Signals vs Noise Article







March 2010 Stock report

Company
3/26/2010 close
% of 52wk High
% change since 3/27/2009
Market Cap ($M)
Liquidity, Pro forma ($M)
ST&LT Debt ($M)
Company Valuation ($M)
Valuation/
Employee ($M)
Burn Rate, annualized ($M)
Survival Index (Yrs)
IPO Date from IPO/
share
Cash/
cash
Price/
Share At IPO
IPO Post-Money Valuation ($M)
HUMAN GENOME SCIENCES $30.66 89% 3061% $5,059 $719 $687 $5,027 $6.5 -$39 18.5 Dec-93 10.2 $3.00 $176
INCYTE CORP. $14.07 94% 514% $1,668 $489 $443 $1,622 $8.7 -$354 1.4 Nov-93 7.5 $1.88 $47
MYRIAD GENETICS $25.13 62% -43% $2,418 $345 $0 $2,072 $2.9 na na Oct-95 2.8 $9.00 $163
1st Generation Genomics Average   82% 1177% $3,048 $518   $2,907 $6.0 -$196 10.0   6.8    
1st Generation Genomics Median   89% 514% $2,418 $489   $2,072 $6.5 -$196 10.0   7.5    
                             
Company
3/26/2010 close
% of 52wk High
% change since 3/27/2009
Market Cap ($M)
Liquidity, Pro forma ($M)
ST&LT Debt ($M)
Company Valuation ($M)
Valuation/
Employee ($M)
Burn Rate, annualized ($M)
Survival Index (Yrs)
IPO Date from IPO/
share
Cash/
cash
Price/
Share At IPO
IPO Post-Money Valuation ($M)
AFFYMETRIX $7.35 73% 115% $522 $282 $262 $502 $0.4 na na Jun-96 1.0 $7.50 $287
CALIPER LIFE SCIENCES $3.93 93% 293% $193 $27 $13 $179 $0.3 -$14 2.0 Dec-99 0.2 $16.00 $333
CEPHEID $17.65 84% 160% $1,034 $57 $15 $992 $3.2 -$17 3.4 Jun-00 2.9 $6.00 $158
COMBIMATRIX CORP. $5.07 50% -35% $38 $5 $8 $41 $0.6 -$19 0.3 na na na na
COMPUGEN LTD $4.96 85% 609% $142 $11 $0 $131 $1.1 -$14 0.8 Sep-00 0.5 $10.00 na
ILLUMINA $39.17 89% 5% $4,900 $984 $290 $4,206 $7.1 na na Jul-00 2.4 $16.00 $515
ORCHID CELLMARK $1.76 80% 203% $53 $17 $0 $36 $0.1 -$3 6.7 May-00 0.2 $8.00 $263
ROSETTA GENOMICS $1.98 52% -34% $28 na $2 na na -$14 na Feb-07 0.3 $7.00 $79
SEQUENOM $6.24 72% -60% $382 $47 $3 $339 $3.2 -$81 0.6 Feb-00 0.2 $26.00 $609
VERMILLION $29.25 86% 5390% $187 na na na na na na Sep-00 0.2 $160.00 $417
Genomic Supply Average   76% 665% $748 $179   $803 $2.0 -$23 2.3   0.9    
Genomic Supply Median   82% 137% $190 $37   $259 $0.8 -$14 1.4   0.3    
                             
Company
3/26/2010 close
% of 52wk High
% change since 3/27/2009
Market Cap ($M)
Liquidity, Pro forma ($M)
ST&LT Debt ($M)
Company Valuation ($M)
Valuation/
Employee ($M)
Burn Rate, annualized ($M)
Survival Index (Yrs)
IPO Date from IPO/
share
Cash/
cash
Price/
Share At IPO
IPO Post-Money Valuation ($M)
AMICUS THERAPEUTICS $3.38 25% -65% $77 $78 $4 $2 $0.0 na na May-07 0.2 $15.00 $327
ARENA PHARMACEUTICALS $3.39 46% -25% $314 $40 $91 $365 $1.0 -$152 0.3 Jul-00 0.2 $18.00 $394
CELERA GENOMICS GROUP $7.15 61% -5% $586 $115 $134 $604 $1.3 -$119 1.0 Feb-00 0.0 $225.00 na
EXELIXIS $6.01 75% 30% $645 $203 $80 $522 $0.8 -$115 1.8 Apr-00 0.5 $13.00 $520
LEXICON PHARMACEUTICALS $1.47 39% 46% $258 $163 $67 $163 $0.3 -$88 1.8 Apr-00 0.1 $22.00 $1,037
MAXYGEN $5.90 62% -16% $227 $160 $0 $67 $0.4 -$14 11.2 Dec-99 0.4 $16.00 $465
ORE PHARMACEUTICALS $0.32 38% -16% $2 na na na na na na Nov-97 0.0 $8.00 $109
RIGEL PHARMACEUTICALS $7.88 53% 21% $408 $133 $2 $277 $1.8 -$100 1.3 Nov-00 1.1 $7.00 $230
SANGAMO BIOSCIENCES $5.80 62% 36% $260 $85 $0 $176 $2.3 -$10 8.9 Apr-00 0.4 $15.00 $312
ZYMOGENETICS $5.76 79% 33% $399 $174 $93 $318 $0.6 na na Feb-01 0.5 $12.00 $547
Genomic Targets Average   54% 4% $318 $128   $277 $1.0 -$85 3.7   0.3    
Genomic Targets Median   57% 8% $287 $133   $277 $0.8 -$100 1.8   0.3    
                             
