Signals vs Noise Article







August 2003 Stock Report

Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
GENOME THERAPEUTICS CORP $2.78 69% 46% $72 $32 $40 $15 152 $0.3 -$34.8 0.9 2.6
HUMAN GENOME SCIENCES $14.32 80% -5% $1,850 $1,158 $692 $503 1086 $0.6 -$165.3 7.0 1.1
INCYTE CORP $3.96 61% -35% $286 $320 -$35 $172 585 -$0.1 -$223.1 1.4 0.4
MILLENNIUM PHARMACEUTICALS $13.91 76% 13% $4,155 $1,514 $2,641 $83 2079 $1.3 -$551.4 2.7 0.9
MYRIAD GENETICS $12.52 58% -27% $338 $88 $251 $0 491 $0.5 -$22.1 4.0 1.3
1st Generation Genomics Average   69% -2% $1,340 $622 $718 $155   $0.5 -$199.4 3.2 1.3
1st Generation Genomics Median   69% -5% $338 $320 $251 $83   $0.5 -$165.3 2.7 1.1
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
ACLARA BIOSCIENCES $3.49 78% 83% $124 $78 $47 $0 95 $0.5 -$24.9 3.1 0.5
AFFYMETRIX $23.08 77% 28% $1,360 $416 $945 $369 877 $1.1 -$50.9 8.2 3.8
CALIPER TECHNOLOGIES $5.21 87% 20% $147 $134 $13 $1 251 $0.1 -$39.9 3.4 0.6
CEPHEID $4.53 69% 23% $147 $11 $137 $0 148 $0.9 -$18.8 0.6 1.7
CIPHERGEN BIOSYSTEMS $10.74 98% 264% $309 $27 $282 $0 323 $0.9 -$36.8 0.7 1.8
COMBIMATRIX $3.75 75% na $97 na na na 14 na -$26.7 na na
COMPUGEN $4.45 71% 222% $117 na na na 176 na na na na
ILLUMINA $3.60 61% -8% $118 $51 $66 $25 233 $0.3 -$35.8 1.4 1.8
NANOGEN $3.42 69% 58% $76 $26 $50 $0 195 $0.3 -$42.7 0.6 0.4
ORCHID BIOSCIENCES $1.34 67% 37% $85 na na $2 492 na -$17.1 na 0.3
SEQUENOM $3.05 76% 26% $122 $76 $46 $10 216 $0.2 -$34.2 2.2 0.3
TRANSGENOMIC $1.19 26% -70% $28 $3 $25 $1 326 $0.1 -$14.4 0.2 0.2
Genomic Supply Average   71% 62% $228 $91 $179 $41   $0.5 -$31.1 2.3 1.1
Genomic Supply Median   73% 28% $120 $51 $50 $1   $0.3 -$34.2 1.4 0.5
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
APPLIED MOLECULAR EVOLUTION $6.01 80% 30% $125 $58 $67 $10 106 $0.6 -$13.1 4.4 0.8
ARENA PHARMACEUTICALS $6.94 83% 7% $198 $174 $24 $0 336 $0.1 -$35.2 4.9 0.6
CELERA GENOMICS GROUP $10.18 71% 8% $733 na na na na na na na na
CURAGEN CORP $4.60 65% -21% $228 $395 -$167 $150 857 -$0.2 -$64.6 6.1 0.5
DECODE GENETICS $3.16 80% 51% $169 $79 $90 $46 530 $0.2 -$52.2 1.5 0.4
EXELIXIS $7.25 74% 47% $516 $204 $312 $60 550 $0.6 -$92.2 2.2 1.1
GENAISSANCE PHARMACEUTICALS $1.31 60% 41% $30 $30 $0 $0 104 $0.0 -$18.9 1.6 0.1
GENE LOGIC $5.11 58% -36% $159 $157 $2 $1 264 $0.0 -$23.2 6.8 0.4
GENENCOR INTERNATIONAL $16.49 94% 76% $973 $139 $834 $57 1098 $0.8 na na 1.9
LARGE SCALE BIOLOGY $1.10 60% -19% $28 $19 $9 $0 114 $0.1 -$30.5 0.6 0.1
LEXICON GENETICS $5.24 70% 0% $328 $108 $220 $4 579 $0.4 -$68.6 1.6 1.0
LYNX THERAPEUTICS $3.94 63% 22% $18 $7 $11 $1 128 $0.1 -$15.9 0.5 0.2
MAXYGEN $12.38 80% 52% $431 $198 $233 $0 280 $0.8 -$15.7 12.6 1.1
NUVELO $1.99 73% 0% $127 $41 $86 $5 98 $0.9 -$54.3 0.8 0.6
