See the complete outline below.

 

This is a special issue of our newsletter. We provide detailed updates on all the companies currently in our coverage universe. Weighing in at over 150 pages, its a must-read for anyone interested in development-stage biotech companies. In this issue, we examine all 21 companies in our coverage universe, ranking them from 1st to 21st. This is easily our most popular issue every year, often becoming a tattered "handbook" in the top desk drawer of professional and independent investors.

Subscriber direct access

1. You are in a room with your peers from the other companies in our Model Portfolio. The audience will invest in only one company. Give me two or three reasons why it should be your company.
2. What is the most important strategic decision you’ve made in the last year?
3. What was your most disappointing setback in the last year?
4. Does any member of the executive team currently have a hedge, collar, or similar position on your company's stock or stock options?
5. Without being obligated to comment on your specific product, what must [market segment varies by company] do to demonstrate greater acceptance or interest?
6. Manufacturing is often a major stumbling block for young companies. How will your company avoid this risk going forward? What unique risks are posed by your manufacturing strategy?

Introduction

About the format

Table: BSR Model Portfolio changes

Table: 2005 Anniversary Issue Rankings

Table: 2005/2004 Anniversary Issue Rankings Comparison

Table: 2004 Anniversary Issue Ranking Performance

NOTE: Companies appear on this table of contents in alphabetical order. In the actual report, they are ranked from 1-21.

 

Adolor (ADLR) -- 3 pages

 

Table: Timelines

Table: Basic Facts

Table: Publication history (14 updates since 8/2004)

Disclosure

 

POI

OBD

 

Bull Case

Bear Case

Investment Case

Six Questions

 

BioMarin (BMRN) -- 7 pages

 

Table: Timelines

Table: Basic Facts

Table: Publication history (22 updates since 8/2004)

Disclosure

 

Selected product portfolio

Table: Selected markets and lead candidate

Two approved drugs: Aldurazyme & Naglazyme

Phenylketonuria program

Phenoptin development program

Other uses for Phenoptin

Other drugs

Existing partnership

Table: What BioMarin and Serono gets

 

Bull Case

Bear Case

Investment Case

Six Questions

 

Table: Timelines

Table: Basic Facts

Table: Publication history (1 updates since 8/2004)

Disclosures

 

Introduction

Executive management

The cortisol hypothesis

Quick market introduction for psychotic depression

Treating psychotic depression with mifepristone

Table: Ongoing Corlux pivotal trials

Current non-pivotal trials

Alzheimer's disease

Severe weight gain due to antipsychotic medications

Selective GR-II antagonists

An unusual stock

Table: Insider ownership

 

Bull Case

Bear Case

Investment Case

Six Questions

Table: Timelines

Table: Basic Facts

Table: Publication history (6 updates since 8/2004)

Disclosures

 

Staying the course

History

A bit more than a nutshell

Stoll at the helm

The present

 

Bull Case

Bear Case

Investment Case

Six Questions

Table: Timelines

Table: Basic Facts

Table: Publication history (45 updates since 8/2004))

Disclosure

 

Where we are now

BLA or not to BLA?

Provenge data quality

Timelines

BLA filing

FDA review

9902b

9902a and pooled data

P-11/PROTECT

Provenge approval outlook

Neuvenge

trp-p8

Odds and ends

 

Bull Case

Bear Case

Investment Case

Six Questions

 

Table: Timelines

Table: Basic Facts

Table: Publication history (30 updates since 8/2004))

Disclosure

 

The crux of the matter

Our current thoughts

Further impacts

Focus on the NICU

Thoughts on the near future

The nCPAP bomb

 

Bull Case

Bear Case

Investment Case

Six Questions

Forbes Medi-Tech (FMTI) -- 8 pages

 

Table: Timelines

Table: Basic Facts

Table: Publication history (7 updates since 8/2004)

Disclosures

 

Understanding the statin shake-up

Lipid market expands

Cholesterol inhibition to the rescue

Zetia's Achilles' heel

FMTI's absorption inhibitors

FM-VP4

The Phase IIa trial

Table: FM-VP4 Phase IIa (with Zetia results comparison)

