.1 -$27 1.8 Jun-96 0.1 $11.00 $114
BIODELIVERY SCIENCES INTL $3.01 70% 0% $22 $2 $2 $22 $1.2 na na na na na na
DEPOMED $4.37 74% -12% $174 $26 $11 $158 $2.1 -$27 1.0 Nov-97 0.7 $6.10 $33
DOR BIOPHARMA  $0.32 40% -42% $16 $3 $0 $13 $3.3 -$6 0.6 na na na na
DURECT CORP. $5.09 97% 47% $264 $33 $61 $293 $2.7 -$28 1.2 Sep-00 0.4 $12.00 $557
EMISPHERE TECHNOLOGIES $4.02 67% -2% $94 $19 $24 $98 $0.8 -$35 0.5 Feb-89 0.8 $5.00 $15
ENZON PHARMACEUTICALS $6.48 39% -49% $284 $161 $400 $523 $1.6 -$2 80.5 Feb-84 4.3 $1.50 $12
FLAMEL TECHNOLOGIES SA $18.11 67% -26% $394 $105 $2 $290 $1.9 na na na na na na
GENEREX BIOTECHNOLOGY CORP. $0.63 40% -57% $25 ($6) $5 $35 $1.4 -$27 (0.2) na na na na
INOVIO BIOMEDICALCORP $3.11 60% -40% $59 $5 $0 $54 $2.7 -$28 0.2 na na na na
KOS PHARMACEUTICALS $65.50 95% 99% $2,647 $334 $19 $2,332 $2.6 na na Mar-97 4.4 $15.00 $233
MACROCHEM CORP. $0.24 16% -83% $10 $3 $0 $7 $0.4 -$8 0.4 Feb-85 0.1 $3.00 $13
MEDICIS PHARMACEUTICAL CORP. $31.73 77% -21% $1,722 $593 $481 $1,610 $5.2 na na na na na na
NASTECH PHARMACEUTICAL  $14.23 86% 40% $256 $52 $3 $207 $2.5 -$24 2.2 na na na na
NEKTAR THERAPEUTICS $16.83 82% -16% $1,430 $393 $196 $1,234 $1.8 -$77 5.1 May-94 4.5 $3.75 $65
NOVAVAX $1.32 23% -76% $53 $0 $37 $89 $0.8 -$41 0.0 na na na na
NOVEN PHARMACEUTICALS $17.48 71% -21% $412 $94 $0 $319 $1.0 na na May-88 31.8 $0.55 $5
SEPRACOR  $60.01 90% 13% $6,287 $653 $1,165 $6,799 $6.9 -$135 4.8 Sep-91 12.0 $5.00 $168
Delivery Average   63% -17% $772 $153   $757 $2.0 -$42 6.5   4.9    
Delivery Median   70% -21% $256 $52   $207 $1.8 -$27 1.4   2.6    
                             