PARADIGM GENETICS $1.50 77% 173% $49 $11 $38 $2 194 $0.2 -$16.5 0.7 0.5
RIGEL PHARMACEUTICALS $9.00 43% -52% $133 $22 $111 $0 160 $0.7 -$31.2 0.7 0.9
SANGAMO BIOSCIENCES $2.78 50% -7% $69 $49 $20 $0 74 $0.3 -$11.6 4.2 0.5
ZYMOGENETICS $14.20 79% 95% $656 $268 $389 $0 364 $1.1 -$52.5 5.1 1.5
Genomic Targets Average   70% 26% $276 $115 $134 $20   $0.4 -$37.3 3.4 0.7
Genomic Targets Median   72% 15% $164 $79 $67 $1   $0.3 -$30.9 1.9 0.6
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
EDEN BIOSCIENCES $1.20 53% -31% $29 $26 $3 $0 55 $0.1 -$11.6 2.3 0.2
EMBREX $9.83 73% -18% $80 $7 $73 $0 241 $0.3 na na 1.3
IDEXX LABORATORIES $41.51 96% 43% $1,427 $175 $1,251 $0 1281 $1.0 na na 4.0
IMMUCELL CORP $2.70 56% 35% $7 $4 $3 $0 26 $0.1 na na 0.8
NEOGEN $17.60 91% 35% $109 $8 $101 $0 265 $0.4 na na 4.4
Agbio/enviro. Average   74% 13% $331 $44 $286 $0   $0.4 -$11.6 2.3 2.1
Agbio/enviro. Median   73% 35% $80 $8 $73 $0   $0.3 -$11.6 2.3 1.3
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
ALEXION PHARMACEUTICALS $14.09 70% 19% $257 $253 $3 $124 172 $0.0 -$85.9 2.9 0.7
ATHEROGENICS $13.72 79% 95% $501 $73 $428 $0 85 $5.0 -$46.0 1.6 2.9
AUTOIMMUNE $1.52 68% 52% $26 $11 $15 $0 2 $7.3 na na 0.2
CONNETICS CORP $18.74 99% 84% $594 $29 $565 $80 190 $3.0 -$21.5 1.3 3.5
CORTECH $2.58 79% -16% $9 $0 $9 $0 na na -$0.5 0.0 93.3
CYPRESS BIOSCIENCE $5.89 99% 336% $111 $10 $100 $0 10 $10.0 -$7.0 1.5 1.0
ICOS CORP $38.90 85% 60% $2,434 $156 $2,278 $250 525 $4.3 -$162.0 1.0 3.1
INKINE PHARMACEUTICAL CO $3.61 90% 193% $169 $11 $158 $12 49 $3.2 -$3.7 2.9 2.6
LA JOLLA PHARMACEUTICAL CO $3.94 44% -19% $168 $39 $129 $1 156 $0.8 -$54.2 0.7 0.8
PROTEIN DESIGN LABS $12.22 59% 18% $1,145 $592 $552 $150 397 $1.4 na na 1.8
TANOX $22.25 98% 93% $987 $207 $780 $5 127 $6.1 -$25.4 8.2 3.2
Autoimmune Average   79% 83% $582 $126 $456 $57   $4.1 -$45.1 2.2 10.3
Autoimmune Median   79% 60% $257 $39 $158 $5   $3.8 -$25.4 1.5 2.6
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
ALLOS THERAPEUTICS $3.14 32% -64% $81 $49 $32 $0 92 $0.4 -$28.4 1.7 0.5
ANTIGENICS $14.14 88% 60% $558 $103 $455 $0 212 $2.1 -$54.0 1.9 1.6
APHTON CORP $6.96 70% 59% $172 $6 $166 $3 56 $3.0 -$19.7 0.3 1.3
ARIAD PHARMACEUTICALS $3.80 79% 29% $148 $21 $127 $6 52 $2.4 -$21.2 1.0 0.9
AVI BIOPHARMA $5.54 74% 40% $173 $12 $161 $0 89 $1.8 -$13.7 0.9 1.2
BIOMIRA $1.30 26% -50% $83 $83 $0 $0 115 $0.0 -$17.6 4.7 0.9
BOSTON LIFE SCIENCES $1.56 52% 46% $51 $0 $51 $0 14 $3.6 na na na
BRITISH BIOTECH PLC $2.20 55% -39% $37 $284 -$247 $5 96 -$2.6 -$59.4 4.8 0.1
CELGENE CORP $38.49 96% 121% $3,118 $257 $2,861 $400 560 $5.1 na na 5.2
CELL THERAPEUTICS $10.93 70% 108% $364 $110 $255 $190 286 $0.9 -$121.9 0.9 0.9
CORIXA CORP $7.94 86% 29% $436 $61 $374 $106 366 $1.0 -$74.8 0.8 0.4
