Signals Magazine: Signals vs Noise - March 2006 Stock Report 04/19/2006

March 2006 Stock Report

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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	$10.87	70%	18%	$1,427	$188	$513	$1,752	$2.0	-$278	0.7	Dec-93	3.6	$3.00	$176
INCYTE CORP.	$6.02	66%	-12%	$504	$353	$342	$493	$2.8	-$110	3.2	Nov-93	3.2	$1.88	$47
MILLENNIUM PHARMACEUTICALS	$10.09	90%	20%	$3,149	$661	$144	$2,632	$2.3	-$176	3.8	May-96	3.4	$3.00	$273
MYRIAD GENETICS	$26.09	93%	42%	$1,021	$242	$0	$779	$1.2	-$32	7.6	Oct-95	2.9	$9.00	$163
OSCIENT PHARMACEUTICALS	$2.00	66%	-15%	$155	$78	$175	$252	$0.8	-$68	1.1	Feb-82	0.2	$11.00	$90
1st Generation Genomics Average		77%	11%	$1,251	$304		$1,182	$1.8	-$133	3.3		2.7
1st Generation Genomics Mean		70%	18%	$1,021	$242		$779	$2.0	-$110	3.2		3.2

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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	$32.93	55%	-23%	$2,219	$320	$120	$2,020	$1.8	na	na	Jun-96	4.4	$7.50	$287
CALIPER LIFE SCIENCES	$6.40	85%	-1%	$217	$34	$0	$183	$0.4	-$6	5.7	Dec-99	0.4	$16.00	$333
CEPHEID	$9.16	82%	-5%	$392	$124	$8	$277	$1.0	-$13	9.7	Jun-00	1.5	$6.00	$158
CIPHERGEN BIOSYSTEMS	$1.59	59%	-43%	$57	$30	$32	$60	$0.4	-$37	0.8	Sep-00	0.1	$16.00	$417
COMBIMATRIX CORP.	$2.60	85%	17%	$101	$25	$0	$77	$1.1	-$16	1.6	na	na	na	na
COMPUGEN LTD	$3.85	74%	-4%	$107	$32	$0	$75	$0.6	-$13	2.4	Sep-00	0.4	$10.00	na
ILLUMINA	$23.75	85%	194%	$980	$52	$0	$929	$2.5	na	na	Jul-00	1.5	$16.00	$515
NANOGEN	$3.02	63%	-13%	$170	$34	$1	$138	$0.6	-$279	0.1	Apr-98	0.3	$11.00	$197
ORCHID CELLMARK	$5.74	49%	-51%	$141	$27	$0	$114	$0.3	-$15	1.8	May-00	0.7	$8.00	$263
SEQUENOM	$0.77	62%	-28%	$31	$18	$5	$18	$0.1	-$28	0.6	Feb-00	0.0	$26.00	$609
TRANSGENOMIC	$0.80	64%	40%	$39	$4	$9	$44	$0.2	-$45	0.1	Jul-00	0.1	$15.00	$317
Genomic Supply Average		69%	8%	$405	$64		$358	$0.8	-$50	2.5		0.9
Genomic Supply Median		69%	-5%	$124	$31		$95	$0.6	-$15	1.3		0.4

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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	$18.11	88%	259%	$838	$298	$0	$540	$1.7	-$76	3.9	Jul-00	1.0	$18.00	$394
CELERA GENOMICS GROUP	$11.69	87%	14%	$879	$626	$0	$253	$0.5	-$69	9.1	Feb-00	0.1	$225.00	na
CURAGEN CORP.	$5.01	76%	20%	$279	$250	$176	$205	$0.5	-$64	3.9	Mar-98	0.9	$5.75	$143
DECODE GENETICS	$8.67	81%	52%	$476	$159	$159	$475	$1.0	-$84	1.9	Jul-00	0.5	$18.00	$818
EXELIXIS	$12.01	98%	77%	$1,006	$253	$149	$902	$1.6	-$98	2.6	Apr-00	0.9	$13.00	$520
GENE LOGIC	$4.59	78%	46%	$146	$86	$1	$61	$0.1	-$8	10.2	Nov-97	0.6	$8.00	$109
ICORIA INC.	$0.25	100%	-27%	$10	$0	$0	$10	na	na	na	May-00	0.0	$7.00	$177
LEXICON GENETICS	$5.54	85%	8%	$358	$103	$37	$291	$0.4	na	na	Apr-00	0.3	$22.00	$1,037
MAXYGEN	$8.28	90%	-3%	$297	$158	$0	$139	$1.0	-$24	6.7	Dec-99	0.5	$16.00	$465
RIGEL PHARMACEUTICALS	$11.49	46%	-28%	$285	$227	$2	$61	$0.4	-$36	6.4	Nov-00	1.6	$7.00	$230
SANGAMO BIOSCIENCES	$5.95	88%	49%	$182	$47	$0	$135	$2.2	-$11	4.4	Apr-00	0.4	$15.00	$312
ZYMOGENETICS	$21.62	86%	42%	$1,434	$505	$67	$996	$2.1	-$60	8.4	Feb-01	1.8	$12.00	$547
Genomic Targets Average		84%	42%	$516	$226		$339	$1.0	-$53	5.7		0.7
Genomic Targets Median		87%	42%	$297	$159		$205	$1.0	-$60	4.4		0.6