Company
6/30/05 Close
% of 52wk High
% change since 6/30/04
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 MAGNETICS $11.16 46% -26% $90 $11 $0 $79 $3.6 -$10 1.1 na na na na
BIOSITE $54.99 81% 22% $929 $109 $22 $841 $1.0 na na Feb-97 4.6 $12.00 $149
CHOLESTECH CORP. $11.27 82% 38% $165 $28 $0 $137 $0.7 na na Jun-92 2.3 $5.00 $32
DIAGNOSTIC PRODUCTS CORP. $47.33 84% 30% $1,387 $92 $3 $1,299 $0.6 na na Jun-82 11.8 $4.00 $43
DIGENE CORP. $27.68 76% 189% $554 $46 $1 $509 $1.7 na na May-96 2.4 $11.50 $128
ENZO BIOCHEM $17.93 87% 20% $576 $83 $0 $493 $2.3 na na Jun-80 20.6 $0.87 $8
EPIX PHARMACEUTICALS $8.85 39% -58% $206 $154 $115 $167 $1.9 -$20 7.6 Feb-97 1.3 $7.00 $59
EXACT SCIENCES CORP. $2.28 37% -63% $60 $42 $0 $18 $0.2 -$18 2.3 Jan-01 0.2 $14.00 $261
GEN-PROBE $36.23 68% -23% $1,831 $241 $0 $1,590 $2.2 na na Sep-87 5.2 $7.00 $103
IDEXX LABORATORIES $62.33 97% -1% $2,031 $132 $1 $1,900 $0.8 na na Jun-91 16.6 $3.75 $76
IMMUCOR $28.95 80% 100% $1,315 $24 $9 $1,300 $3.5 na na na na na na
IMMUNICON $5.08 48% -35% $118 $40 $6 $84 $0.8 -$33 1.2 Apr-04 0.6 $8.00 $186
LUMINEX CORP. $9.84 96% -2% $308 $29 $0 $279 $2.1 -$5 6.0 Mar-00 0.6 $17.00 $450
MARTEK BIOSCIENCES CORP. $37.96 54% -32% $1,202 $63 $70 $1,209 $3.1 na na Nov-93 5.4 $7.00 $54
MATRITECH $0.70 48% -46% $31 $6 $1 $26 $0.4 -$10 0.6 Jul-92 0.1 $5.00 $22
MERIDIAN BIOSCIENCE  $18.95 88% 71% $298 $6 $15 $308 $1.3 na na na na na na
ORASURE TECHNOLOGIES $9.98 99% 3% $446 $68 $2 $380 $2.2 -$1 84.8 na na na na
QUIDEL CORP. $5.18 75% -12% $166 $46 $10 $129 $0.5 -$2 19.0 Aug-81 0.5 $10.00 $19
SONUS PHARMACEUTICALS $3.51 74% -26% $75 $12 $0 $63 $1.5 -$14 0.8 Oct-95 0.5 $7.00 $60
STRATAGENE $8.69 83% 3% $192 $9 $6 $189 $1.3 na na na na na na
TRINITY BIOTECH PLC $6.50 48% 93% $361 $26 $23 $358 $0.6 na na na na na na
XENOGEN $3.75 46% na $56 $12 $7 $51 $0.4 -$22 0.6 Jul-04 0.5 $7.00 $103
Diagnostic/imag. Average   70% 12% $564 $58   $519 $1.5 -$14 12.4   4.6    
Diagnostic/imag. Median   75% -1% $303 $41   $294 $1.3 -$12 1.7   1.8    
                             
Company
6/30/05 Close
% of 52wk High
% change since 6/30/04
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 $3.12 72% 247% $318 $33 $0 $284 $6.5 -$10 3.3 Feb-97 0.4 $7.00 $88
AVIGEN $3.08 76% -9% $63 $57 $8 $14 $0.1 -$23 2.5 May-96 0.4 $8.00 $58
CELL GENESYS $5.35 51% -49% $243 $165 $197 $274 $1.0 -$106 1.6 Jan-93 0.5 $11.00 $120
CORAUTUS GENETICS  $4.16 59% -28% $62 $20 $12 $54 $1.8 -$7 2.8 na na na na
GENVEC $1.84 59% -40% $102 $23 $4 $84 $1.0 -$19 1.2 Dec-00 0.2 $9.50 $186
INTROGEN THERAPEUTICS $6.44 66% 51% $199 $26 $9 $181 $2.5 -$28 0.9 Oct-00 0.8 $8.00 $167
SIRNA THERAPEUTICS $1.75 45% -40% $73 $16 $0 $57 $0.8 -$36 0.5 Apr-96 0.2 $10.00 $59
STEMCELLS $4.21 62% 175% $263 $34 $2 $231 $8.3 -$17 2.0 Mar-92 0.4 $11.00 $82
TARGETED GENETICS CORP. $0.81 41% -49% $69 $29 $11 $52 $0.6 -$9 3.2 May-94 0.1 $6.00 $54
TRANSGENE SA $2.68 65% -11% $81 $15 $3 $69 $0.4 -$25 0.6 Mar-98 0.1 $43.50 $212
TRANSKARYOTIC THERAPIES $36.58 99% 145% $1,281 $131 $94 $1,244 $3.9 -$51 2.6 Oct-96 2.4 $15.00 $234
VALENTIS $2.83 27% -59% $37 $10 $0 $28 $1.4 -$10 1.0 Sep-97 0.2 $12.00 $161
VICAL $4.88 81% -16% $115 $58 $10 $67 $0.4 -$18 3.2 Mar-93 1.0 $5.00 $52
Gene Therapy Average   62% 24% $224 $47   $203 $2.2 -$28 2.0   0.6    
Gene Therapy Median   62% -16% $102 $29   $69 $1.0 -$23 2.0   0.4    
                             