CYTOGEN CORP $9.15 77% 12% $101 $11 $90 $0 49 $1.8 -$7.8 1.4 0.3
DENDREON $6.36 67% 84% $280 $47 $232 $0 117 $2.0 -$30.8 1.5 1.7
DUSA PHARMACEUTICALS $3.03 89% 73% $42 $48 -$6 $1 43 -$0.1 -$14.3 3.4 0.4
ENTREMED $3.42 52% 24% $108 $7 $102 $0 58 $1.8 -$14.8 0.4 0.5
EXEGENICS $0.67 73% -8% $11 $15 -$5 $0 8 -$0.6 -$3.9 3.9 0.2
GENAERA $4.45 83% 449% $161 $8 $153 $0 22 $7.0 -$6.3 1.2 0.9
GENTA $16.00 96% 106% $1,199 $103 $1,096 $28 96 $11.4 -$38.4 2.7 3.7
GERON CORP $7.98 82% 90% $265 $40 $225 $16 92 $2.4 -$31.7 1.2 1.0
ILEX ONCOLOGY $17.00 78% 186% $652 $161 $490 $37 277 $1.8 -$99.7 1.6 1.4
IMCLONE SYSTEMS $42.03 89% 406% $3,135 $293 $2,842 $242 399 $7.1 -$168.0 1.7 9.1
IMMUNOGEN $4.64 83% 44% $188 $515 -$327 $0 1618 -$0.2 na na 0.1
IMMUNOMEDICS $8.82 93% 53% $440 $28 $412 $0 94 $4.4 na na 2.8
MAXIM PHARMACEUTICALS $6.90 99% 151% $161 $89 $73 $1 115 $0.6 -$43.9 2.0 0.4
MEDAREX $6.00 78% -2% $465 $321 $144 $175 431 $0.3 -$118.5 2.7 0.7
NAPRO BIOTHERAPEUTICS $1.54 48% -19% $47 $7 $41 $25 151 $0.3 -$11.0 0.6 0.4
NEOPHARM $14.05 81% 42% $265 $81 $184 $0 100 $1.8 -$45.1 1.8 1.5
NEORX CORP $2.81 67% 393% $77 $12 $65 $5 36 $1.8 -$16.5 0.7 0.3
OSI PHARMACEUTICALS $38.01 99% 142% $1,375 $354 $1,021 $160 429 $2.4 -$108.7 3.3 1.9
OXIGENE $9.70 50% 824% $138 $10 $128 $0 10 $12.8 -$5.9 1.7 1.7
PRAECIS PHARMACEUTICALS $6.35 98% 67% $329 $181 $148 $33 110 $1.3 -$45.7 4.0 0.9
PROGENICS PHARMACEUTICALS $16.96 97% 112% $219 $33 $186 $0 100 $1.9 -$24.4 1.4 2.4
QLT INC $13.62 77% 64% $936 $126 $810 $0 336 $2.4 na na 2.4
SCICLONE PHARMACEUTICALS $7.96 82% 225% $305 $18 $287 $6 97 $3.0 -$11.4 1.5 1.9
SEATTLE GENETICS $5.81 83% 85% $179 $22 $157 $0 97 $1.6 -$23.8 0.9 1.7
SPECTRUM PHARMACEUTICALS $5.40 84% 44% $22 na na $0 18 na -$6.8 na 0.2
SUPERGEN $5.86 81% 75% $207 $32 $175 $8 107 $1.6 -$46.7 0.7 0.7
XENOVA GROUP PLC $1.80 21% -80% $31 $29 $2 $0 134 $0.0 -$13.9 2.1 1.1
Cancer Average   75% 105% $436 $97 $350 $38   $2.4 -$40.9 1.9 1.4
Cancer Median   80% 62% $184 $47 $157 $1   $1.8 -$24.4 1.6 0.9
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
CV THERAPEUTICS $25.70 62% 18% $731 $401 $329 $196 205 $1.6 -$82.9 4.8 1.3
ENCYSIVE PHARMACEUTICALS $4.29 86% 68% $191 $48 $143 $0 104 $1.4 -$18.6 2.6 0.9
MEDICINES COMPANY $28.50 91% 191% $1,343 $131 $1,212 $0 147 $8.2 -$25.7 5.1 3.0
QUESTCOR PHARMACEUTICALS $0.80 59% -32% $35 $15 $20 $3 52 $0.4 -$7.1 2.1 0.4
Cardiovascular Average   74% 61% $575 $149 $426 $50   $2.9 -$33.6 3.7 1.4
Cardiovascular Median   74% 43% $461 $89 $236 $2   $1.5 -$22.1 3.7 1.1
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
ALBANY MOLECULAR RESEARCH $15.34 77% -22% $488 $124 $364 $66 860 $0.4 na na 2.7
ARGONAUT TECHNOLOGIES $1.23 70% 35% $25 $23 $1 $12 215 $0.0 -$10.1 2.3 0.2