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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	$35.42	89%	63%	$1,110	$218	$150	$1,043	$4.3	-$232	0.9	Feb-96	4.3	$8.25	$62
ATHEROGENICS	$16.32	75%	25%	$642	$185	$300	$757	$6.7	-$75	2.5	Aug-00	2.0	$8.00	$184
CONNETICS CORP.	$16.93	57%	-33%	$568	$294	$290	$564	$1.4	na	na	Feb-96	1.5	$11.00	$81
CORTECH	$2.72	72%	-8%	$10	$11	$0	($2)	($1.6)	na	na	Nov-92	0.1	$40.00	$116
CYPRESS BIOSCIENCE	$6.30	43%	-31%	$202	$110	$0	$92	$6.1	-$7	15.3	Dec-83	0.1	$80.00	$33
ICOS CORP.	$22.05	72%	-2%	$1,435	$129	$279	$1,585	$2.3	na	na	Jun-91	2.8	$8.00	$172
LA JOLLA PHARMACEUTICAL	$4.98	88%	42%	$73	$73	$1	$1	$0.0	-$24	3.0	Jun-94	0.2	$25.00	$43
PDL BIOPHARMA	$32.80	98%	105%	$3,745	$313	$508	$3,941	$4.0	-$160	2.0	Jan-92	4.4	$7.50	$191
TANOX	$19.42	92%	102%	$872	$155	$0	$717	$3.9	na	na	Apr-00	0.7	$28.50	$1,193
Autoimmune Average		76%	29%	$962	$165		$967	$3.0	-$100	4.7		1.8
Autoimmune Median		82%	33%	$605	$142		$641	$3.1	-$49	2.2		1.3

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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	$3.51	98%	70%	$193	$56	$0	$137	$2.6	-$21	2.7	Mar-00	0.2	$18.00	$604
ANTIGENICS	$2.74	37%	-59%	$125	$67	$4	$62	$0.4	-$71	0.9	Feb-00	0.2	$18.00	$429
ARIAD PHARMACEUTICALS	$6.58	75%	18%	$407	$82	$8	$333	$3.1	-$58	1.4	May-94	0.8	$8.00	$124
AVALON PHARMACEUTICALS	$5.05	55%	na	$51	$22	$11	$40	$0.9	-$12	1.8	Sep-05	0.5	$10.50	$88
AVI BIOPHARMA	$7.59	83%	204%	$398	$48	$0	$350	$2.8	-$18	2.6	Jun-97	0.8	$9.00	$103
BIOMIRA	$1.36	60%	-27%	$107	$19	$0	$89	$0.9	-$15	1.2	Jun-87	0.3	$4.40	$43
BOSTON LIFE SCIENCES	$3.09	80%	24%	$51	$13	$0	$38	$2.5	-$14	0.9	na	na	na	na
CANCERVAX	$2.83	44%	-57%	$79	$52	$18	$45	$0.9	-$63	0.8	Oct-03	0.2	$12.00	$308
CELGENE CORP.	$44.22	100%	160%	$15,255	$875	$400	$14,780	$15.7	na	na	Jul-87	24.2	$1.83	$55
CELL THERAPEUTICS	$1.91	47%	-47%	$193	$105	$234	$323	$1.5	-$75	1.4	Mar-97	0.2	$10.00	$166
CYTOGEN CORP.	$3.62	60%	-37%	$81	$32	$0	$50	$0.6	-$19	1.6	Jun-86	0.3	$13.00	$148
CYTOKINETICS	$7.29	75%	11%	$259	$78	$5	$186	$1.2	-$44	1.8	Apr-04	0.6	$13.00	$462
DENDREON CORP.	$4.71	64%	-14%	$335	$190	$5	$150	$0.7	-$99	1.9	Jun-00	0.5	$10.00	$210
DUSA PHARMACEUTICALS	$7.06	60%	-19%	$120	$37	$0	$83	$1.3	-$9	4.2	Jan-92	1.2	$6.00	$30
ENTREMED	$2.61	76%	24%	$167	$30	$0	$137	$3.5	-$9	3.5	Jun-96	0.2	$15.00	$182
EXEGENICS	$0.41	85%	-9%	na	na	na	na	na	na	na	na	na	na	na
FAVRILLE	$6.68	89%	31%	$136	$35	$7	$107	$0.8	-$38	0.9	Feb-05	1.0	$7.00	$139
GENAERA CORP.	$1.40	50%	-39%	$96	$33	$0	$63	$1.4	-$31	1.1	Dec-91	0.2	$9.00	$62
GENITOPE	$8.70	61%	-30%	$247	$148	$0	$99	$0.8	-$34	4.4	Oct-03	1.0	$9.00	$145
GENTA	$2.16	62%	91%	$247	$23	$1	$225	$3.8	-$41	0.6	Dec-91	0.0	$100.00	$123
GERON CORP.	$8.31	68%	36%	$541	$247	$0	$294	$3.3	-$36	6.9	Jul-96	1.0	$8.00	$77
GTX	$10.92	83%	20%	$338	$76	$0	$263	$3.1	-$31	2.4	Feb-04	0.8	$14.50	$449
IMCLONE SYSTEMS	$34.02	87%	-1%	$2,847	$802	$602	$2,647	$3.1	na	na	Nov-91	4.9	$7.00	$107
IMMUNOGEN	$4.34	58%	-17%	$179	$86	$0	$93	$0.5	-$14	6.1	Nov-89	0.4	$10.00	$60
IMMUNOMEDICS	$2.95	84%	21%	$164	$17	$37	$183	$1.6	-$35	0.5	Oct-83	2.4	$1.25	$25
MEDAREX	$13.22	82%	85%	$1,480	$383	$150	$1,247	$2.7	-$181	2.1	Jun-91	4.4	$3.00	$31
NEOPHARM	$8.36	54%	8%	$232	$66	$0	$166	$1.7	-$39	1.7	Jan-96	2.6	$3.18	$28
NEORX CORP.	$1.32	80%	33%	$45	$5	$4	$44	$2.3	-$16	0.3	Aug-88	0.0	$28.00	$102
ONYX PHARMACEUTICALS	$26.26	77%	-16%	$1,086	$279	$0	$807	$8.1	-$154	1.8	May-96	2.2	$12.00	$105
OSI PHARMACEUTICALS	$32.10	64%	-22%	$1,656	$569	$150	$1,237	$2.7	-$320	1.8	Apr-86	5.4	$6.00	$53
OXIGENE	$4.69	81%	15%	$131	$83	$0	$48	$1.9	-$14	6.1	Oct-93	0.8	$6.00	$28
PHARMION	$18.02	60%	-38%	$575	$265	$0	$310	$0.9	-$66	4.0	Nov-03	1.3	$14.00	$358
PRAECIS PHARMACEUTICALS	$5.33	83%	408%	$56	$63	$9	$1	$0.0	-$5	12.2	Apr-00	0.5	$10.00	$400
PROGENICS PHARMACEUTICALS	$26.49	86%	58%	$674	$228	$0	$446	$3.0	-$130	1.8	Nov-97	3.3	$8.00	$70
QLT	$7.69	60%	-40%	$701	$489	$172	$384	$0.8	na	na	Sep-86	7.1	$1.08	$22
SCICLONE PHARMACEUTICALS	$3.57	44%	26%	$164	$44	$2	$121	$0.7	-$6	6.9	Mar-92	0.5	$7.45	$63
SEATTLE GENETICS	$5.16	79%	0%	$219	$43	$0	$176	$1.3	-$29	1.5	Mar-01	0.7	$7.00	$207
SGX PHARMACEUTICALS	$9.52	84%	na	$135	$9	$11	$137	$1.2	-$31	0.3	Jan-06	1.6	$6.00	$80
SPECTRUM PHARMACEUTICALS	$4.69	73%	-21%	$111	$64	$0	$47	$1.4	-$14	4.5	na	na	na	na
SUNESIS PHARMACEUTICALS	$7.03	95%	na	$205	$50	$2	$157	$1.2	-$21	2.4	Sep-05	1.0	$7.00	$146
SUPERGEN	$5.68	78%	17%	$294	$49	$0	$245	$3.0	-$14	3.4	Mar-96	0.9	$6.00	$21
TAPESTRY PHARMACEUTICALS	$3.56	51%	-42%	$122	$14	na	na	na	na	na	Apr-94	0.1	$50.00	$41
THRESHOLD PHARMACEUTICALS	$14.99	97%	150%	$461	$100	$0	$362	$5.5	-$61	1.6	Feb-05	2.1	$7.00	$204
VERNALIS	$2.73	78%	11%	$15	$98	$51	($32)	($0.3)	-$68	1.4	May-96	0.4	$7.20	$178
Cancer Average		72%	24%	$721	$141		$635	$2.3	-$50	2.7		1.9
Cancer Median		76%	11%	$193	$64		$150	$1.4	-$31	1.8		0.8