Company
6/30/05 Close
% of 52wk High
% change since 6/30/04
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)
ADVANCIS $1.72 19% -74% $51 $17 $2 $36 $0.4 -$23 0.8 Oct-03 0.2 $10.00 $224
ANADYS PHARMACEUTICALS $9.16 95% 29% $205 $21 $2 $186 $2.3 -$30 0.7 Mar-04 1.3 $7.00 $157
AVANT IMMUNOTHERAPEUTICS $1.17 42% -56% $87 $24 $0 $62 $1.1 -$15 1.6 May-86 0.3 $4.00 $38
CUBIST PHARMACEUTICALS $13.17 97% 19% $701 $88 $165 $778 $2.7 -$71 1.2 Oct-96 2.2 $6.00 $55
DYNAVAX TECHNOLOGIES $4.80 55% -28% $119 $55 $0 $64 $1.5 -$21 2.6 Feb-04 0.6 $7.50 $186
EPIMMUNE  $0.72 36% -58% $12 $5 $0 $6 $0.2 -$4 1.4 Nov-91 0.0 $91.00 $167
GENELABS TECHNOLOGIES $0.50 17% -78% $44 $21 $0 $24 $0.3 -$6 3.4 Jun-91 0.1 $9.13 $160
IDENIX PHARMACEUTICALS $21.68 92% na $1,044 $107 $3 $939 $6.6 -$56 1.9 Jul-04 1.5 $14.00 $684
IMMUNE RESPONSE CORP. $0.65 37% -47% $32 $1 $7 $38 $0.8 -$17 0.1 May-90 0.0 $28.00 $77
INHIBITEX $7.56 59% 5% $190 $73 $3 $120 $2.0 -$24 3.0 Jun-04 1.1 $7.00 $176
INTERMUNE $13.04 85% -15% $425 $154 $170 $441 $1.7 -$87 1.8 Mar-00 0.7 $20.00 $433
NABI BIOPHARMACEUTICALS $15.23 97% 7% $896 $67 $15 $843 $1.2 -$68 1.0 na na na na
SIGA TECHNOLOGIES $1.08 60% -23% $26 ($1) $0 $27 $1.6 -$7 (0.1) Sep-97 0.2 $5.00 $32
TRIMERIS $9.98 62% -31% $219 $44 $0 $175 $1.8 -$23 1.9 Oct-97 0.8 $12.00 $120
VAXGEN $10.85 54% -23% $272 $10 $2 na na na na Jul-99 0.8 $13.00 $146
VICURON PHARMACEUTICALS $27.90 99% 122% $1,698 $125 $11 $1,584 $42.8 -$62 2.0 Sep-00 2.5 $11.00 $249
VION PHARMACEUTICALS $2.17 42% -48% $143 $64 $0 $79 $2.7 -$16 4.1 Aug-95 0.5 $4.00 $32
VIROLOGIC $2.48 84% 1% $302 $75 $1 $227 $1.2 -$6 11.8 May-00 0.4 $7.00 $137
VIROPHARMA $6.95 94% 288% $196 $54 $180 $321 $3.6 -$13 4.1 Nov-96 1.0 $7.00 $65
XOMA LTD $1.68 36% -63% $145 $44 $60 $162 $0.7 -$80 0.5 Jun-86 0.1 $16.00 $140
Infection Average   63% -4% $340 $53   $322 $4.0 -$33 2.3   0.8    
Infection Median   60% -23% $193 $49   $162 $1.6 -$23 1.8   0.6    
                             