ARQULE $4.11 58% -35% $96 $83 $13 $5 298 $0.0 -$3.0 27.6 0.4
ARRAY BIOPHARMA $5.27 57% -37% $148 $41 $107 $0 245 $0.4 -$24.5 1.7 1.2
BIOCRYST PHARMACEUTICALS $4.84 97% 259% $86 $23 $63 $0 44 $1.4 -$11.2 2.0 0.6
DISCOVERY PARTNERS $4.86 75% 34% $119 $71 $49 $0 236 $0.2 na na 0.6
KOSAN BIOSCIENCES $8.81 99% 49% $225 $53 $172 $0 112 $1.5 -$10.3 5.1 1.6
PHARMACOPEIA $12.25 94% 53% $292 $146 $145 $0 687 $0.2 -$21.8 6.7 1.0
SYMYX TECHNOLOGIES $24.52 96% 133% $768 $127 $641 $0 213 $3.0 na na 5.0
VERTEX PHARMACEUTICALS $12.60 58% -37% $970 $680 $290 $315 980 $0.3 na na 1.2
Chemistry Average   78% 43% $322 $137 $185 $40   $0.8 -$13.5 7.6 1.4
Chemistry Median   76% 34% $187 $77 $126 $0   $0.4 -$10.7 3.7 1.1
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
ADOLOR $14.24 89% -2% $451 $137 $314 $0 124 $2.5 -$45.3 3.0 1.7
CEPHALON $44.35 75% 2% $2,463 $547 $1,916 $1,610 1271 $1.5 na na 2.4
DOV PHARMACEUTICALS $14.67 98% 269% $240 $57 $182 $14 32 $5.7 -$10.4 5.5 2.9
GUILFORD PHARMACEUTICALS $5.14 82% 31% $149 $66 $83 $64 235 $0.4 -$44.8 1.5 0.4
INDEVUS PHARMACEUTICALS $5.97 87% 275% $281 $33 $248 $0 24 $10.3 -$50.0 0.7 0.9
NEUROBIOLOGICAL TECHNOLOGIES $5.15 59% 107% $94 $5 $89 $0 11 $8.1 -$3.0 1.5 2.1
NEUROCRINE BIOSCIENCES $53.55 89% 50% $1,685 $308 $1,377 $0 276 $5.0 -$53.6 5.8 3.9
NYMOX PHARMACEUTICAL $2.70 59% -41% $64 na na na 228 na na na na
PAIN THERAPEUTICS $7.80 87% 21% $215 $46 $169 $0 30 $5.6 -$18.5 2.5 2.1
PHARMOS CORP $1.79 68% 43% $127 $17 $111 $21 67 $1.7 -$18.0 0.9 1.1
STEMCELLS $1.42 50% 19% $48 $2 $46 $0 28 $1.7 -$9.6 0.2 0.3
TITAN PHARMACEUTICALS $2.43 78% 38% $67 $66 $1 $0 72 $0.0 -$26.1 2.5 0.3
CNS Average   77% 68% $490 $117 $412 $155   $3.9 -$27.9 2.4 1.7
CNS Median   80% 34% $182 $57 $169 $0   $2.5 -$22.3 2.0 1.7
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
BIOSOURCE INTERNATIONAL $7.10 89% 23% $65 $4 $61 $0 296 $0.2 na na 1.5
GTC BIOTHERAPEUTICS $2.97 68% 140% $84 $48 $36 $13 182 $0.2 -$29.6 1.6 0.4
HARVARD BIOSCIENCE $5.35 98% 13% $161 $9 $152 $0 386 $0.4 na na 0.9
ICON PLC $36.75 100% 77% $435 na na na 1637 na na na na
INVITROGEN CORP $57.87 99% 63% $2,908 $764 $2,145 $697 2744 $0.8 na na 1.6
MOLECULAR DEVICES CORP $19.40 98% 55% $290 $55 $234 $0 433 $0.5 na na 1.6
NEOSE TECHNOLOGIES $9.76 70% 42% $168 $52 $117 $8 124 $0.9 -$33.7 1.5 0.9
PARAXEL INTERNATIONAL $16.83 95% 71% $432 $76 $355 $1 4930 $0.1 na na 2.5
PHARMACEUTICAL PRODUCT DEVELOP $25.51 79% 14% $1,427 $186 $1,241 $6 5300 $0.2 na na 5.2
QIAGEN NV $12.51 95% 110% $1,822 $30 $1,792 $0 1651 $1.1 na na 36.7
QUINTILES TRANSNATIONAL CORP $14.24 97% 42% $1,687 $731 $956 $0 15548 $0.1 na na 1.9
CRO/Service/Supply Average   90% 59% $862 $196 $709 $73   $0.5 -$31.6 1.6 5.3