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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)
CARDIOVASCULAR BIOTHER.	$7.80	51%	-29%	$956	$0	$0	$956	na	na	na	Feb-05	0.8	$10.00	$1,184
CORGENTECH	$9.20	85%	-1%	$65	$90	$0	($26)	($0.2)	-$51	1.8	Feb-04	0.1	$64.00	$64
COTHERIX	$9.14	59%	38%	$219	$105	$0	$114	$1.3	-$16	6.6	Oct-04	1.5	$6.00	$116
CV THERAPEUTICS	$22.08	74%	8%	$994	$489	$400	$905	$1.4	-$296	1.6	Nov-96	2.8	$8.00	$48
ENCYSIVE PHARMACEUTICALS	$4.89	37%	-52%	$287	$130	$130	$287	$1.3	-$78	1.7	Dec-93	0.7	$6.75	$88
MEDICINES COMPANY	$20.57	82%	-9%	$1,024	$141	$0	$883	$3.2	-$20	6.9	Sep-00	1.3	$16.00	$506
MYOGEN	$36.19	86%	359%	$1,526	$289	$0	$1,237	$11.2	na	na	Oct-03	2.6	$14.00	$358
NITROMED	$8.40	34%	-51%	$256	$165	$17	$108	$2.4	-$126	1.3	Nov-03	0.8	$11.00	$264
NUVELO	$17.82	95%	174%	$921	$174	$12	$759	$7.4	-$86	2.0	Sep-97	1.3	$14.00	$175
QUESTCOR PHARMACEUTICALS	$1.58	89%	159%	$86	$27	$0	$59	$1.2	na	na	na	na	na	na
Cardiovascular Average		69%	60%	$633	$161		$528	$3.3	-$96	3.1		1.3
Cardiovascular Median		82%	8%	$287	$130		$287	$1.4	-$64	1.7		1.1