Company
3/26/2010 close
% of 52wk High
% change since 3/27/2009
Market Cap ($M)
Liquidity, Pro forma ($M)
ST&LT Debt ($M)
Company Valuation ($M)
Valuation/
Employee ($M)
Burn Rate, annualized ($M)
Survival Index (Yrs)
IPO Date from IPO/
share
Cash/
cash
Price/
Share At IPO
IPO Post-Money Valuation ($M)
ALEXION PHARMACEUTICALS $54.93 96% 43% $4,865 $193 $11 $4,683 $15.8 na na Feb-96 6.7 $8.25 $62
CYPRESS BIOSCIENCE $4.95 49% -33% $190 $142 $0 $48 $3.2 -$20 7.1 Dec-83 0.1 $80.00 $33
LA JOLLA PHARMACEUTICAL $0.07 11% -70% $5 na na na na na na Jun-94 0.0 $25.00 $43
TRUBION PHARMACEUTICALS $4.14 61% 184% $84 $51 $8 $41 $0.5 -$21 2.4 Oct-06 0.3 $13.00 $208
Autoimmune Average   54% 31% $1,286 $129   $1,591 $6.5 -$21 4.8   1.8    
Autoimmune Median   55% 5% $137 $142   $48 $3.2 -$21 4.8   0.2    
                             
Company
3/26/2010 close
% of 52wk High
% change since 3/27/2009
Market Cap ($M)
Liquidity, Pro forma ($M)
ST&LT Debt ($M)
Company Valuation ($M)
Valuation/
Employee ($M)
Burn Rate, annualized ($M)
Survival Index (Yrs)
IPO Date from IPO/
share
Cash/
cash
Price/
Share At IPO
IPO Post-Money Valuation ($M)
AFFYMAX $22.48 88% 43% $521 $107 $63 $478 $4.9 -$88 1.2 Dec-06 0.9 $25.00 $345
ALLOS THERAPEUTICS $7.37 79% 0% $766 $105 $0 $661 $11.2 -$67 1.6 Mar-00 0.4 $18.00 $604
ALSERES PHARMACEUTICALS $0.31 16% -72% $8 $0 $34 $42 $1.9 -$10 0.0 na na na na
ANTIGENICS  $0.73 22% 49% $65 $25 $65 $105 $0.6 -$38 0.7 Feb-00 0.04 $18.00 $429
ARIAD PHARMACEUTICALS $3.44 84% 153% $375 $45 $22 $352 $3.4 -$84 0.5 May-94 0.4 $8.00 $124
AVEO PHARMACEUTICALS $8.81 89% na $261 na na na na na na Mar-10 1.0 $9.00 $267
AVI BIOPHARMA $1.29 47% 66% $142 $26 $11 $128 $1.1 -$4 6.9 Jun-97 0.1 $9.00 $103
CELL THERAPEUTICS $0.64 29% 83% $368 $12 $69 $424 $2.2 -$72 0.2 Mar-97 0.1 $10.00 $166
CLEVELAND BIOLABS $3.40 54% 45% $68 $1 $3 $70 $2.9 -$26 0.1 Jul-06 0.6 $6.00 $66
CYTOKINETICS $3.42 62% 93% $208 $135 $14 $88 $0.6 na na Apr-04 0.3 $13.00 $792
DENDREON CORP. $36.87 68% 734% $4,275 $292 $182 $4,164 $17.9 -$507 0.6 Jun-00 3.7 $10.00 $210