CRO/Service/Supply Median   95% 55% $432 $53 $295 $0   $0.3 -$31.6 1.6 1.6
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
ABGENIX $13.00 89% 68% $1,143 $346 $798 $200 387 $2.1 -$132.7 2.6 1.2
AEROGEN $0.50 50% -41% $10 $4 $6 $0 80 $0.1 -$17.2 0.3 0.1
ALKERMES $11.65 80% 42% $1,040 $158 $882 $385 520 $1.7 na na 2.2
ANDRX $18.00 69% -27% $1,295 $67 $1,228 $0 2100 $0.6 na na 2.6
ARADIGM CORP $1.64 47% -45% $89 $36 $53 $0 285 $0.2 -$31.7 1.1 0.3
ATRIX LABORATORIES $30.21 100% 73% $633 $96 $538 $0 167 $3.2 -$11.0 8.7 2.5
BIODELIVERY SCIENCES $4.03 81% 41% $28 $6 $22 $0 19 $1.2 -$2.3 2.5 2.0
CIMA LABS $26.99 88% 17% $391 $72 $319 $0 219 $1.5 na na 1.6
DEPOMED $6.19 99% 117% $159 $13 $146 $0 51 $2.9 -$25.2 0.5 2.3
DOR  BIOPHARMA $0.71 42% 82% $20 $3 $16 $0 5 $3.3 -$9.7 0.3 0.3
DURECT $2.44 51% -48% $123 $37 $86 $50 6 $14.3 -$23.6 1.6 0.6
EMISPHERE TECHNOLOGIES $4.43 70% 36% $80 $53 $27 $34 124 $0.2 -$39.5 1.3 0.2
ENZON PHARMACEUTICALS $11.37 50% -48% $494 $100 $395 $0 127 $3.1 na na 1.8
FLAMEL TECHNOLOGIES SA $28.49 93% 1072% $461 $13 $448 $2 150 $3.0 -$8.9 1.5 9.0
GENEREX BIOTECHNOLOGY $1.72 59% -18% $34 $12 $23 $2 23 $1.0 -$10.4 1.1 0.4
GENETRONICS BIOMEDICAL LTD $0.80 84% 371% $41 $2 $39 $0 26 $1.5 na na 0.7
KOS PHARMACEUTICALS $37.78 94% 180% $811 $26 $785 $0 726 $1.1 na na 3.7
MACROCHEM CORP $1.04 63% -19% $29 $8 $22 $0 13 $1.7 -$4.7 1.6 0.4
MEDICIS PHARMACEUTICAL $61.08 95% 38% $1,659 $539 $1,120 $400 279 $4.0 na na 3.8
NASTECH PHARMACEUTICAL $8.65 72% -13% $89 $17 $72 $4 63 $1.1 -$11.7 1.4 1.4
NEKTAR THERAPEUTICS $11.47 80% 75% $640 $252 $389 $399 680 $0.6 -$79.8 3.2 0.8
NOVAVAX $6.13 89% 80% $185 $14 $170 $41 121 $1.4 -$23.2 0.6 1.5
NOVEN PHARMACEUTICALS $11.16 74% -14% $251 $65 $186 $0 274 $0.7 na na 3.3
SEPRACOR $26.92 92% 383% $2,280 $482 $1,799 $983 818 $2.2 -$119.0 4.0 2.9
Delivery Average   76% 100% $500 $101 $399 $104   $2.2 -$34.4 2.0 1.9
Delivery Median   80% 40% $218 $37 $178 $0   $1.5 -$20.2 1.4 1.6
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
ADVANCED MAGNETICS $9.90 72% 154% $77 $15 $61 $0 23 $2.7 -$2.6 6.0 1.7
BIOSITE $46.44 80% 133% $719 $72 $647 $7 513 $1.3 na na 8.9
CHOLESTECH CORP $9.12 64% -35% $126 $16 $110 $0 220 $0.5 -$14.8 1.1 1.5
DIAGNOSTIC PRODUCTS CORP $37.90 80% -5% $1,090 $33 $1,056 $0 2100 $0.5 na na 17.7
DIGENE CORP $38.01 99% 374% $689 $31 $658 $3 243 $2.7 -$2.5 12.5 5.9
ENZO BIOCHEM $17.80 62% 40% $507 $79 $428 $0 231 $1.9 na na 3.2
EPIX MEDICAL $19.03 94% 238% $329 $21 $308 $0 93 $3.3 -$21.8 1.0 2.7
EXACT SCIENCES $16.78 98% 38% $321 $35 $286 $0 75 $3.8 -$31.5 1.1 2.7
GEN-PROBE $63.34 99% na $1,512 na na $0 186 na na na na
HYCOR BIOMEDICAL $5.48 84% 100% $44 $5 $39 $0 148 $0.3 na na 3.4
IGEN INTERNATIONAL $58.36 98% 82% $1,389 $42 $1,347 $45 370 $3.6 -$17.2 2.4 5.7