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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	$7.27	83%	23%	$190	$50	$4	$144	$0.3	-$9	5.4	Dec-95	0.5	$16.00	$158
ALBANY MOLECULAR RESEARCH	$10.16	59%	-1%	$329	$140	$23	$213	$0.3	-$4	38.8	Feb-99	1.0	$10.00	$280
ARGONAUT TECHNOLOGIES	$0.29	27%	-68%	$6	$10	$0	($4)	($0.0)	-$9	1.1	Jul-00	0.0	$15.00	$253
ARQULE	$5.74	68%	22%	$203	$143	$3	$63	$0.3	-$11	13.2	Oct-96	0.5	$12.00	$114
ARRAY BIOPHARMA	$9.14	93%	30%	$355	$79	$13	$288	$1.1	-$35	2.3	Nov-01	1.2	$7.50	$168
BIOCRYST PHARMACEUTICALS	$18.06	79%	292%	$523	$51	$0	$472	$9.1	-$29	1.8	Mar-94	2.8	$6.50	$47
DISCOVERY PARTNERS INTL	$2.43	69%	-24%	$64	$86	$0	($22)	($0.2)	-$32	2.7	Jul-00	0.1	$18.00	$428
KOSAN BIOSCIENCES	$5.89	60%	44%	$173	$55	$4	$121	$1.5	-$27	2.0	Oct-00	0.4	$14.00	$341
SYMYX TECHNOLOGIES	$27.74	89%	26%	$924	$171	$0	$752	$2.1	na	na	Nov-99	2.0	$14.00	$398
VERTEX PHARMACEUTICALS	$36.59	82%	291%	$4,015	$364	$180	$3,831	$4.8	-$152	2.4	Jul-91	8.1	$4.50	$85
Chemistry Average		71%	63%	$678	$115		$586	$1.9	-$34	7.7		1.7
Chemistry Median		79%	26%	$203	$79		$144	$1.0	-$19	2.3		1.0

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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	$15.98	89%	132%	$389	$60	$2	$331	$3.0	-$41	1.5	May-04	2.3	$7.00	$170
ACORDA THERAPEUTICS	$5.22	70%	na	$102	$18	$11	$95	$1.2	-$38	0.5	Feb-06	0.9	$6.00	$118
ADOLOR CORP.	$23.80	86%	140%	$1,073	$106	$0	$968	$5.5	-$63	1.7	Nov-00	1.6	$15.00	$407
CEPHALON	$60.25	73%	29%	$3,616	$712	$1,696	$4,601	$1.6	na	na	Apr-91	3.3	$18.00	$155
CORCEPT THERAPEUTICS	$5.23	75%	15%	$119	$30	$0	$89	$8.9	-$21	1.4	Apr-04	0.4	$12.00	$272
DOV PHARMACEUTICAL	$15.98	74%	17%	$372	$100	$80	$352	$3.2	-$68	1.5	Apr-02	1.2	$13.00	$188
INDEVUS PHARMACEUTICALS	$6.20	92%	123%	$292	$92	$72	$273	$1.9	-$48	1.9	Mar-90	3.1	$2.00	$31
MEMORY PHARMACEUTICALS	$2.77	59%	-37%	$103	$49	$3	$57	$0.9	-$14	3.4	Apr-04	0.4	$7.00	$261
NEUROBIOLOGICAL TECH.	$3.54	84%	6%	$104	$18	$0	$87	$3.8	-$32	0.6	Feb-94	0.4	$8.00	$30
NEUROCRINE BIOSCIENCES	$64.54	88%	70%	$2,401	$278	$59	$2,182	$3.9	-$96	2.9	May-96	6.1	$10.50	$172
NEW RIVER PHARMACEUTICALS	$33.21	95%	160%	$1,214	$54	$0	$1,160	$40.0	-$31	1.7	Aug-04	8.3	$4.00	$142
NYMOX PHARMACEUTICAL CORP.	$4.10	69%	107%	$109	$0	$1	$109	$6.0	-$4	0.1	na	na	na	na
PAIN THERAPEUTICS	$10.87	92%	114%	$478	$213	$0	$265	$7.1	-$12	17.2	Jul-00	0.9	$12.00	$319
PHARMOS CORP.	$2.45	61%	-22%	$47	$47	$0	$0	$0.0	-$12	3.9	Jul-83	0.1	$20.00	$16
RENOVIS	$21.32	89%	164%	$620	$174	$4	$450	$4.5	-$23	7.6	Feb-04	1.8	$12.00	$349
TITAN PHARMACEUTICALS	$3.37	68%	52%	$120	$19	$0	$101	$2.0	-$16	1.2	Jan-96	0.7	$5.00	$66
CNS Average		79%	71%	$697	$123		$695	$5.8	-$35	3.1		2.1
CNS Median		84%	85%	$292	$54		$265	$3.2	-$27	1.6		1.1