DUSA PHARMACEUTICALS $1.73 63% 40% $42 $16 $1 $26 $0.4 -$3 4.8 Jan-92 0.3 $6.00 $30
ENTREMED $0.69 45% 73% $61 $15 $13 $59 $1.1 -$12 1.2 Jun-96 0.05 $15.00 $182
GERON CORP. $5.79 63% 18% $531 $189 $0 $342 $3.3 -$80 2.4 Jul-96 0.7 $8.00 $77
GTX $3.41 19% -68% $124 $69 $12 $67 $0.7 -$45 1.5 Feb-04 0.2 $14.50 $528
IMMUNOGEN $8.00 79% 14% $456 $72 $4 $389 $2.0 -$43 1.7 Nov-89 0.8 $10.00 $60
IMMUNOMEDICS $3.41 48% 263% $257 $28 $48 $276 $2.6 na na Oct-83 2.7 $1.25 $25
NEOPHARM $0.32 58% 300% $9 $9 $15 $15 $0.2 -$8 1.1 Jan-96 0.1 $3.18 $28
ONCOTHYREON $3.42 44% 131% $88 $23 $0 $65 $0.3 -$25 0.9 Jun-87 0.8 $4.40 $43
ONYX THERAPEUTICS $30.79 84% 2% $1,913 $432 $3 $1,485 $11.9 na na May-96 2.6 $12.00 $105
OPKO HEALTH $2.03 70% 99% $515 $41 $12 $486 $486.1 -$23 1.8 na na na na
OSI PHARMACEUTICALS $59.33 98% 53% $3,444 $581 $388 $3,252 $5.9 na na Apr-86 9.9 $6.00 $53
OXIGENE $1.04 37% 49% $65 $21 $0 $44 $2.0 -$21 1.0 Oct-93 0.2 $6.00 $28
PONIARD PHARMACEUTICALS $1.16 13% -45% $49 $50 $18 $17 $0.9 -$39 1.3 Aug-88 0.0 $168.00 $102
PROGENICS PHARMACEUTICALS $5.26 49% -27% $167 $121 $12 $57 $0.3 -$7 16.9 Nov-97 0.7 $8.00 $70
QLT  $5.26 79% 201% $287 $150 $6 $143 $0.6 na na Sep-86 4.9 $1.08 $22
SCICLONE PHARMACEUTICALS $3.85 72% 206% $182 $22 $0 $160 $1.0 na na Mar-92 0.5 $7.45 $63
SEATTLE GENETICS $11.66 78% 18% $1,172 ($22) $94 $1,288 $8.5 -$90 -0.3 Mar-01 1.7 $7.00 $207
SPECTRUM PHARMACEUTICALS $4.71 47% 151% $230 $85 $15 $160 $3.2 -$39 2.2 na na na $198
SUNESIS PHARMACEUTICALS $0.88 36% 271% $30 $7 $0 $23 $0.2 -$92 0.1 Sep-05 0.1 $7.00 $146
SUPERGEN $3.27 86% 88% $197 $87 $0 $110 $1.2 -$10 9.0 Mar-96 0.5 $6.00 $21
SYNTA PHARMACEUTICALS $4.53 47% 145% $154 $61 $132 $225 $1.6 -$34 1.8 Feb-07 0.5 $10.00 $334
THRESHOLD PHARMACEUTICALS $1.75 45% 39% $59 $13 $0 $46 $0.9 -$25 0.5 Feb-05 0.3 $7.00 $204
Cancer Average   57% 100% $518 $88   $476 $18.2 -$57 2.3   1.2    
Cancer Median   58% 60% $197 $43   $136 $1.7 -$36 1.2   0.5    
                             