IMMUCOR $25.00 96% 40% $324 $5 $318 $20 481 $0.7 na na 10.6
LUMINEX $6.79 85% -15% $202 $39 $162 $0 117 $1.4 -$3.6 10.9 1.6
MARTEK BIOSCIENCES CORP $51.59 97% 187% $1,386 $103 $1,283 $0 198 $6.5 na na 4.3
MATRITECH $2.03 68% 0% $65 $7 $58 $4 50 $1.2 -$7.8 0.9 0.9
MERIDIAN BIOSCIENCE $10.50 92% 68% $154 $3 $151 $23 350 $0.4 na na 6.5
ORASURE $9.00 98% 141% $347 $15 $331 $3 187 $1.8 -$4.4 3.5 2.2
QUIDEL CORP $6.30 83% 20% $183 $13 $170 $10 330 $0.5 na na 1.3
SONUS PHARMACEUTICALS $4.09 80% 86% $72 $14 $58 $0 37 $1.6 -$9.1 1.5 1.3
TRINITY BIOTECH PLC $3.54 97% 195% $140 $1 $139 $0 332 $0.4 na na 6.4
Diagnostic/imag. Average   86% 97% $484 $29 $401 $6   $1.8 -$11.5 4.1 4.7
Diagnostic/imag. Median   88% 82% $322 $16 $286 $0   $1.4 -$8.5 2.0 3.2
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
AASTROM BIOSCIENCES $1.05 60% 169% $60 $5 $55 $0 44 $1.2 -$8.4 0.6 0.6
AVIGEN $4.03 39% -51% $81 $105 -$23 $8 102 -$0.2 -$23.9 4.4 0.3
CELL GENESYS $12.02 90% 4% $472 $161 $311 $60 336 $0.9 -$69.5 2.3 1.6
CORAUTUS GENETICS $5.80 90% 40% $58 $3 $55 $0 17 $3.3 -$85.8 0.0 0.9
GENVEC $2.35 53% -29% $54 $12 $42 $6 95 $0.4 -$20.6 0.6 0.5
INTROGEN $6.94 68% 215% $164 $19 $145 $7 50 $2.9 -$21.8 0.9 1.7
SIRNA THERAPEUTICS $5.05 44% 19% $143 $5 $138 $4 81 $1.7 -$19.7 0.2 0.7
TARGETED GENETICS CORP $1.93 44% 184% $113 $12 $100 $0 125 $0.8 -$3.3 3.7 0.5
TRANSGENE SA $2.21 47% 47% $67 na na $0 318 na na na na
TRANSKARYOTIC THERAPIES $12.55 34% -64% $441 $212 $228 $0 345 $0.7 -$103.8 2.0 0.6
VALENTIS $2.25 19% -84% $13 $6 $7 $0 58 $0.1 -$12.1 0.5 0.1
VICAL $5.30 68% -3% $106 $102 $5 $0 165 $0.0 -$28.1 3.6 0.5
Gene therapy Average   55% 37% $148 $58 $97 $7   $1.1 -$36.1 1.7 0.7
Gene therapy Median   50% 11% $94 $12 $55 $0   $0.8 -$21.8 0.9 0.6
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
AVANT IMMUNOTHERAPEUTICS $2.35 68% 110% $153 $20 $133 $0 66 $2.0 -$13.4 1.5 0.7
CUBIST PHARMACEUTICALS $13.24 96% 81% $403 $114 $289 $208 204 $1.4 -$100.0 1.1 1.6
EPIMMUNE $1.14 55% -21% $14 $8 $6 $0 52 $0.1 -$7.2 1.0 0.1
GENELABS TECHNOLOGIES $1.42 46% -50% $90 $2 $88 $0 94 $0.9 -$16.8 0.1 0.5
IMMUNE RESPONSE CORP $1.59 40% -28% $51 $2 $49 $5 43 $1.1 -$20.8 0.1 0.2
INTERMUNE $19.01 50% -24% $604 $277 $327 $150 250 $1.3 -$75.7 3.7 1.3
INTRABIOTICS $3.79 16% -81% $12 $11 $1 $0 8 $0.1 -$7.6 1.5 0.1
MEDIMMUNE $34.70 82% 35% $8,669 $568 $8,102 $217 1505 $5.4 na na 3.3
NABI BIOPHARMACEUTICALS $6.41 80% 22% $286 $47 $239 $0 722 $0.3 na na 1.7
SIGA TECHNOLOGIES $1.69 71% 71% $29 $2 $27 $0 17 $1.6 -$121.5 0.0 0.9
TRIMERIS $42.65 75% -6% $918 $140 $778 $0 129 $6.0 -$63.7 2.2 2.3
VAXGEN $4.10 18% -60% $84 $10 $74 $0 117 $0.6 -$26.6 0.4 0.5
VICURON $14.78 95% 36% $796 $145 $650 $0 28 $23.2 -$48.0 3.0 1.8