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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	$6.69	100%	24%	$153	$70	$21	$104	$0.9	-$46	1.5	Oct-03	0.5	$14.00	$200
ALEXZA PHARMACEUTICALS	$9.75	92%	na	$220	$40	$0	$180	$1.5	na	na	Mar-06	1.2	$8.00	$180
ALKERMES	$22.05	82%	112%	$2,026	$317	$304	$2,013	$3.8	na	na	Jul-91	4.4	$5.00	$70
ANDRX CORP.	$23.74	98%	5%	$1,748	$368	$0	$1,380	$0.8	na	na	Jun-96	7.9	$3.00	$155
ARADIGM CORP.	$3.45	56%	183%	$50	$38	$0	$13	$0.1	-$43	0.9	Jun-96	0.3	$11.00	$114
BIODELIVERY SCIENCES INTL	$2.75	73%	-10%	$32	$1	$3	$35	$1.6	-$11	0.0	na	na	na	na
DEPOMED	$6.53	91%	66%	$268	$60	$0	$207	$2.3	-$16	3.9	Nov-97	1.1	$6.10	$33
DOR BIOPHARMA	$0.33	48%	-15%	$17	$2	$0	$15	$1.6	-$5	0.4	na	na	na	na
DURECT CORP.	$6.36	86%	75%	$394	$88	$65	$371	$2.7	-$24	3.6	Sep-00	0.5	$12.00	$557
EMISPHERE TECHNOLOGIES	$8.22	92%	124%	$195	$10	$24	$208	$1.8	-$37	0.3	Feb-89	1.6	$5.00	$15
ENZON PHARMACEUTICALS	$8.10	80%	-21%	$355	$177	$394	$572	$1.9	-$23	7.6	Feb-84	5.4	$1.50	$12
FLAMEL TECHNOLOGIES SA	$21.16	86%	64%	$500	$94	$5	$411	$1.8	-$26	3.7	na	na	na	na
GENEREX BIOTECHNOLOGY	$3.07	61%	469%	$273	$23	$4	$254	$12.1	-$58	0.4	na	na	na	na
INOVIO BIOMEDICALCORP	$2.67	53%	-22%	$46	$18	$0	$27	$1.0	-$12	1.5	na	na	na	na
KOS PHARMACEUTICALS	$47.77	61%	15%	$2,243	$470	$0	$1,773	$1.3	na	na	Mar-97	3.2	$15.00	$233
MEDICIS PHARMACEUTICAL CORP.	$32.60	92%	9%	$1,774	$466	$481	$1,789	$5.0	na	na	na	na	na	na
NASTECH PHARMACEUTICAL	$18.00	78%	82%	$377	$84	$6	$298	$2.1	-$36	2.4	na	na	na	na
NEKTAR THERAPEUTICS	$20.38	92%	46%	$1,815	$493	$439	$1,761	$2.3	-$92	5.4	May-94	5.4	$3.75	$65
NOVAVAX	$7.98	95%	466%	$437	$33	$31	$434	$9.2	na	na	na	na	na	na
NOVEN PHARMACEUTICALS	$18.01	98%	6%	$426	$100	$0	$326	$0.9	na	na	May-88	32.7	$0.55	$5
SEPRACOR	$48.81	77%	-15%	$5,097	$867	$1,164	$5,394	$2.6	na	na	Sep-91	9.8	$5.00	$168
XENOPORT	$0.92	34%	na	$40	$94	$1	($53)	($0.4)	-$46	2.1	Jul-04	0.1	$7.00	$104
Delivery Average		78%	83%	$840	$178		$796	$2.6	-$34	2.4		5.3
Delivery Median		86%	46%	$355	$84		$298	$1.8	-$26	1.5		1.6

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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	$21.13	97%	73%	$356	$95	$0	$261	$2.5	na	na	Dec-04	1.3	$16.00	$259
ADVANCED MAGNETICS	$38.25	97%	336%	$383	$55	$0	$328	$9.1	-$17	3.3	na	na	na	na
BIOSITE	$51.93	75%	0%	$907	$15	$8	$901	$0.9	na	na	Feb-97	4.3	$12.00	$149
CHOLESTECH CORP.	$13.03	99%	29%	$193	$31	$0	$162	$0.8	na	na	Jun-92	2.6	$5.00	$32
DIAGNOSTIC PRODUCTS CORP.	$47.63	83%	-1%	$1,409	$121	$7	$1,295	$0.6	na	na	Jun-82	11.9	$4.00	$43
DIGENE CORP.	$39.10	88%	88%	$881	$116	$20	$786	$2.0	na	na	May-96	3.4	$11.50	$128
ENZO BIOCHEM	$13.50	73%	-6%	$435	$81	$0	$354	$1.2	-$18	4.6	Jun-80	15.5	$0.87	$8
EPIX PHARMACEUTICALS	$3.50	32%	-50%	$81	$125	$100	$56	$0.6	-$21	5.9	Feb-97	0.5	$7.00	$59
EXACT SCIENCES CORP.	$3.07	62%	-14%	$81	$35	$0	$46	$0.9	-$11	3.3	Jan-01	0.2	$14.00	$261
GENOMIC HEALTH	$10.37	58%	na	$254	$71	$4	$187	$1.5	-$33	2.2	Oct-05	0.9	$12.00	$286
GEN-PROBE	$55.12	98%	24%	$2,833	$246	$0	$2,587	$3.0	na	na	Sep-87	7.9	$7.00	$103
IDEXX LABORATORIES	$86.36	100%	59%	$2,751	$158	$1	$2,593	$0.8	na	na	Jun-91	23.0	$3.75	$76
IMMUCOR	$28.69	80%	-5%	$1,275	$40	$0	$1,235	$2.3	na	na	na	na	na	na
IMMUNICON	$4.03	64%	-32%	$111	$44	$6	$74	$0.7	-$23	1.9	Apr-04	0.5	$8.00	$221
LUMINEX CORP.	$14.86	96%	97%	$470	$37	$0	$433	$2.3	-$5	7.2	Mar-00	0.9	$17.00	$450
MARTEK BIOSCIENCES CORP.	$32.83	53%	-44%	$1,041	$45	$75	$1,071	$1.8	na	na	Nov-93	4.7	$7.00	$54
MATRITECH	$0.85	79%	-17%	$45	$3	$2	$44	$0.6	-$15	0.2	Jul-92	0.2	$5.00	$22
MERIDIAN BIOSCIENCE	$26.98	97%	172%	$704	$36	$2	$670	$1.7	na	na	na	na	na	na
ORASURE TECHNOLOGIES	$10.30	73%	40%	$472	$86	$1	$388	$1.7	na	na	na	na	na	na
QUIDEL CORP.	$12.87	81%	229%	$436	$36	$15	$415	$1.6	na	na	Aug-81	1.3	$10.00	$19
SONUS PHARMACEUTICALS	$6.00	87%	127%	$184	$50	$0	$134	$2.8	-$13	3.8	Oct-95	0.9	$7.00	$60
STRATAGENE	$11.00	100%	25%	$246	$53	$10	$202	$0.4	na	na	na	na	na	na
TRINITY BIOTECH PLC	$9.11	90%	259%	$135	$21	$27	$141	$0.2	na	na	na	na	na	na
XENOGEN	$3.95	73%	-24%	$81	$23	$9	$67	$0.4	-$15	1.5	Jul-04	0.6	$7.00	$103
Diagnostic/imag. Average		81%	59%	$657	$68		$601	$1.7	-$17	3.4		4.5
Diagnostic/imag. Median		83%	27%	$383	$45		$328	$1.2	-$15	3.3		1.3

