Signals vs Noise Article







January 2003 Stock Report



Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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 $1.61 26% -71% $37 $54 -$17 $16 176 -$0.1 -$40.3 1.3 0.8
HUMAN GENOME SCIENCES $7.04 24% -75% $906 $1,352 -$445 $503 1010 -$0.4 -$300.3 4.5 0.5
INCYTE GENOMICS $4.36 28% -71% $296 $453 -$157 $172 585 -$0.3 -$153.6 2.9 0.4
MILLENNIUM PHARMACEUTICALS $7.40 29% -64% $2,124 $1,822 $302 $83 1900 $0.2 na na 0.5
MYRIAD GENETICS $12.72 26% -71% $304 $59 $246 $0 491 $0.5 -$21.3 2.8 1.5
1st Generation Genomics Average . 27% -70% $734 $748 -$14 $155 . $0.0 -$128.9 2.9 0.8
1st Generation Genomics Median . 27% -71% $300 $256 -$8 $50 . $0.0 -$40.3 2.8 0.7
                         
Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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 $2.31 58% -40% $84 $119 -$36 $1 170 -$0.2 -$44.8 2.7 0.3
AFFYMETRIX $27.14 88% -26% $1,584 $353 $1,232 $370 905 $1.4 na na 4.5
CALIPER TECHNOLOGIES $2.92 20% -81% $72 $128 -$56 $0 132 -$0.4 -$37.5 3.4 0.3
CELERA GENOMICS GROUP $9.28 39% -58% $664 $880 -$216 $0 na na na na na
CEPHEID $5.31 81% 70% $164 $21 $143 $2 143 $1.0 -$23.0 0.9 2.0
CIPHERGEN BIOSYSTEMS $4.58 64% -31% $125 $46 $79 $0 229 $0.3 -$31.6 1.4 0.7
ILLUMINA $3.00 31% -68% $97 $0 $97 $0 179 $0.5 -$30.4 0.0 na
SEQUENOM $1.62 21% -78% $64 $106 -$42 $6 272 -$0.2 -$68.0 1.6 0.1
TRANSGENOMIC $2.90 29% -71% $68 $18 $50 $0 na na -$18.9 1.0 0.6
Genomic Supply Average . 48% -43% $325 $186 $139 $42 . $0.4 -$36.3 1.6 1.2
Genomic Supply Median . 49% -49% $90 $76 $25 $0 . $0.4 -$31.0 1.2 0.7
                         
Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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 $2.40 22% -78% $49 $55 -$6 $10 83 -$0.1 -$20.4 2.7 0.3
ARENA PHARMACEUTICALS $6.50 60% -38% $180 $196 -$16 $0 209 -$0.1 -$41.1 4.8 0.6
CURAGEN CORP $4.08 22% -76% $201 $431 -$230 $150 454 -$0.5 -$79.5 5.4 0.4
DECODE GENETICS $2.08 24% -76% $111 $102 $10 $0 592 $0.0 -$86.8 1.2 0.3
DELTAGEN $0.36 4% -96% $15 $50 -$35 $2 356 -$0.1 -$85.2 0.6 0.1
EXELIXIS $6.46 44% -50% $371 $154 $217 $0 571 $0.4 -$91.8 1.7 0.8
GENE LOGIC $6.45 32% -59% $174 $172 $3 $1 272 $0.0 -$27.8 6.2 0.5
GENENCOR INTERNATIONAL $12.17 96% -3% $710 $171 $539 $85 1144 $0.5 na na 1.4
HYSEQ INC. $0.80 12% -89% $18 $4 $14 $4 224 $0.1 -$5.8 0.7 0.1
LARGE SCALE BIOLOGY $0.60 16% -84% $15 $27 -$12 $0 169 -$0.1 -$27.1 1.0 0.1
LEXICON GENETICS $4.42 40% -58% $231 $114 $118 $0 507 $0.2 -$67.2 1.7 0.7
LYNX THERAPEUTICS $2.07 8% -93% $9 $13 -$4 $1 182 $0.0 -$13.1 1.0 0.1
MAXYGEN $7.30 48% -49% $251 $229 $23 $0 308 $0.1 -$29.2 7.8 0.6
NANOGEN $1.50 28% -71% $33 $46 -$13 $0 194 -$0.1 -$32.9 1.4 0.2
ORCHID BIOSCIENCES $0.40 10% -90% $22 $9 $13 $4 595 $0.0 -$89.1 0.1 0.1
PARADIGM GENETICS $0.28 9% -92% $9 $9 $0 $4 253 $0.0 -$15.7 0.6 0.1
RIGEL PHARMACEUTICALS $0.89 17% -80% $41 $37 $4 $0 147 $0.0 -$40.6 0.9 0.3
SANGAMO BIOSCIENCES $3.30 34% -64% $81 $52 $29 $0 90 $0.3 -$83.8 0.6 0.6
Genomic Targets Average . 29% -69% $140 $104 $36 $14 . $0.0 -$49.2 2.3 0.4
Genomic Targets Median . 24% -76% $49 $52 $3 $1 . $0.0 -$36.7 1.1 0.3
                         
Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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
EMBREX $10.34 41% -44% $84 $8 $76 $0 221 $0.3 na na 1.4
ENVIROGEN $0.74 45% -45% $3 $1 $2 $0 144 $0.0 -$3.2 0.4 0.0
IDEXX LABORATORIES $34.62 93% 41% $1,191 $128 $1,063 $0 2170 $0.5 na na 3.6
IMMUCELL CORP $2.15 61% -36% $6 $2 $4 $0 30 $0.1 na na 0.6
Agbio/enviro. Average . 60% -21% $321 $35 $286 $0 . $0.2 -$3.2 0.4 1.4
Agbio/enviro. Median . 61% -36% $6 $2 $4 $0 . $0.3 -$1.1 0.7 1.0
                         
Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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 $12.59 47% -42% $229 $283 -$54 $124 140 -$0.4 -$86.6 3.3 0.6
AUTOIMMUNE $0.74 59% -36% $13 $10 $2 $0 na na -$1.0 10.4 0.1
BIOMARIN PHARMACEUTICAL $10.70 83% -10% $574 $86 $488 $0 216 $2.3 -$68.5 1.3 1.8
BIOTRANSPLANT $0.32 4% -96% $8 $9 -$1 $0 105 $0.0 -$20.7 0.4 0.0
CONNETICS CORP $12.99 90% 5% $404 $29 $374 $0 162 $2.3 -$10.0 3.0 2.4
CORTECH $2.65 64% -34% $10 $0 $10 $0 na na na na na
CYPRESS BIOSCIENCE $2.75 61% -11% $36 $14 $22 $0 9 $2.5 -$7.2 1.9 0.3
EPIMMUNE $0.87 23% -75% $11 $12 -$1 $0 52 $0.0 -$6.0 2.0 0.1
ICOS CORP $24.55 47% -48% $1,523 $85 $1,438 $0 469 $3.1 -$138.1 0.6 2.0
INKINE PHARMACEUTICAL CO $1.78 71% 7% $63 $7 $55 $0 12 $4.6 -$5.9 1.3 1.1
KERYX BIOPHARMACEUTICALS $1.31 20% -80% $26 $27 -$1 $0 63 $0.0 -$12.1 2.2 0.4
LA JOLLA PHARMACEUTICAL CO $7.98 91% 5% $339 $65 $273 $0 118 $2.3 -$42.7 1.5 1.6
PROTEIN DESIGN LABS $8.48 35% -64% $755 $624 $131 $159 363 $0.4 -$32.0 19.5 1.2
TANOX $8.46 52% -37% $375 $235 $140 $5 114 $1.2 -$30.6 7.7 1.2
Autoimmune Average . 53% -37% $312 $106 $206 $21 . $1.5 -$35.5 4.2 1.0
Autoimmune Median . 59% -36% $63 $27 $22 $0 . $1.2 -$16.4 1.9 1.0
                         
Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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 $7.02 71% 15% $181 $60 $120 $0 61 $2.0 -$21.2 2.8 1.1
ANTIGENICS $9.54 64% -32% $316 $70 $245 $0 208 $1.2 -$54.2 1.3 1.1
APHTON CORP $3.78 28% -70% $86 $9 $77 $0 50 $1.5 -$43.7 0.2 0.7
AVAX TECHNOLOGIES $0.14 20% -78% $2 $6 -$4 $0 43 -$0.1 -$10.4 0.6 0.0
AVI BIOPHARMA $4.78 40% -55% $126 $22 $104 $0 85 $1.2 -$28.2 0.8 0.9
BIOMIRA $1.11 27% -71% $59 $83 -$24 $0 179 -$0.1 -$17.6 4.7 0.7
BOSTON LIFE SCIENCES $1.13 39% -61% $25 $0 $25 $0 na na na na na
BRITISH BIOTECH PLC $2.80 28% -70% $48 $173 -$126 $3 145 -$0.9 -$36.2 4.8 0.1
CELGENE CORP $22.39 75% -18% $1,762 $289 $1,473 $0 383 $3.8 -$4.1 69.7 3.2
CELL PATHWAYS $0.52 9% -90% $20 $17 $3 $0 77 $0.0 -$18.9 0.9 0.1
CELL THERAPEUTICS $6.50 24% -72% $212 $169 $43 $0 238 $0.2 -$121.6 1.4 0.6
CORIXA CORP $5.70 45% -49% $280 $47 $233 $23 496 $0.5 -$66.3 0.7 0.2
CYTOGEN CORP $2.71 10% -90% $24 $16 $8 $3 74 $0.1 -$15.9 1.0 0.1
DENDREON $5.38 75% 17% $142 $55 $87 $0 72 $1.2 -$20.8 2.6 0.9
DOR  BIOPHARMA $1.42 77% -20% $31 $4 $27 $0 22 $1.2 -$2.5 1.6 0.4
DUSA PHARMACEUTICALS $1.71 33% -64% $24 $56 -$32 $2 55 -$0.6 na na 0.2
ENTREMED $0.98 11% -87% $21 $5 $17 $3 112 $0.1 -$47.0 0.1 0.1
EXEGENICS $0.39 17% -82% $6 $20 -$14 $0 29 -$0.5 -$10.7 1.9 0.1
GENAERA $0.39 11% -89% $14 $12 $2 $0 57 $0.0 -$11.9 1.0 0.1
GENTA $7.36 40% -46% $538 $127 $412 $10 60 $6.9 -$60.4 2.1 1.7
GERON CORP $2.10 23% -78% $52 $47 $5 $16 142 $0.0 -$28.8 1.6 0.2
ILEX ONCOLOGY $7.36 33% -70% $239 $149 $90 $0 310 $0.3 -$41.6 3.6 0.5
IMCLONE SYSTEMS $9.26 30% -44% $682 $293 $389 $242 399 $1.0 -$168.0 1.7 2.0
IMMUNOGEN $2.99 23% -77% $128 $515 -$387 $0 76 -$5.1 na na 0.1
IMMUNOMEDICS $4.90 23% -68% $244 $38 $206 $0 85 $2.4 -$11.5 3.3 1.5
MAXIM PHARMACEUTICALS $2.99 44% -51% $70 $108 -$38 $2 132 -$0.3 -$44.4 2.4 0.2
MEDAREX $3.44 19% -77% $160 $370 -$210 $175 297 -$0.7 -$216.5 1.7 0.3
NAPRO BIOTHERAPEUTICS $0.42 4% -96% $13 $12 $1 $25 189 $0.0 -$15.8 0.7 0.1
NEOPHARM $10.80 43% -33% $177 $102 $75 $0 72 $1.0 -$41.1 2.5 1.0
NEORX CORP $0.47 9% -89% $13 $12 $0 $5 118 $0.0 -$46.0 0.3 0.1
OSI PHARMACEUTICALS $15.23 35% -64% $555 $465 $90 $160 383 $0.2 -$88.6 5.2 0.8
OXIGENE $1.61 50% -36% $20 $14 $6 $0 15 $0.4 -$6.7 2.1 0.2
PRAECIS PHARMACEUTICALS $3.40 58% -29% $176 $209 -$33 $33 na na -$22.3 9.4 0.5
PROGENICS PHARMACEUTICALS $7.70 45% -55% $97 $42 $56 $0 80 $0.7 -$25.6 1.6 1.1
QLT PHOTOTHERAPEUTICS $8.08 37% -64% $552 $257 $295 $0 285 $1.0 -$48.3 5.3 1.2
SCICLONE PHARMACEUTICALS $3.69 74% 44% $136 $25 $112 $6 na na -$6.7 3.7 0.9
SEATTLE GENETICS $3.30 49% -48% $101 $31 $70 $0 na na -$20.4 1.5 1.0
XENOVA GROUP PLC $6.94 69% -14% $97 $18 $78 $0 134 $0.6 -$8.8 2.1 5.3
Cancer Average . 37% -54% $195 $104 $92 $19 . $0.6 -$40.9 4.2 0.8
Cancer Median . 35% -64% $97 $47 $27 $0 . $0.3 -$24.0 1.7 0.5
                         
Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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
ATHEROGENICS $7.55 89% 18% $212 $41 $171 $0 79 $2.2 -$27.7 1.5 1.7
CORVAS INTERNATIONAL $1.41 20% -80% $39 $71 -$32 $12 95 -$0.3 -$26.2 2.7 0.2
CV THERAPEUTICS $16.81 36% -62% $456 $420 $35 $196 222 $0.2 -$99.3 4.2 0.9
QUESTCOR PHARMACEUTICALS $1.07 51% -46% $41 $9 $32 $3 38 $0.8 -$4.0 2.3 0.5
SCIOS $32.80 87% 26% $1,530 $66 $1,464 $161 425 $3.4 -$87.3 0.8 2.7
TEXAS BIOTECHNOLOGY CORP $1.30 20% -76% $57 $47 $10 $0 na na -$23.4 2.0 0.3
Cardiovascular Average . 51% -37% $389 $109 $280 $62 . $1.3 -$44.6 2.3 1.0
Cardiovascular Median . 51% -46% $57 $47 $32 $3 . $0.9 -$26.2 2.0 0.9
                         
Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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
3-DIMENSIONAL PHARMACEUTICALS $5.65 72% -22% $128 $75 $53 $5 204 $0.3 -$30.8 2.4 0.8
ARGONAUT TECHNOLOGIES $0.89 25% -72% $18 $29 -$11 $0 154 -$0.1 -$21.4 1.3 0.1
ARIAD PHARMACEUTICALS $2.39 38% -32% $83 $28 $55 $6 69 $0.8 -$31.3 0.9 0.5
ARQULE $3.08 23% -77% $66 $83 -$17 $8 385 $0.0 -$21.9 3.8 0.3
ARRAY BIOPHARMA $4.46 34% -67% $124 $52 $72 $0 na na -$4.9 10.7 1.0
BIOCRYST PHARMACEUTICALS $0.87 16% -83% $15 $27 -$12 $0 77 -$0.2 -$13.7 2.0 0.1
KOSAN BIOSCIENCES $5.70 62% -21% $145 $63 $81 $0 68 $1.2 -$29.5 2.1 1.0
PHARMACOPEIA $6.55 42% -54% $154 $142 $12 $0 800 $0.0 -$25.3 5.6 0.5
SYMYX TECHNOLOGIES $11.89 48% -46% $367 $119 $248 $0 204 $1.2 na na 2.5
VERTEX PHARMACEUTICALS $13.84 43% -35% $1,053 $651 $402 $315 1000 $0.4 -$133.8 4.9 1.3
Chemistry Average . 40% -51% $215 $127 $88 $33 . $0.4 -$34.7 3.8 0.8
Chemistry Median . 42% -46% $124 $63 $53 $0 . $0.3 -$23.6 2.3 0.8
                         
Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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
CEPHALON $46.53 67% -35% $2,568 $637 $1,931 $871 1127 $1.7 na na 2.6
DOV PHARMACEUTICALS $6.55 55% na $94 $64 $30 $14 NA NA -$10.4 6.2 1.2
GUILFORD PHARMACEUTICALS $2.97 28% -75% $89 $96 -$7 $4 289 $0.0 -$58.3 1.6 0.3
INDEVUS PHARMACEUTICALS $2.17 21% -80% $102 $40 $61 $0 19 $3.2 -$19.3 2.1 0.3
MACROCHEM CORP $0.60 17% -84% $17 $10 $6 $0 32 $0.2 -$6.1 1.7 0.2
NEUROCRINE BIOSCIENCES $43.37 87% -3% $1,327 $275 $1,052 $0 222 $4.7 -$80.9 3.4 3.1
SPECTRUM PHARMACEUTICALS $2.04 2% -98% $3 $0 $3 $0 53 $0.1 -$9.4 0.0 0.0
SYNAPTIC PHARMACEUTICAL CORP $6.45 88% -9% $71 $28 $43 $0 97 $0.4 -$32.5 0.9 0.5
TITAN PHARMACEUTICALS $1.56 20% -79% $43 $81 -$38 $0 58 -$0.7 -$29.2 2.8 0.2
CNS Average . 43% -58% $479 $137 $342 $99 . $1.2 -$30.8 2.3 0.9
CNS Median . 41% -75% $80 $52 $18 $0 . $0.4 -$19.3 1.7 0.4
                         
Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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 $5.53 21% -78% $484 $464 $21 $200 324 $0.1 -$135.4 3.4 0.5
ALKERMES $7.68 24% -72% $497 $72 $426 $206 520 $0.8 -$271.4 0.3 1.1
ARADIGM CORP $1.15 21% -80% $36 $35 $1 $0 307 $0.0 -$41.1 0.9 0.1
BIODELIVERY SCIENCES $1.95 51% na $14 $6 $7 $0 8 $0.9 -$5.7 1.1 1.0
CIMA LABS $22.50 77% -19% $320 $73 $247 $0 171 $1.4 na na 1.3
CYGNUS $0.33 5% -93% $13 $25 -$12 $20 102 -$0.1 -$40.8 0.6 0.0
DEPOMED $2.53 39% -59% $35 $9 $26 $0 40 $0.7 -$35.4 0.3 0.5
EMISPHERE TECHNOLOGIES $5.90 26% -75% $106 $18 $88 $32 241 $0.4 -$52.1 0.3 0.3
ENZON PHARMACEUTICALS $17.49 33% -67% $752 $224 $528 $0 106 $5.0 na na 2.9
FLAMEL TECHNOLOGIES SA $4.44 91% 82% $72 $13 $59 $2 137 $0.4 -$8.9 1.5 1.4
GENETRONICS BIOMEDICAL LTD $0.43 59% -49% $22 $2 $19 $0 27 $0.7 -$5.6 0.4 0.4
NEKTAR THERAPEUTICS $5.86 41% -59% $325 $314 $11 $299 694 $0.0 -$106.1 3.0 0.4
NOVAVAX $2.66 22% -78% $66 $8 $58 $40 173 $0.3 -$26.9 0.3 0.6
NOVEN PHARMACEUTICALS $7.75 28% -54% $175 $60 $115 $0 252 $0.5 na na 2.2
ORAPHARMA $7.38 98% 85% $101 $28 $73 $0 124 $0.6 -$19.6 1.4 0.9
SEPRACOR $11.27 24% -78% $949 $553 $395 $999 930 $0.4 -$94.4 5.9 1.2
SHEFFIELD PHARMACEUTICALS $0.17 5% -95% $5 $0 $5 $12 16 $0.3 -$5.2 0.1 0.1
Delivery Average . 39% -49% $234 $112 $122 $106 . $0.7 -$60.6 1.4 0.9
Delivery Median . 30% -67% $86 $26 $42 $1 . $0.4 -$35.4 0.9 0.8
                         
Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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 $4.14 78% 3% $28 $18 $10 $0 24 $0.4 -$9.5 1.8 0.6
CHOLESTECH CORP $7.10 35% -59% $97 $15 $82 $0 220 $0.4 na na 1.2
DIAGNOSTIC PRODUCTS CORP $35.03 66% -12% $1,000 $43 $957 $0 1955 $0.5 na na 17.2
DIANON SYSTEMS $47.49 0% -18% $573 $60 $513 $0 1066 $0.5 na na 2.2
DIGENE CORP $11.47 31% -57% $208 $34 $174 $3 243 $0.7 -$10.5 3.2 1.8
ENZO BIOCHEM $13.01 60% -44% $370 $73 $297 $0 255 $1.2 na na 2.3
EPIX MEDICAL $7.35 45% -43% $125 $36 $89 $0 88 $1.0 -$22.4 1.6 1.0
HYCOR BIOMEDICAL $2.03 31% -70% $16 $6 $11 $1 149 $0.1 na na 1.3
IGEN INTERNATIONAL $39.46 86% -3% $936 $49 $887 $46 370 $2.4 -$33.4 1.5 3.9
LUMINEX $4.55 30% -75% $134 $40 $94 $0 183 $0.5 -$22.1 1.8 1.1
MARTEK BIOSCIENCES CORP $24.35 71% -11% $568 $29 $540 $0 166 $3.3 -$15.0 1.9 2.4
MATRITECH $1.86 57% -30% $57 $3 $54 $0 44 $1.2 -$8.5 0.3 0.8
ORASURE $7.85 94% 10% $295 $13 $281 $3 221 $1.3 -$1.5 8.6 1.9
OSTEX INTERNATIONAL $0.99 37% -63% $12 $1 $11 $1 46 $0.2 -$4.5 0.2 0.3
QUIDEL CORP $3.43 45% -57% $99 $5 $94 $0 336 $0.3 -$4.8 1.0 0.7
SONUS PHARMACEUTICALS $2.75 38% -65% $38 $19 $18 $0 34 $0.5 -$13.1 1.5 0.7
TRINITY BIOTECH PLC $1.64 92% -5% $66 $1 $65 $0 332 $0.2 na na 3.0
Diagnostic/imag. Average . 53% -35% $272 $26 $246 $3 . $0.9 -$13.2 2.1 2.5
Diagnostic/imag. Median . 51% -37% $112 $18 $91 $0 . $0.5 -$10.0 1.6 1.2
                         
Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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 $0.37 35% -61% $18 $8 $10 $0 44 $0.2 -$9.8 0.8 0.2
AVIGEN $4.81 41% -56% $97 $125 -$28 $0 143 -$0.2 -$28.4 4.4 0.4
CELL GENESYS $9.95 55% -42% $358 $226 $133 $0 262 $0.5 -$50.8 4.4 1.2
DIACRIN $1.04 45% -50% $19 $40 -$21 $0 30 -$0.7 -$6.1 6.5 0.2
INTROGEN $2.64 49% -40% $57 $31 $26 $7 77 $0.3 -$22.8 1.4 0.6
RIBOZYME PHARMACEUTICALS $0.25 6% -93% $5 $15 -$10 $5 130 -$0.1 -$27.3 0.6 0.0
TARGETED GENETICS CORP $0.29 11% -89% $15 $17 -$3 $23 173 $0.0 -$19.3 0.9 0.1
TRANSGENE SA $1.60 56% -41% $48 na na $0 318 na na na na
TRANSKARYOTIC THERAPIES $4.90 11% -88% $171 $288 -$118 $0 376 -$0.3 -$83.6 3.5 0.2
VALENTIS $3.30 3% -96% $7 $12 -$5 $0 58 -$0.1 -$18.6 0.6 0.0
VICAL $3.08 30% -70% $62 $120 -$58 $0 152 -$0.4 -$40.9 2.9 0.3
Gene therapy Average . 31% -66% $78 $88 -$8 $3 . -$0.1 -$30.8 2.6 0.3
Gene therapy Median . 38% -59% $33 $31 -$5 $0 . -$0.1 -$22.8 1.4 0.5
                         
Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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 $1.17 36% -63% $71 $26 $44 $0 71 $0.6 -$1.1 23.8 0.3
ESSENTIAL $0.15 4% -96% $3 $41 -$38 $1 139 -$0.3 -$20.3 2.0 0.0
GENELABS TECHNOLOGIES $1.58 45% -27% $84 $12 $73 $0 90 $0.8 -$17.2 0.7 0.4
IMMTECH INTERNATIONAL $1.98 27% -58% $13 $3 -$9 $0 na na -$4.9 0.6 0.3
IMMUNE RESPONSE CORP $1.32 24% -64% $13 $1 $12 $3 129 $0.1 -$22.0 0.1 0.1
INTERMUNE $17.65 38% -63% $558 $343 $215 $150 57 $3.8 -$39.0 8.8 1.2
INTRABIOTICS $0.23 5% -92% $9 $35 -$27 $4 31 -$0.9 -$45.1 0.8 0.0
MEDIMMUNE $29.79 66% -32% $7,485 $454 $7,031 $218 877 $8.0 -$145.2 3.1 2.9
NABI BIOPHARMACEUTICALS $5.51 57% -41% $213 $44 $170 $0 615 $0.3 na na 1.3
NEOSE TECHNOLOGIES $8.08 23% -76% $116 $43 $73 $4 111 $0.7 -$23.8 1.8 0.6
SIGA TECHNOLOGIES $1.32 46% -46% $15 $1 $14 $0 12 $1.1 -$2.5 0.4 0.5
TRIMERIS $42.27 74% 14% $902 $61 $841 $0 109 $7.7 -$72.6 0.8 3.1
VAXGEN $14.34 62% 47% $208 $26 $182 $0 80 $2.3 -$31.0 0.8 1.4
VERSICOR $11.04 51% -43% $291 $73 $218 $1 63 $3.5 -$52.1 1.4 1.4
VION PHARMACEUTICALS $0.36 8% -91% $10 $13 -$3 $0 50 -$0.1 -$9.9 1.3 0.1
VIROLOGIC $0.95 28% -66% $24 $6 $18 $0 204 $0.1 -$22.3 0.3 0.2
VIROPHARMA $1.68 8% -91% $44 $176 -$133 $156 418 $0.4 na na 0.2
XOMA LTD $3.88 32% -60% $273 $36 $237 $58 193 $1.2 -$49.0 0.7 -19.9
Infection Average . 35% -53% $574 $77 $496 $33 . $1.7 -$34.9 3.0 -0.3
Infection Median . 36% -60% $71 $35 $44 $1 . $0.7 -$22.3 0.8 0.4
                         
Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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 $17.14 90% 102% $1,403 $180 $1,223 $0 150 $8.2 -$125.2 1.4 2.7
BIO-TECHNOLOGY GENERAL CORP $2.51 30% -70% $147 $20 $127 $14 378 $0.3 na na 0.7
INSMED INC $0.49 15% -84% $16 $0 $16 $0 na na -$2.2 0.0 9.6
NPS PHARMACEUTICALS $22.28 62% -26% $678 $158 $521 $0 146 $3.6 -$73.1 2.2 1.8
ZONAGEN $1.01 17% -83% $12 $27 -$16 $0 10 -$1.6 na na 0.1
Metabolic Average . 43% -32% $451 $77 $374 $3 . $2.6 -$66.8 1.2 3.0
Metabolic Median . 46% -48% $82 $24 $72 $0 . $1.0 -$37.7 1.2 1.4
                         
Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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 $16.17 54% -35% $524 $121 $403 $5 532 $0.8 na na 2.9
BIOPURE CORP $3.27 25% -68% $101 $30 $71 $10 211 $0.3 -$50.4 0.6 0.2
BIORELIANCE CORP $22.42 80% 16% $189 $36 $154 $11 556 $0.3 na na 3.4
BIOTIME $1.65 40% -63% $22 $2 $20 $2 12 $1.7 -$2.3 0.8 0.7
CARRINGTON LABORATORIES $1.01 27% -33% $10 $2 $8 $0 181 $0.0 -$2.2 1.1 0.2
COLLAGENEX PHARMACEUTICALS $9.82 81% 23% $112 $5 $106 $0 155 $0.7 na na 1.3
COLUMBIA LABORATORIES $3.33 56% 1% $118 $4 $114 $10 19 $6.0 -$7.5 0.6 0.9
CYANOTECH CORP $0.43 34% -62% $8 $0 $7 $3 53 $0.1 -$2.2 0.1 0.3
CYTRX CORP $0.28 27% -57% $6 $2 $4 $0 5 $0.8 -$9.9 0.2 0.1
DISCOVERY LABORATORIES $2.58 75% -24% $85 $11 $74 $0 50 $1.5 -$18.1 0.6 1.1
GTC BIOTHERAPEUTICS $1.40 34% -68% $39 $66 -$27 $13 168 -$0.2 -$27.9 2.4 0.2
ICON PLC $28.00 81% -1% $331 $0 $331 $0 1262 $0.3 na na na
IMMUCOR $18.71 72% 147% $236 $6 $230 $23 481 $0.5 na na 8.2
INSITE VISION $0.90 37% -58% $23 $4 $19 $0 39 $0.5 -$12.4 0.3 0.2
INVITROGEN CORP $29.46 51% -49% $1,519 $712 $807 $512 2726 $0.3 na na 0.8
MOLECULAR DEVICES CORP $16.85 77% -19% $258 $51 $207 $0 370 $0.6 na na 1.4
NORTHFIELD LABORATORIES $5.35 55% -33% $76 $12 $64 $0 60 $1.1 -$12.6 1.0 0.6
OSTEOTECH $6.82 60% -19% $116 $19 $97 $17 365 $0.3 na na 1.8
PAIN THERAPEUTICS $2.63 22% -70% $72 $54 $18 $0 26 $0.7 -$12.2 4.4 0.7
PHARMACEUTICAL PRODUCT DEVELOP $29.85 85% 3% $1,651 $147 $1,504 $7 4375 $0.3 na na 6.2
PHARMACYCLICS $3.97 44% -53% $64 $109 -$45 $0 176 -$0.3 -$26.9 4.1 0.2
PHARMOS CORP $1.07 51% -50% $61 $25 $35 $0 70 $0.5 -$21.8 1.2 0.5
QIAGEN NV $5.67 28% -70% $824 $30 $794 $0 na na na na 16.6
QUINTILES TRANSNATIONAL CORP $12.71 66% -20% $1,496 $1 $1,495 $0 17224 $0.1 na na na
SANGSTAT MEDICAL CORP $10.71 39% -41% $283 $107 $176 $15 263 $0.7 na na 0.9
SICOR $14.90 78% -5% $1,744 $201 $1,543 $25 1851 $0.8 na na 2.2
SUPERGEN $2.92 25% -74% $96 $27 $69 $0 115 $0.6 -$80.4 0.3 0.3
TRIPOS $7.37 23% -78% $65 $10 $55 $3 267 $0.2 -$3.1 3.3 1.9
Other Average . 51% -31% $362 $64 $298 $23 . $0.7 -$19.3 1.4 2.1
Other Median . 51% -35% $101 $19 $74 $1 . $0.5 -$12.3 0.9 0.9
                         
Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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 $50.96 81% -11% $65,589 $4,042 $61,547 $3,040 7700 $8.0 na na 3.4
BIOGEN $38.25 66% -28% $5,702 $828 $4,873 $39 1992 $2.4 na na 6.9
CHIRON CORP $37.52 76% -13% $7,058 $945 $6,113 $415 3736 $1.6 na na 2.9
GENENTECH $36.74 67% -26% $18,910 $1,124 $17,786 $0 4950 $3.6 na na 2.8
GENZYME CORP $32.29 62% -34% $6,928 $441 $6,488 $869 5200 $1.2 na na 2.5
GILEAD SCIENCES $34.90 87% 3% $6,864 $625 $6,239 $250 1000 $6.2 na na 7.3
IDEC PHARMACEUTICALS CORP $32.08 45% -49% $4,909 $947 $3,962 $861 692 $5.7 na na 5.4
Revenue-driven Average . 69% -23% $16,566 $1,279 $15,287 $782 . $4.1 na na 4.5
Revenue-driven Median . 72% -20% $6,896 $887 $6,176 $333 . $3.0 na na 3.2
                         
Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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
CUBIST PHARMACEUTICALS $6.57 29% -61% $188 $147 $41 $209 180 $0.2 -$68.0 2.2 0.7
DISCOVERY PARTNERS $2.46 30% -65% $60 $70 -$10 $0 225 $0.0 -$3.2 21.6 0.3
DIVERSA $8.30 61% -34% $297 $164 $133 $11 276 $0.5 -$26.8 6.1 1.1
DYAX $1.80 24% -74% $35 $34 $1 $16 239 $0.0 -$22.7 1.5 0.2
ISIS PHARMACEUTICALS $5.99 32% -65% $330 $292 $38 $179 434 $0.1 -$70.3 4.2 0.5
LIGAND PHARMACEUTICALS $4.66 23% -72% $333 $35 $298 $4 351 $0.8 -$28.2 1.3 0.5
NEUROGEN CORP $3.62 23% -75% $65 $84 -$19 $20 200 -$0.1 -$31.2 2.7 0.4
ONYX PHARMACEUTICALS $5.00 56% 6% $108 $50 $58 $5 85 $0.7 -$43.3 1.2 0.6
REGENERON PHARMACEUTICALS $18.73 69% -33% $825 $300 $525 $200 575 $0.9 -$131.3 2.3 1.4
REPLIGEN CORP $3.00 67% 30% $82 $17 $65 $0 40 $1.6 -$4.3 4.0 0.5
TULARIK $4.10 18% -82% $225 $175 $50 $9 380 $0.1 -$91.8 1.9 0.6
Screening Average . 39% -48% $232 $124 $107 $59 . $0.4 -$47.4 4.4 0.6
Screening Median . 31% -63% $148 $77 $45 $10 . $0.4 -$29.7 2.2 0.6
                         
Company
01/31/03
Close
% 52wk High
% change from 01/25/02
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
CELLEGY PHARMACEUTICALS $4.23 58% -46% $83 $5 $77 $1 36 $2.1 -$6.5 0.8 0.9
LIFECELL CORP $2.59 66% -22% $54 $5 $49 $1 138 $0.4 na na 0.7
LIFECORE BIOMEDICAL $8.10 69% -21% $104 $1 $104 $6 200 $0.5 -$4.2 0.2 2.2
Wound Average . 64% -30% $80 $4 $76 $2 . $1.0 -$5.3 0.5 1.3
Wound Median . 67% -21% $68 $3 $63 $1 . $0.8 -$4.2 0.8 1.0
                     
Grand Average . 43% -47% $770 $142 $632 $55 . $0.8 -$38.4 2.8 1.1
Grand Median . 40% -54% $104 $47 $53 $0 . $0.4 -$26.9 1.6 0.7



originally published 02/07/2003


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