Company
6/30/05 Close
% of 52wk High
% change since 6/30/04
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 $20.93 84% -8% $2,182 $406 $375 $2,151 $9.6 -$186 2.2 Jan-92 1.5 $14.00 $240
BIOMARIN PHARMACEUTICAL  $7.48 96% 25% $484 ($33) $149 $665 $2.4 -$330 (0.1) Aug-99 0.6 $13.00 $449
INSMED $0.98 40% -56% $44 $29 $21 $37 $1.8 -$30 0.9 na na na na
KERYX BIOPHARMACEUTICALS $13.20 84% 4% $416 $35 $0 $381 $15.9 -$13 2.7 Jul-00 1.3 $10.00 $194
MANNKIND $10.05 41% na $329 $50 $0 $280 $1.3 -$85 0.6 Jul-04 0.7 $14.00 $446
METABASIS THERAPEUTICS $3.15 39% -55% $57 $34 $2 $25 $0.3 -$20 1.7 Jun-04 0.5 $7.00 $127
NPS PHARMACEUTICALS $11.35 48% -46% $440 $245 $367 $562 $2.1 -$208 1.2 May-94 2.1 $5.50 $40
SAVIENT PHARMACEUTICALS $4.41 98% 78% $268 $105 $4 $167 $0.4 na na Sep-83 0.3 $13.00 $68
TERCICA $8.69 77% 6% $274 $82 $0 $192 $4.7 -$43 1.9 Mar-04 1.0 $9.00 $284
VIVUS $3.69 58% 1% $164 $48 $4 $120 $1.0 -$4 13.2 Apr-94 0.5 $7.00 $164
ZONAGEN $3.83 64% 50% $39 $22 $0 $17 $4.2 -$6 3.9 Mar-93 0.7 $5.50 $19
Metabolic Average   66% 0% $427 $93   $418 $4.0 -$92 2.8   0.9    
Metabolic Median   64% 3% $274 $48   $192 $2.1 -$37 1.8   0.7    
                             
Company
6/30/05 Close
% of 52wk High
% change since 6/30/04
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 $7.30 66% -3% $153 $34 $8 $127 $2.1 -$23 1.5 May-04 1.2 $6.00 $126
AUXILIUM PHARMACEUTICALS $4.77 47% na $99 $35 $1 $64 $0.5 -$28 1.3 Jul-04 0.6 $7.50 $160
BARRIER THERAPEUTICS $7.93 35% -43% $190 $99 $1 $92 $2.2 -$53 1.9 Apr-04 0.5 $15.00 $360
CRITICAL THERAPEUTICS $7.02 83% 0% $169 $58 $2 $113 $1.1 -$45 1.3 May-04 1.0 $7.00 $169
EYETECH PHARMACEUTICALS $12.64 26% -71% $546 $244 $2 $305 $1.9 -$119 2.0 Jan-04 0.6 $21.00 $907
MOMENTA PHARMACEUTICALS $19.77 89% 123% $504 $47 $2 $458 $12.7 -$17 2.8 Jun-04 3.0 $6.50 $166
SANTARUS $4.10 27% -72% $149 $76 $0 $73 $1.0 -$85 0.9 Mar-04 0.5 $9.00 $328
Other Average   54% -11% $259 $85   $176 $3.1 -$53 1.7   1.1    
Other Median   47% -23% $169 $58   $113 $1.9 -$45 1.5   0.6    
                             