VION PHARMACEUTICALS $1.34 45% 179% $44 $8 $36 $0 34 $1.1 -$9.7 0.8 0.4
VIROLOGIC $1.34 60% 23% $44 $10 $34 $0 170 $0.2 -$9.9 1.0 0.4
VIROPHARMA $2.20 46% 76% $57 $145 -$88 $130 139 -$0.6 -$27.4 5.3 0.2
XOMA LTD $9.37 94% 73% $681 $33 $647 $71 229 $2.8 -$52.4 0.6 1.3
Infection Average   61% 26% $761 $91 $670 $46   $2.8 -$40.0 1.5 1.0
Infection Median   60% 23% $90 $20 $88 $0   $1.1 -$26.6 1.0 0.7
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
AMYLIN PHARMACEUTICALS $28.55 99% 137% $2,661 $264 $2,396 $150 350 $6.8 -$123.2 2.1 3.8
BIOMARIN PHARMACEUTICAL $9.45 69% 128% $603 $154 $449 $125 219 $2.1 -$78.7 2.0 1.5
INSMED INC $2.70 72% 46% $104 $0 $104 $0 23 $4.5 na na na
KERYX BIOPHARMACEUTICALS $2.80 82% 70% $59 $22 $37 $0 24 $1.5 -$15.2 1.5 0.8
NPS PHARMACEUTICALS $27.45 89% 35% $1,010 $209 $801 $170 183 $4.4 -$112.4 1.9 2.1
SAVIENT PHARMACEUTICALS $4.40 100% 15% $262 $23 $239 $11 490 $0.5 na na 1.2
VIVUS $3.98 68% -6% $150 $23 $127 $0 119 $1.1 -$12.8 1.8 1.1
ZONAGEN $1.74 99% 41% $20 $24 -$5 $0 4 -$1.1 -$3.8 6.5 0.2
Metabolic Average   85% 58% $608 $90 $518 $57   $2.5 -$57.7 2.6 1.5
Metabolic Median   86% 44% $206 $24 $183 $6   $1.8 -$46.9 1.9 1.2
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
BIOPURE CORP $8.24 91% 129% $325 $15 $310 $10 249 $1.2 -$46.6 0.3 0.7
BIORELIANCE CORP $26.29 94% 14% $219 $36 $184 $10 638 $0.3 na na 3.9
BIOTIME $1.81 61% 25% $25 $1 $24 $2 12 $2.0 -$3.0 0.2 0.8
CERUS $7.62 30% -56% $168 $96 $71 $51 158 $0.5 -$68.6 1.4 4.3
COLLAGENEX PHARMACEUTICALS $11.68 69% 100% $134 $10 $124 $0 148 $0.8 na na 1.6
COLUMBIA LABORATORIES $13.69 97% 177% $538 $4 $535 $10 25 $21.4 -$18.8 0.2 4.2
CURIS $3.55 63% 333% $133 $37 $96 $7 64 $1.5 -$17.2 2.1 0.2
CYANOTECH CORP $0.55 75% 0% $10 $1 $9 $4 58 $0.2 -$0.7 0.9 0.4
CYTRX CORP $2.35 63% 335% $67 $1 $66 $0 3 $22.0 -$3.7 0.4 0.8
DISCOVERY LABORATORIES $7.42 87% 322% $306 $14 $292 $0 65 $4.5 -$18.0 0.8 3.5
INSITE VISION $0.56 45% -46% $14 $1 $13 $0 41 $0.3 -$9.1 0.1 0.1
INSPIRE PHARMACEUTICALS $14.65 90% 265% $465 $96 $369 $0 54 $6.8 na na 2.4
INTEGRA LIFESCIENCES $27.01 90% 75% $722 $129 $592 $105 760 $0.8 na na 2.4
NORTHFIELD LABORATORIES $6.70 67% 39% $108 $9 $99 $0 60 $1.6 -$11.6 0.8 0.9
OSTEOTECH $11.01 68% 18% $188 $15 $173 $15 338 $0.5 na na 3.0
PALATIN TECHNOLOGIES $3.50 84% 67% $146 $26 $121 $0 46 $2.6 -$22.6 1.1 1.3
PHARMACYCLICS $4.70 82% 51% $76 $94 -$18 $0 133 -$0.1 -$28.8 3.3 0.3
REPLIGEN CORP $7.47 97% 184% $223 $18 $206 $0 39 $5.3 -$3.1 5.7 1.3
SALIX PHARMACEUTICALS $13.79 99% 70% $298 $40 $258 $0 135 $1.9 -$21.9 1.8 2.3
TRIPOS $7.15 72% -16% $64 $10 $54 $4 337 $0.2 na na 1.8
Other Average   76% 104% $211 $33 $179 $11   $3.7 -$19.5 1.4 1.8
Other Median   79% 68% $157 $15 $123 $1   $1.4 -$17.6 0.8 1.5