Company
3/26/2010 close
% of 52wk High
% change since 3/27/2009
Market Cap ($M)
Liquidity, Pro forma ($M)
ST&LT Debt ($M)
Company Valuation ($M)
Valuation/
Employee ($M)
Burn Rate, annualized ($M)
Survival Index (Yrs)
IPO Date from IPO/
share
Cash/
cash
Price/
Share At IPO
IPO Post-Money Valuation ($M)
ARCA BIOPHARMA $8.22 61% 94% $63 $25 $3 $40 $0.5 -$34 0.7 Sep-97 0.03 $280.00 $175
CARDIOVASCULAR BIOTHERAPEUTICS $0.27 51% 17% $42 $0 $3 $44 $2.3 na na Feb-05 0.03 $10.00 $1,184
MEDICINES COMPANY $7.86 47% -26% $416 $185 $5 $235 $0.8 na na Sep-00 0.5 $16.00 $506
QUESTCOR PHARMACEUTICALS $7.85 82% 67% $504 $76 $12 $439 $8.8 na na na na na na
Cardiovascular Average   60% 38% $256 $72   $190 $3.1 na na   0.2    
Cardiovascular Median   56% 42% $239 $51   $139 $1.6 na na   0.03    
                             
Company
3/26/2010 close
% of 52wk High
% change since 3/27/2009
Market Cap ($M)
Liquidity, Pro forma ($M)
ST&LT Debt ($M)
Company Valuation ($M)
Valuation/
Employee ($M)
Burn Rate, annualized ($M)
Survival Index (Yrs)
IPO Date from IPO/
share
Cash/
cash
Price/
Share At IPO
IPO Post-Money Valuation ($M)
ACCELRYS $6.43 88% 74% $177 $84 $62 $155 $0.3 na na Dec-95 0.4 $16.00 $158
ALBANY MOLECULAR RESEARCH $8.59 68% 0% $272 $105 $25 $192 $0.2 na na Feb-99 0.9 $10.00 $280
ARQULE $3.41 53% -22% $152 $117 $23 $58 $0.6 -$33 3.5 Oct-96 0.3 $12.00 $114
ARRAY BIOPHARMA  $2.80 60% -3% $138 $72 $99 $166 $0.6 -$107 0.7 Nov-01 0.4 $7.50 $168
BIOCRYST PHARMACEUTICALS $6.66 49% 222% $259 $42 $3 $219 $4.2 -$35 1.2 Mar-94 1.0 $6.50 $47
IRONWOOD PHARMACEUTICALS $13.89 92% na $1,354 $126 $166 $1,393 $8.4 -$71 1.8 Feb-10 1.2 $11.25 $1,096
SYMYX TECHNOLOGIES $4.71 61% 14% $162 $94 $45 $113 $0.3 -$5 19.0 Nov-99 0.3 $14.00 $398
VERTEX PHARMACEUTICALS $41.61 94% 41% $7,539 $754 $203 $6,988 $7.4 -$685 1.1 Jul-91 9.2 $4.50 $85
Chemistry Average   71% 47% $1,257 $174   $1,160 $2.8 -$156 4.6   1.7    
Chemistry  Median   65% 14% $218 $99   $179 $0.6 -$53 1.5   0.6    
                             
Company
3/26/2010 close
% of 52wk High
% change since 3/27/2009
Market Cap ($M)
Liquidity, Pro forma ($M)
ST&LT Debt ($M)
Company Valuation ($M)
Valuation/
Employee ($M)
Burn Rate, annualized ($M)
Survival Index (Yrs)
IPO Date from IPO/
share
Cash/
cash
Price/
Share At IPO
IPO Post-Money Valuation ($M)
ACADIA PHARMACEUTICALS $1.55 23% 46% $59 $66 $23 $16 $0.1 -$62 1.1 May-04 0.2 $7.00 $268
ACORDA THERAPEUTICS $35.90 89% 43% $1,369 $216 $159 $1,312 $19.6 -$93 2.3 Feb-06 6.0 $6.00 $118
ADOLOR CORP $1.80 71% -10% $83 $125 $0 -$41 -$0.3 -$53 2.4 Nov-00 0.1 $15.00 $407
CEPHALON $70.59 87% 4% $5,270 $1,693 $1,153 $4,730 $1.6 na na Apr-91 3.9 $18.00 $155
CORCEPT THERAPEUTICS $2.81 80% 138% $176 $14 $0 $161 $16.1 -$20 0.7 Apr-04 0.2 $12.00 $750
NEUROCRINE BIOSCIENCES $2.70 64% -23% $106 $54 $21 $73 $0.3 -$61 0.9 May-96 0.3 $10.50 $172
NYMOX PHARMACEUTICAL $3.64 51% 16% $113 $1 $0 $113 $1.1 -$5 0.1 na na na na
OMEROS CORPORATION $5.98 63% na $127 $60 $13 $80 na -$22 2.7 Oct-09 na $10.00 $296
OREXIGEN THERAPEUTICS $6.10 56% 111% $287 $46 $5 $246 $13.7 -$71 0.6 May-07 0.5 $12.00 $324
PAIN THERAPEUTICS $6.40 91% 48% $270 $182 $14 $102 $2.5 $0 1518.5 Jul-00 0.5 $12.00 $319
PHARMOS CORP. $0.09 18% 125% $5 $3 $1 $3 $0.1 -$9 0.3 Jul-83 0.0 $20.00 $16
TARGACEPT $19.08 78% 640% $529 $73 $9 $465 $6.3 -$39 1.9 Apr-06 2.1 $9.00 $172
TITAN PHARMACEUTICALS $1.83 74% 6000% $107 $17 $4 $94 $2.5 -$24 0.7 Jan-96 0.4 $5.00 $66
VANDA PHARMACEUTICALS $11.96 72% 1377% $325 $29 $0 $296 $6.7 -$50 0.6 Apr-06 1.2 $10.00 $218
CNS Average   66% 655% $630 $184   $546 $5.4 -$39 117.9   1.3    
CNS Median   71% 48% $152 $57   $107 $2.5 -$39 0.9   0.4    
                             