Company
6/30/05 Close
% of 52wk High
% change since 6/30/04
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 $60.46 93% 11% $74,970 $4,908 $3,942 $74,004 $5.7 na na Jun-83 172.7 $0.35 $175
BIOGEN IDEC $34.45 49% -46% $11,873 $1,334 $846 $11,384 $3.1 na na Sep-91 13.8 $2.50 $131
CHIRON CORP. $34.89 73% -22% $6,540 $797 $1,096 $6,840 $1.3 na na Aug-83 11.6 $3.00 $98
GENENTECH $80.28 95% 43% $85,097 $2,117 $456 $83,436 $13.4 na na Oct-80 55.4 $1.45 $246
GENZYME CORP. $60.09 92% 27% $15,160 $726 $840 $15,274 $2.7 na na Jun-86 24.0 $2.50 $70
GILEAD SCIENCES $43.99 95% 31% $19,875 $1,549 $1 $18,326 $12.9 na na Jan-92 11.7 $3.75 $210
MEDIMMUNE $26.72 93% 14% $6,620 $635 $506 $6,491 $3.9 na na May-91 17.4 $1.54 $114
Revenue-driven Average   84% 8% $31,448 $1,724   $30,822 $6.1 na na   43.8    
Revenue-driven Median   93% 14% $15,160 $1,334   $15,274 $3.9 na na   17.4    
                             
Company
6/30/05 Close
% of 52wk High
% change since 6/30/04
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)
DIVERSA CORP. $5.21 51% -49% $229 $83 $17 $163 $0.5 -$24 3.4 Feb-00 0.2 $24.00 $840
DYAX CORP. $4.71 39% -60% $149 $43 $13 $119 $1.1 -$38 1.1 Aug-00 0.3 $15.00 $295
ISIS PHARMACEUTICALS $3.91 59% -32% $225 $34 $253 $444 $1.0 -$230 0.1 May-91 0.4 $10.00 $104
LIGAND PHARMACEUTICALS $6.96 43% -60% $515 $77 $174 $612 $1.3 -$27 2.8 Nov-92 0.8 $8.27 $131
NEUROGEN CORP. $6.82 65% -9% $235 $140 $13 $108 $0.7 -$12 12.1 Oct-89 1.1 $6.00 $35
REGENERON PHARMACEUTICALS $8.39 78% -20% $471 $356 $200 $314 $4.9 na na Apr-91 0.4 $22.00 $330
SENOMYX $16.51 98% 164% $420 $32 $0 $388 $5.3 -$24 1.3 Jun-04 2.8 $6.00 $153
Screening Average   62% -9% $321 $109   $307 $2.1 -$59 3.5   0.9    
Screening Median   59% -32% $235 $77   $314 $1.1 -$26 2.1   0.4    
                             
Company
6/30/05 Close
% of 52wk High
% change since 6/30/04
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 $4.50 61% 1% $48 $3 $4 $49 $0.2 na na na na na na
CELLEGY PHARMACEUTICALS $1.63 30% -58% $43 $2 $5 $46 $2.3 -$12 0.2 Aug-95 0.3 $6.25 $24
CURATIVE HEALTH SERVICES $2.28 25% -74% $30 $5 $6 $31 $0.1 -$28 0.2 Jun-91 0.3 $7.50 $74
LIFECELL CORP. $15.81 96% 41% $463 $33 $0 $430 $2.5 na na Feb-92 2.0 $7.75 $27
LIFECORE BIOMEDICAL $10.91 58% 78% $142 $16 $0 $127 $0.6 na na na na na na
Wound Average   54% -2% $145 $12   $136 $1.1 -$20 0.2   0.9    
Wound Median   58% 1% $48 $5   $49 $0.6 -$20 0.2   0.3    
                           
Overall Average   62% -11% $1,387 $152   $1,338 $2.7 -$49 3.3   3.0    
Overall Median   64% -20% $243 $58   $190 $1.6 -$28 1.8   0.7    



originally published 07/08/2005


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