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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	$2.03	57%	-2%	$210	$27	$0	$183	$3.7	-$16	1.6	Feb-97	0.3	$7.00	$88
AVIGEN	$5.17	87%	85%	$108	$61	$8	$55	$1.7	na	na	May-96	0.6	$8.00	$58
CELL GENESYS	$7.98	100%	76%	$364	$193	$196	$368	$1.4	na	na	Jan-93	0.7	$11.00	$120
CORAUTUS GENETICS	$3.47	58%	-25%	$61	$59	$16	$18	$0.8	-$22	2.7	na	na	na	na
GENVEC	$2.19	72%	27%	$139	$34	$3	$109	$1.0	-$17	2.0	Dec-00	0.2	$9.50	$186
INTROGEN THERAPEUTICS	$5.31	66%	-33%	$197	$36	$9	$170	$2.1	-$27	1.4	Oct-00	0.7	$8.00	$167
SIRNA THERAPEUTICS	$6.74	88%	128%	$407	$46	$3	$364	$5.4	-$23	2.0	Apr-96	0.7	$10.00	$59
STEMCELLS	$3.58	54%	14%	$234	$35	$0	$200	$4.4	-$17	2.0	Mar-92	0.3	$11.00	$82
TARGETED GENETICS CORP.	$0.43	34%	-30%	$42	$15	$8	$36	$0.4	-$14	1.1	May-94	0.1	$6.00	$54
VALENTIS	$2.62	66%	-2%	$39	$7	$0	$32	$1.7	-$16	0.4	Sep-97	0.2	$12.00	$161
VIACELL	$5.51	38%	-27%	$209	$64	$2	$147	$0.8	-$16	4.0	Jan-05	0.8	$7.00	$259
VICAL	$6.18	89%	55%	$175	$67	$8	$116	$0.7	-$23	2.9	Mar-93	1.2	$5.00	$52
Gene/Cell therapy Average		67%	22%	$182	$54		$150	$2.0	-$19	2.0		0.5
Gene/Cell therapy Median		66%	14%	$175	$36		$116	$1.4	-$17	2.0		0.7