Company
3/26/2010 close
% of 52wk High
% change since 3/27/2009
Market Cap ($M)
Liquidity, Pro forma ($M)
ST&LT Debt ($M)
Company Valuation ($M)
Valuation/
Employee ($M)
Burn Rate, annualized ($M)
Survival Index (Yrs)
IPO Date from IPO/
share
Cash/
cash
Price/
Share At IPO
IPO Post-Money Valuation ($M)
ALEXZA PHARMACEUTICALS $2.68 79% 15% $138 $26 $4 $117 $1.0 -$68 0.4 Mar-06 0.3 $8.00 $180
ALKERMES $12.94 91% 7% $1,226 $317 $72 $982 $1.3 -$41 7.8 Jul-91 2.6 $5.00 $70
BIODELIVERY SCIENCES INT'L. $4.03 49% 24% $85 $3 $43 $125 $9.6 -$18 0.1 na na na na
BIOMIMETIC THERAPEUTICS $13.04 82% 68% $284 $62 $31 $253 $7.9 -$25 2.5 May-06 1.6 $8.00 $122
DEPOMED $3.49 55% 38% $182 $68 $20 $134 $1.3 -$38 1.8 Nov-97 0.6 $6.10 $33
DURECT CORP. $2.60 77% 16% $226 $43 $9 $192 $1.1 -$30 1.4 Sep-00 0.2 $12.00 $557
EMISPHERE TECHNOLOGIES $2.23 64% 223% $94 $1 $21 $114 $1.0 -$15 0.1 Feb-89 0.4 $5.00 $15
ENZON PHARMACEUTICALS $10.25 89% 67% $466 $124 $250 $592 $1.6 -$20 6.1 Feb-84 6.8 $1.50 $12
FLAMEL TECHNOLOGIES SA $8.73 88% 54% $212 $45 $9 $175 $0.7 -$14 3.2 na na na na
GENEREX BIOTECHNOLOGY $0.56 49% 60% $139 $8 $3 $134 $5.8 -$45 0.2 na na na na
INOVIO BIOMEDICALCORP $1.35 40% 255% $138 $22 $8 $124 $3.7 -$43 0.5 na na na na
MDRNA $1.01 30% 87% $41 $9 $0 $32 $0.2 -$30 0.3 na na na na
MEDICIS PHARMACEUTICAL $24.71 88% 90% $1,470 $488 $292 $1,273 $3.3 na na na na na na
NEKTAR THERAPEUTICS $15.20 96% 185% $1,417 $300 $249 $1,366 $1.7 -$128 2.3 May-94 4.1 $3.75 $65
NEUROGESX $9.25 87% 168% $163 $19 $2 $146 $4.0 -$18 1.0 May-07 0.8 $11.00 $143
NOVAVAX $2.36 30% 151% $221 $31 $6 $195 $3.5 -$34 0.9 na na na na
XENOPORT $8.92 35% -58% $271 $128 $4 $147 $1.0 -$84 1.5 Jul-04 1.8 $5.00 $198
Delivery Average   66% 85% $398 $100   $359 $2.9 -$41 1.9   1.9    
Delivery Median   77% 67% $212 $43   $147 $1.6 -$32 1.2   1.2    
                             
Company
3/26/2010 close
% of 52wk High
% change since 3/27/2009
Market Cap ($M)
Liquidity, Pro forma ($M)
ST&LT Debt ($M)
Company Valuation ($M)
Valuation/
Employee ($M)
Burn Rate, annualized ($M)
Survival Index (Yrs)
IPO Date from IPO/
share
Cash/
cash
Price/
Share At IPO
IPO Post-Money Valuation ($M)
AMAG PHARMACEUTICALS $36.05 62% -2% $618 $126 $0 $492 $11.7 -$106 1.2 na na na na
ENZO BIOCHEM $6.24 78% 51% $236 $55 $4 $185 $0.6 -$17 3.3 Jun-80 7.2 $0.87 $8
EXACT SCIENCES CORP. $4.34 83% 239% $155 $28 $6 $133 $2.7 -$10 2.9 Jan-01 0.3 $14.00 $261
GENOMIC HEALTH $18.11 76% -27% $518 $56 $3 $465 $2.4 -$16 3.5 Oct-05 1.5 $12.00 $286
GEN-PROBE $47.90 93% 7% $2,351 $478 $5 $1,879 $7.6 na na Sep-87 6.8 $7.00 $103
HELICOS $0.78 22% 28% $57 $8 $6 $55 $0.7 -$25 0.3 May-07 0.1 $9.00 $188
IDEXX LABORATORIES $55.88 81% 58% $3,274 $143 $182 $3,313 $0.8 na na Jun-91 14.9 $3.75 $76
IMMUCOR $21.69 95% -15% $1,521 $144 $23 $1,400 $2.5 na na na na na na
LUMINEX CORP. $17.65 93% -2% $738 $99 $7 $646 $2.1 na na Mar-00 1.0 $17.00 $450
MARTEK BIOSCIENCES  $22.76 90% 11% $757 $161 $2 $599 $1.2 na na Nov-93 3.3 $7.00 $54
MERIDIAN BIOSCIENCE  $20.66 79% 16% $838 $55 $1 $784 $2.0 na na na na na na
MOLECULAR INSIGHT $1.35 17% -63% $34 $82 $165 $117 $3.2 -$66 1.2 Feb-07 0.1 $14.00 $343
ONCOGENEX PHARMACEUTICALS $20.78 48% 381% $125 $6 $2 $122 $2.0 -$18 0.3 Oct-95 3.0 $7.00 $60
ORASURE TECHNOLOGIES $5.91 87% 120% $271 $79 $9 $201 $0.8 -$6 12.1 na na na na
QUIDEL CORP. $13.73 73% 53% $414 $56 $1 $359 $1.3 na na Aug-81 1.4 $10.00 $19
RESPONSE GENETICS $1.50 55% 30% $23 $7 $3 $19 $0.5 -$10 0.8 Jun-07 0.2 $7.00 $72
TRINITY BIOTECH PLC $5.31 85% 220% $111 $5 $35 $140 $0.2 na na na na na na
Diagnostic/imag. Average   72% 65% $708 $93   $642 $2.5 -$30 2.9   3.3    
Diagnostic/imag. Median   79% 28% $414 $56   $359 $2.0 -$17 1.2   1.4    
                             