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
AMGEN $65.94 91% 46% $85,114 $4,757 $80,357 $3,056 10100 $8.0 na na 4.4
BIOGEN $39.46 78% 18% $5,898 $812 $5,086 $37 2633 $1.9 na na 7.1
CHIRON CORP $50.81 99% 34% $9,477 $843 $8,634 $564 4044 $2.1 na na 3.9
GENENTECH $79.40 96% 142% $41,117 $1,085 $40,032 $0 5252 $7.6 na na 6.2
GENZYME CORP $47.13 90% 128% $10,466 $515 $9,951 $600 5600 $1.8 na na 3.7
GILEAD SCIENCES $66.68 94% 108% $13,426 $612 $12,814 $595 1250 $10.3 na na 13.2
IDEC PHARMACEUTICALS CORP $34.72 73% -14% $5,397 $860 $4,537 $871 995 $4.6 na na 5.5
Revenue-driven Average   89% 66% $24,414 $1,355 $23,059 $818   $5.2 na na 6.3
Revenue-driven Median   91% 46% $10,466 $843 $9,951 $595   $4.6 na na 5.5
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
DIVERSA $9.07 75% 1% $389 $155 $234 $11 279 $0.8 -$83.9 1.8 1.1
DYAX $3.76 77% 63% $92 $31 $61 $18 244 $0.3 -$25.5 1.2 0.6
ISIS PHARMACEUTICALS $6.61 60% -35% $367 $269 $98 $200 523 $0.2 -$97.3 2.8 0.6
LIGAND PHARMACEUTICALS $13.85 83% 88% $961 $34 $927 $159 402 $2.3 -$81.3 0.4 1.4
NEUROGEN CORP $5.20 53% -44% $93 $71 $22 $14 163 $0.1 -$31.6 2.3 0.5
ONYX PHARMACEUTICALS $17.85 98% 335% $520 $38 $482 $0 89 $5.4 -$42.8 0.9 2.6
REGENERON PHARMACEUTICALS $15.21 67% -2% $793 $312 $481 $200 266 $1.8 -$120.4 2.6 1.3
TULARIK $10.12 83% 45% $597 $156 $441 $0 430 $1.0 -$96.8 1.6 1.4
Screening Average   74% 56% $477 $133 $343 $75   $1.5 -$72.5 1.7 1.2
Screening Median   76% 23% $454 $113 $338 $16   $0.9 -$82.6 1.7 1.2
                         
Company 08/29/03 Close % 52wk High % Change From 08/30/02 Market Cap ($M) Cash & Mkt. Sec. ($M) Tech Value ($M) LT Debt plus Convert # of Staff Tech Value/ Staff ($M) Est. Burn Rate ($M) Survival Index (Yrs) Equity Multiple
CARRINGTON LABORATORIES $5.25 90% 377% $53 $2 $51 $2 252 $0.2 -$1.2 2.0 1.0
CELLEGY PHARMACEUTICALS $3.12 51% 28% $62 $12 $51 $0 23 $2.2 -$12.5 0.9 0.6
CURATIVE HEALTH SERVICES $17.15 87% 24% $218 $2 $216 $24 340 $0.6 na na 2.1
LIFECELL CORP $6.02 96% 187% $129 $5 $123 $1 155 $0.8 na na 1.6
LIFECORE BIOMEDICAL $5.89 64% -29% $76 $3 $73 $6 199 $0.4 na na 1.6
Wound Average   78% 117% $107 $5 $103 $7   $0.8 -$6.9 1.4 1.4
Wound Median   87% 28% $76 $3 $73 $2   $0.6 -$6.9 1.4 1.6
                         
Grand Average   75% 69% $1,113 $138 $1,003 $69   $2.1 -$39.5 2.4 2.3
Grand Median   77% 42% $206 $46 $159 $1   $1.1 -$24.4 1.6 1.3



originally published 10/08/2003


Copyright © 2012. Signals (signalsmag.com) is an online magazine of analysis for biotechnology executives. To contact the Signals editorial department, send e-mail to signals_edit@deloitte.com. Signals is published by: Recap, 2033 N Main Street, Suite 1050 , Walnut Creek, California 94596-3722, Phone: (925) 952-3870