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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	$3.34	57%	na	$60	$16	$2	$46	$2.5	-$10	1.5	Aug-05	0.7	$5.00	$85
ADVANCIS	$3.29	61%	-11%	$100	$31	$2	$71	$1.4	-$26	1.2	Oct-03	0.3	$10.00	$224
ANADYS PHARMACEUTICALS	$16.11	97%	119%	$458	$176	$2	$284	$3.1	-$12	14.2	Mar-04	2.3	$7.00	$199
AVANT IMMUNOTHERAPEUTICS	$2.51	89%	54%	$186	$24	$0	$162	$2.2	-$16	1.5	May-86	0.6	$4.00	$38
CUBIST PHARMACEUTICALS	$22.97	91%	116%	$1,242	$103	$165	$1,304	$3.5	-$27	3.8	Oct-96	3.8	$6.00	$55
DYNAVAX TECHNOLOGIES	$6.03	86%	29%	$184	$77	$0	$107	$1.4	-$35	2.2	Feb-04	0.8	$7.50	$229
GENELABS TECHNOLOGIES	$1.95	55%	-35%	$35	$15	$0	$19	$0.3	-$11	1.3	Jun-91	0.0	$45.65	$160
IDENIX PHARMACEUTICALS	$13.57	48%	-32%	$759	$186	$3	$576	$2.6	-$58	3.2	Jul-04	1.0	$14.00	$684
IMMUNE RESPONSE CORP.	$0.11	41%	-86%	$6	$0	$0	$6	$0.1	na	na	May-90	0.0	$28.00	$77
INHIBITEX	$7.26	67%	19%	$220	$89	$5	$136	$1.7	-$38	2.3	Jun-04	1.0	$7.00	$212
INTERMUNE	$18.54	89%	69%	$622	$219	$170	$572	$3.0	na	na	Mar-00	0.9	$20.00	$433
IOMAI	$5.81	83%	na	$69	$6	$4	$68	$1.0	-$25	0.2	Feb-06	0.8	$7.00	$116
MONOGRAM BIOSCIENCES	$1.84	62%	-23%	$232	$67	$3	$168	$0.6	-$85	0.8	May-00	0.3	$7.00	$137
NABI BIOPHARMACEUTICALS	$5.64	35%	-55%	$336	$111	$123	$348	$0.4	-$302	0.4	na	na	na	na
SIGA TECHNOLOGIES	$1.56	95%	22%	$41	$2	$0	$40	$0.9	-$1	1.7	Sep-97	0.3	$5.00	$32
TRIMERIS	$13.51	86%	20%	$298	$38	$0	$260	$2.9	na	na	Oct-97	1.1	$12.00	$120
VAXGEN	$8.80	54%	-29%	$221	$0	$0	$221	na	-$37	na	Jul-99	0.7	$13.00	$146
VIROPHARMA	$12.70	52%	443%	$871	$421	$98	$548	$11.4	na	na	Nov-96	1.8	$7.00	$65
XOMA LTD	$2.29	93%	129%	$206	$45	$60	$221	$1.0	-$39	1.2	Jun-86	0.1	$16.00	$140
Infection Average		71%	44%	$323	$85		$271	$2.2	-$48	2.5		0.9
Infection Median		75%	21%	$213	$42		$165	$1.4	-$26	1.5		0.8

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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	$21.93	85%	na	$485	$33	$6	$458	$4.5	-$32	1.0	Jan-06	1.5	$15.00	$294
AMYLIN PHARMACEUTICALS	$48.95	100%	180%	$5,457	$615	$375	$5,217	$4.5	-$269	2.3	Jan-92	3.5	$14.00	$240
BIOMARIN PHARMACEUTICAL	$13.42	88%	161%	$1,002	$229	$224	$997	$3.2	-$60	3.8	Aug-99	1.0	$13.00	$449
INSMED	$1.95	58%	129%	$150	$59	$6	$98	$1.1	-$52	1.1	na	na	na	na
KERYX BIOPHARMACEUTICALS	$19.11	99%	43%	$725	$167	$0	$559	$19.3	-$37	4.5	Jul-00	1.9	$10.00	$194
MANNKIND	$20.44	93%	44%	$1,012	$149	$0	$863	$2.0	-$133	1.1	Jul-04	1.5	$14.00	$446
METABASIS THERAPEUTICS	$9.09	93%	167%	$229	$68	$3	$164	$1.7	-$26	2.6	Jun-04	1.3	$7.00	$177
NPS PHARMACEUTICALS	$8.54	53%	-32%	$394	$272	$385	$506	$1.4	-$177	1.5	May-94	1.6	$5.50	$40
SAVIENT PHARMACEUTICALS	$5.33	100%	98%	$326	$272	$412	$465	$1.9	na	na	Sep-83	0.4	$13.00	$68
TERCICA	$6.70	52%	-12%	$251	$92	$412	$570	$6.4	-$53	1.7	Mar-04	0.7	$9.00	$337
VIVUS	$3.33	73%	11%	$149	$28	$5	$126	$1.1	-$4	7.0	Apr-94	0.5	$7.00	$164
ZONAGEN	$9.41	91%	209%	$95	$17	$0	$78	$13.1	-$9	1.9	Mar-93	1.7	$5.50	$19
Metabolic Average		82%	91%	$856	$167		$842	$5.0	-$77	2.6		1.4
Metabolic Median		91%	99%	$326	$92		$465	$2.0	-$44	1.8		1.4

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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	$17.59	96%	140%	$561	$148	$7	$421	$4.5	-$58	2.5	May-04	2.9	$6.00	$192
ASPREVA PHARMACEUTICALS	$24.89	83%	71%	$847	$118	$1	$730	$6.9	na	na	Mar-05	2.3	$11.00	$362
BARRIER THERAPEUTICS	$9.68	50%	-38%	$234	$79	$1	$155	$1.7	-$41	1.9	Apr-04	0.6	$15.00	$362
COLEY PHARMACEUTICAL	$15.15	78%	na	$391	$146	$3	$247	$1.8	-$20	7.2	Aug-05	0.9	$16.00	$399
CRITICAL THERAPEUTICS	$5.09	52%	-25%	$174	$85	$3	$91	$0.5	-$59	1.5	May-04	0.7	$7.00	$239
GENTIUM SPA	$13.25	99%	na	$107	$10	$4	$102	$2.9	-$16	0.6	Jun-05	1.5	$9.00	$71
ICAGEN	$8.30	83%	31%	$180	$49	$2	$133	$1.9	-$21	2.3	Feb-05	1.0	$8.00	$176
MOMENTA PHARMACEUTICALS	$19.66	57%	132%	$600	$289	$4	$315	$3.0	-$29	9.9	Jun-04	3.0	$6.50	$198
Other Average		75%	52%	$387	$116		$274	$2.9	-$35	3.7		1.6
Other Median		83%	71%	$234	$85		$155	$1.9	-$25	2.1		1.0