Company
3/26/2010 close
% of 52wk High
% change since 3/27/2009
Market Cap ($M)
Liquidity, Pro forma ($M)
ST&LT Debt ($M)
Company Valuation ($M)
Valuation/
Employee ($M)
Burn Rate, annualized ($M)
Survival Index (Yrs)
IPO Date from IPO/
share
Cash/
cash
Price/
Share At IPO
IPO Post-Money Valuation ($M)
AASTROM BIOSCIENCES $1.73 37% -46% $301 $18 $1 $284 $4.8 -$16 1.1 Feb-97 0.2 $7.00 $88
GENVEC $2.90 87% 607% $308 $13 $1 $296 $2.7 -$19 0.7 Dec-00 0.3 $9.50 $186
OSIRIS THERAPEUTICS $7.85 52% -45% $257 $52 $48 $253 $4.0 -$39 1.3 Aug-06 0.7 $11.00 $450
STEMCELLS $1.17 60% -35% $138 $38 $2 $102 $2.2 -$29 1.3 Mar-92 0.1 $11.00 $82
TARGETED GENETICS CORP. $0.23 38% 5% $5 $2 $0 $3 $0.0 na na May-94 0.0 $60.00 $54
URIGEN PHARMACEUTICALS $0.17 85% 467% $13 $0 $1 $13 $1.7 -$3 0.0 Sep-97 0.0 $12.00 $161
VICAL $3.49 63% 84% $181 $44 $3 $140 $1.0 -$24 1.8 Mar-93 0.7 $5.00 $52
Gene/Cell therapy Average   60% 148% $172 $24   $156 $2.3 -$22 1.0   0.3    
Gene/Cell therapy Median   60% 5% $181 $18   $140 $2.2 -$22 1.2   0.2    
                             
Company
3/26/2010 close
% of 52wk High
% change since 3/27/2009
Market Cap ($M)
Liquidity, Pro forma ($M)
ST&LT Debt ($M)
Company Valuation ($M)
Valuation/
Employee ($M)
Burn Rate, annualized ($M)
Survival Index (Yrs)
IPO Date from IPO/
share
Cash/
cash
Price/
Share At IPO
IPO Post-Money Valuation ($M)
ACHILLION PHARMACEUTICALS $2.58 66% 54% $69 $21 $0 $48 $0.8 -$24 0.9 Oct-06 0.2 $11.50 $178
ADVANCED LIFE SCIENCES $0.11 7% -56% $9 $1 $12 $20 $1.1 -$10 0.1 Aug-05 0.0 $5.00 $85
ANADYS PHARMACEUTICALS $2.38 72% -66% $89 $31 $3 $62 $0.7 -$26 1.2 Mar-04 0.3 $7.00 $261
CELLDEX THERAPEUTICS $6.15 43% -1% $194 $32 $8 $171 $2.3 -$35 0.9 May-86 0.1 $48.00 $38
CUBIST PHARMACEUTICALS $22.58 93% 39% $1,309 $506 $243 $1,045 $2.5 na na Oct-96 3.8 $6.00 $55
DYNAVAX TECHNOLOGIES $1.34 40% 103% $55 $54 $4 $5 $0.0 na na Feb-04 0.2 $7.50 $310
EMERGENT BIOSOLUTIONS $16.90 63% 21% $521 $120 $50 $451 $1.0 na na Nov-06 1.4 $12.50 $342
IDENIX PHARMACEUTICALS $2.75 41% -11% $182 $51 $21 $153 $0.7 -$65 0.8 Jul-04 0.2 $14.00 $684
INHIBITEX $1.37 56% 448% $84 $25 $1 $61 $0.8 -$17 1.4 Jun-04 0.2 $7.00 $431
INTERMUNE $47.25 96% 177% $2,205 $132 $137 $2,210 $11.5 -$147 0.9 Mar-00 2.4 $20.00 $433
MIDDLEBROOK PHARM. $0.32 16% -77% $28 $45 $0 -$17 -$0.3 -$78 0.6 Oct-03 0.0 $10.00 $224
NABI BIOPHARMACEUTICALS $5.76 90% 50% $292 $115 $9 $187 $0.3 -$23 4.9 na na na na
OPTIMER PHARMACEUTICALS $12.58 83% -2% $416 $51 $0 $365 $9.4 -$49 1.0 Feb-07 1.8 $7.00 $133
PHARMASSET $27.41 82% 162% $775 $73 $23 $726 $21.3 -$28 2.6 May-07 3.0 $9.00 $178
SIGA TECHNOLOGIES $6.79 67% 36% $260 $2 $7 $266 $6.0 -$41 0.0 Sep-97 1.4 $5.00 $32
VIROPHARMA $14.11 98% 192% $1,093 $289 $136 $940 $14.0 na na Nov-96 2.0 $7.00 $65
XOMA LTD $0.60 45% 7% $119 $35 $24 $108 $0.4 -$41 0.9 Jun-86 0.0 $16.00 $140
Infection Average   62% 63% $453 $93   $400 $4.3 -$45 1.2   1.1    
Infection Median   66% 36% $194 $51   $171 $1.0 -$35 0.9   0.3    
                             
Company
3/26/2010 close
% of 52wk High
% change since 3/27/2009
Market Cap ($M)
Liquidity, Pro forma ($M)
ST&LT Debt ($M)
Company Valuation ($M)
Valuation/
Employee ($M)
Burn Rate, annualized ($M)
Survival Index (Yrs)
IPO Date from IPO/
share
Cash/
cash
Price/
Share At IPO
IPO Post-Money Valuation ($M)
AMYLIN PHARMACEUTICALS $22.67 94% 89% $3,213 $650 $838 $3,401 $2.2 -$249 2.6 Jan-92 1.6 $14.00 $240
BIOMARIN PHARMACEUTICAL  $23.09 92% 75% $2,326 $349 $498 $2,475 $6.0 na na Aug-99 1.8 $13.00 $449
INSMED $1.11 43% 17% $145 $123 $2 $24 $0.2 -$6 19.2 na na na na
KERYX BIOPHARMACEUTICALS $2.81 56% 1773% $157 $13 $0 $144 $3.6 na na Jul-00 0.3 $10.00 $194
MANNKIND $6.91 56% 104% $780 $34 $248 $993 $1.8 -$222 0.2 Jul-04 0.5 $14.00 $446
NPS PHARMACEUTICALS $4.72 67% 13% $229 $94 $328 $462 $2.4 na na May-94 0.9 $5.50 $40
REPROS THERAPEUTICS $0.71 9% -89% $18 $4 $0 $14 $1.8 -$36 0.1 Mar-93 0.1 $5.50 $19
SAVIENT PHARMACEUTICALS $14.12 85% 162% $941 $77 $65 $929 $13.9 -$219 0.3 Sep-83 1.1 $13.00 $68
VIVUS $9.34 73% 159% $752 $165 $27 $614 $5.4 -$27 6.1 Apr-94 1.3 $7.00 $164
Metabolic Average   64% 256% $951 $168   $1,006 $4.1 -$127 4.7   0.9    
Metabolic Median   67% 89% $752 $94   $614 $2.4 -$127 1.5   1.0    
                             
Company
3/26/2010 close
% of 52wk High
% change since 3/27/2009
Market Cap ($M)
Liquidity, Pro forma ($M)
ST&LT Debt ($M)
Company Valuation ($M)
Valuation/
Employee ($M)
Burn Rate, annualized ($M)
Survival Index (Yrs)
IPO Date from IPO/
share
Cash/
cash
Price/
Share At IPO
IPO Post-Money Valuation ($M)
ALNYLAM PHARMACEUTICALS $17.41 70% -8% $728 $267 $86 $547 $4.5 -$91 2.9 May-04 2.9 $6.00 $251
CORNERSTONE THERAPEUTICS $6.33 52% 52% $159 $19 $6 $146 $0.8 na na May-04 0.9 $7.00 $303
GENTIUM SPA $2.89 49% 291% $43 $1 $3 $45 $0.6 -$2 0.7 Jun-05 0.3 $9.00 $71
ICAGEN $0.82 52% 84% $39 $24 $3 $17 $0.3 -$10 2.5 Feb-05 0.1 $8.00 $176
METABOLIX $12.28 82% 72% $283 $78 $0 $206 $4.2 -$39 2.0 Nov-06 0.9 $14.00 $267
MOMENTA PHARMACEUTICALS $14.89 91% 24% $665 $78 $10 $597 $3.9 -$67 1.2 Jun-04 2.3 $6.50 $290
SUCAMPO PHARMACEUTICALS $3.56 45% -54% $149 $110 $21 $60 $1.2 -$1 115.1 Aug-07 0.3 $11.50 $479
Other Average   63% 66% $295 $83   $231 $2.2 -$35 20.7   1.1    
Other Median   52% 52% $159 $78   $146 $1.2 -$24 2.3   0.9    
                             