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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	$72.75	84%	25%	$86,182	$6,208	$3,957	$83,931	$5.1	na	na	Jun-83	207.9	$0.35	$175
BIOGEN IDEC	$47.10	93%	36%	$16,207	$1,028	$43	$15,222	$4.6	na	na	Sep-91	18.8	$2.50	$131
CHIRON CORP.	$45.81	100%	31%	$9,032	$877	$1,097	$9,252	$1.7	na	na	Aug-83	15.3	$3.00	$98
GENENTECH	$84.51	84%	49%	$89,063	$2,633	$2,083	$88,513	$9.3	na	na	Oct-80	58.3	$1.45	$246
GENZYME CORP.	$67.22	86%	17%	$17,463	$757	$821	$17,528	$2.1	na	na	Jun-86	26.9	$2.50	$70
GILEAD SCIENCES	$62.22	96%	74%	$28,763	$2,479	$301	$26,585	$14.0	na	na	Jan-92	16.6	$3.75	$210
MEDIMMUNE	$36.58	97%	54%	$9,345	$687	$500	$9,158	$4.1	-$90	7.7	May-91	23.8	$1.54	$114
Revenue-driven Average		91%	41%	$36,579	$2,095		$35,741	$5.8	-$90	7.7		52.5
Revenue-driven Median		95%	43%	$16,835	$952		$16,375	$4.3	-$44	4.3		21.3

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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	$11.89	82%	na	$279	$103	$24	$201	$2.1	-$31	3.3	Nov-05	1.7	$7.00	$171
DIVERSA CORP.	$9.11	99%	83%	$426	$71	$13	$369	$1.3	-$219	0.3	Feb-00	0.4	$24.00	$840
DYAX CORP.	$5.80	85%	80%	$221	$88	$12	$145	$1.0	-$22	3.9	Aug-00	0.4	$15.00	$295
ISIS PHARMACEUTICALS	$9.01	96%	133%	$653	$101	$148	$700	$2.7	-$32	3.2	May-91	0.9	$10.00	$104
LIGAND PHARMACEUTICALS	$12.85	94%	124%	$950	$83	$174	$1,041	$2.3	-$27	3.1	Nov-92	1.6	$8.27	$131
NEUROGEN CORP.	$6.19	70%	-13%	$214	$118	$12	$108	$0.6	-$42	2.8	Oct-89	1.0	$6.00	$35
REGENERON PHARMACEUTICALS	$16.63	92%	225%	$946	$302	$200	$844	$1.4	-$119	2.5	Apr-91	0.8	$22.00	$330
SENOMYX	$16.46	72%	38%	$491	$86	$0	$404	$4.5	-$22	4.0	Jun-04	2.7	$6.00	$179
Screening Average		86%	96%	$523	$119		$476	$2.0	-$64	2.9		1.2
Screening Median		92%	91%	$426	$88		$369	$1.4	-$31	3.1		1.0

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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 BIOPHARMACEUTICALS	$6.70	76%	na	$195	$7	$26	$215	$0.8	-$28	0.2	Oct-05	0.8	$8.00	$230
ADAMS RESPIRATORY THER.	$39.77	80%	na	$1,364	$166	$0	$1,199	$6.8	na	na	Jul-05	2.3	$17.00	$582
AUXILIUM PHARMACEUTICALS	$7.93	98%	33%	$231	$59	$0	$173	$1.0	-$44	1.3	Jul-04	1.1	$7.50	$160
SANTARUS	$7.47	88%	54%	$333	$71	$0	$262	$0.8	-$63	1.1	Mar-04	0.8	$9.00	$401
SOMAXON PHARMACEUTICALS	$16.01	76%	na	$288	$106	$0	$182	$7.3	-$50	2.1	Dec-05	1.5	$11.00	$198
VALERA PHARMACEUTICALS	$10.15	85%	na	$151	$3	$2	$150	$1.5	-$6	0.5	Feb-06	1.1	$9.00	$130
Specialty Average		84%	43%	$427	$68		$363	$3.0	-$38	1.1		1.3
Specialty Median		85%	54%	$231	$59		$182	$1.0	-$36	1.1		1.1

Company	3/31/06 Close	% of 52wk High	% change since 3/31/05	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	$5.98	79%	16%	$65	$2	$4	$67	$0.2	-$15	0.1	na	na	na	na
CURATIVE HEALTH SERVICES	$0.12	3%	-96%	$2	$6	$214	$209	$0.3	-$324	0.0	Jun-91	0.0	$7.50	$74
LIFECELL CORP.	$22.55	88%	153%	$750	$60	$0	$690	$2.6	na	na	Feb-92	2.9	$7.75	$27
LIFECORE BIOMEDICAL	$11.70	67%	-34%	$154	$25	$5	$135	$0.7	na	na	na	na	na	na
Wound Average		59%	10%	$242	$23		$275	$0.9	-$169	0.1		1.5
Wound Median		79%	16%	$65	$6		$135	$0.7	-$15	0.1		1.0

Grand Average		76%	47%	$1,658	$182		$1,579	$2.6	-$50	3.1		3.5
Grand Median		80%	25%	$297	$82		$261	$1.7	-$32	2.1		1.0

originally published 04/19/2006

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