Company
3/26/2010 close
% of 52wk High
% change since 3/27/2009
Market Cap ($M)
Liquidity, Pro forma ($M)
ST&LT Debt ($M)
Company Valuation ($M)
Valuation/
Employee ($M)
Burn Rate, annualized ($M)
Survival Index (Yrs)
IPO Date from IPO/
share
Cash/
cash
Price/
Share At IPO
IPO Post-Money Valuation ($M)
AMGEN  $59.41 92% 15% $60,004 $14,603 $10,601 $56,002 $2.8 na na Jun-83 169.7 $0.35 $175
BIOGEN IDEC $58.15 96% 11% $16,817 $1,549 $1,101 $16,369 $4.4 na na Sep-91 23.3 $2.50 $131
CELGENE CORP. $62.14 94% 35% $28,560 $3,306 $142 $25,397 $19.7 na na Jul-87 34.0 $1.83 $55
GENZYME CORP. $53.00 84% -11% $14,326 $1,295 $125 $13,156 $1.5 na na Jun-86 21.2 $2.50 $70
GILEAD SCIENCES $45.34 91% 2% $40,803 $2,019 $1,155 $39,939 $15.9 na na Jan-92 10.9 $3.75 $210
Revenue-driven Average   91% 11% $32,102 $4,554   $30,173 $8.8 na na   51.8    
Revenue-driven Median   92% 11% $28,560 $2,019   $25,397 $4.4 na na   23.3    
                             
Company
3/26/2010 close
% of 52wk High
% change since 3/27/2009
Market Cap ($M)
Liquidity, Pro forma ($M)
ST&LT Debt ($M)
Company Valuation ($M)
Valuation/
Employee ($M)
Burn Rate, annualized ($M)
Survival Index (Yrs)
IPO Date from IPO/
share
Cash/
cash
Price/
Share At IPO
IPO Post-Money Valuation ($M)
COMBINATORX $1.25 48% 92% $44 $28 $8 $24 $0.3 na na Nov-05 1.0 $7.00 $171
DYAX CORP. $3.32 71% 28% $259 $56 $31 $234 $1.5 -$59 0.9 Aug-00 0.3 $15.00 $295
ISIS PHARMACEUTICALS $10.36 55% -31% $1,019 $644 $240 $616 $2.2 -$12 55.5 May-91 1.5 $10.00 $116
LIGAND PHARMACEUTICALS $1.78 55% -40% $201 $67 $25 $159 $1.3 -$7 10.0 Nov-92 0.6 $8.27 $131
REGENERON PHARMACEUTICALS $26.23 86% 82% $2,111 $392 $69 $1,788 $3.1 -$60 6.6 May-00 1.2 $22.00 $330
SENOMYX $3.23 68% 101% $100 $28 $0 $72 $0.6 -$32 0.9 Jun-04 2.0 $6.00 $187
VERENIUM  $5.43 46% 26% $64 $15 $131 $180 $0.6 -$80 0.2 Feb-00 2.6 $24.00 $840
Screening Average   61% 37% $543 $176   $439 $1.4 -$42 12.4   1.3    
Screening Median   55% 28% $201 $56   $180 $1.3 -$46 3.7   1.2    
                             
Company
3/26/2010 close
% of 52wk High
% change since 3/27/2009
Market Cap ($M)
Liquidity, Pro forma ($M)
ST&LT Debt ($M)
Company Valuation ($M)
Valuation/
Employee ($M)
Burn Rate, annualized ($M)
Survival Index (Yrs)
IPO Date from IPO/
share
Cash/
cash
Price/
Share At IPO
IPO Post-Money Valuation ($M)
AUXILIUM PHARMACEUTICALS $32.56 85% 14% $1,535 $80 $8 $1,462 $5.4 -$53 1.5 Jul-04 2.0 $7.50 $160
BIODEL $4.15 69% -16% $99 $65 $0 $35 $1.4 -$45 1.4 May-07 0.0 $15.00 $304
CADENCE PHARMACEUTICALS $9.26 73% 7% $467 $109 $10 $368 $15.3 -$33 3.3 Oct-06 1.6 $9.00 $260
CATALYST PHARMACEUTICAL  $0.74 26% -56% $13 $6 $0 $7 $1.8 -$7 0.9 Nov-06 0.7 $6.00 $72
CUMBERLAND PHARMACEUTICALS $11.29 64% na $230 $81 $20 $169 $1.6 na na Oct-09 na $17.00 $504
EURAND N.V. $11.44 74% 10% $525 $23 $5 $507 $1.0 -$2 9.6 May-07 1.0 $16.00 $701
JAZZ PHARMACEUTICALS $11.69 84% 1213% $362 $17 $124 $470 $2.3 na na May-07 0.6 $18.00 $441
SANTARUS $4.97 85% 223% $289 $62 $24 $251 $0.7 na na Mar-04 0.3 $9.00 $523
SOMAXON PHARMACEUTICALS $9.09 86% 2497% $215 $2 $0 $213 $5.8 -$25 0.1 Dec-05 0.9 $11.00 $198
Specialty Average   72% 486% $415 $49   $387 $3.9 -$28 2.8   0.9    
Specialty Median   74% 12% $289 $62   $251 $1.8 -$29 1.5   0.8    
                           
Grand Average   65% 183% $1,537 $243   $1,452 $5.8 -$54 14.1   2.9    
Grand Median   66% 43% $257 $67   $198 $1.9 -$34 1.4   0.6



originally published 05/13/2010


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