Table: FM-VP4 and Zetia patient comparison

Where from here

Market potential

Reducol

Capacity

 

Bull Case

Bear Case

Investment Case

Six Questions

 

Genta (GNTA) -- 8 pages

 

Table: Timelines

Table: Basic Facts

Table: Publication history (20 updates since 8/2004)

Disclosures

 

Lessons not learned

Genasense in CLL

Market size

Melanoma

Other Genasense programs

Prostate cancer

Extensive SCLC

Second line NSCLC

Elderly AML

Timeline risks

Genasense sub-q

Genasense partnership

Ganite

 

Bull Case

Bear Case

Investment Case

Six Questions

 

ID Biomedical (IDBE) -- 13 pages

 

Table: Timelines

Table: Basic Facts

Table: Publication history (32 updates since 8/2004)

Disclosures

 

FluViral

The contract

The BLA

The Loot

Table: Fluviral EPS contribution - base case

Table: Fluviral EPS contribution - aggressive case

StreptAvax

M proteins and GRaS

The vaccine

Timelines

Partners

The market

PGCVax

FluINsure

New strategy

Market potential

Partner

Other stuff

 

Bull Case

Bear Case

Investment Case

Six Questions

 

Indevus (IDEV) -- 6 pages

 

Table: Timelines

Table: Basic Facts

Table: Publication history (25 updates since 8/2004)

Disclosure

 

The Sanctura saga

Sanctura XR

Esprit Pharma, formerly known as Indevus?

The pipeline

Aminocandin

Pagoclone

IP-751

NEBIDO

PRO-2000

Player to be named later

 

Bull Case

Bear Case

Investment Case

Six Questions

Introgen (INGN) -- 6 pages

 

Table: Timelines

Table: Basic Facts

Table: Publication history (8 updates since 8/2004)

Disclosure

 

Secretive or hiding something?

What has changed?

 

No SPA and changed trials

Our (brief) Ah-ha moment

Ah-ha turns to Uh-oh

Timelines

Shift hits the fan

 

Bull Case

Bear Case

Investment Case

Six Questions

 

Medarex (MEDX) -- 6 pages

 

Table: Timelines

Table: Basic Facts

Table: Publication history (9 updates since 8/2004)

Disclosures

 

Pivotal MDX-010 trial

Melanoma

Table: Pivotal trial arms

Chemo combo trial

HIV

GVAX

MDX-060

MDX-070

MDX-214

MDX-1100

 

Bull Case

Bear Case

Investment Case

Six Questions

 

Nabi  (NABI) -- 6 pages

 

Table: Timelines

Table: Basic Facts

Table: Publication history (11 updates since 8/2004)

Disclosures

Why StaphVax?

Why not StaphVax?

The financing

Other product highlights

Table: Nabi products on the market

Table: Nabi products in the clinic

PhosLo

Staphylococcus aureus Type 336 Vaccine

NicVax

 

Bull Case

Bear Case

Investment Case

Six Questions

 

Oncolytics Biotech (ONCY) -- 5 pages

 

Table: Timelines

Table: Basic Facts

Table: Publication history (Debuted June 2005)

Disclosures

 

Not much to update

Good presentations

Oncolytic viruses

The reovirus

Reolysin clinical trials

Table: Reolysin clinical trials

 

Bull Case

Bear Case

Investment Case

Six Questions

 

Onyx (ONXX) -- 3 pages

 

Table: Timelines

Table: Basic Facts

Table: Publication history (11 updates since 8/2004)

Disclosures

 

All about sorafenib

Sorafenib trials

Table: Sorafenib trials

 

Bull Case

Bear Case

Investment Case

Six Questions

 

SciClone (SCLN) -- 9 pages

 

Table: Timelines

Table: Basic Facts

Table: Publication history (9 updates since 8/2004)

 

Disclosures

The new CEO

Upcoming milestones

Metastatic melanoma

Hepatitis C

Table: Key Zadaxin Trials for Hep-C

Other items

 

Bull Case

Bear Case

Investment Case

Six Questions

Seattle Genetics (SGEN) -- 6 pages

 

Table: Timelines

Table: Basic Facts

Table: Publication history (9 updates since 8/2004)

Disclosures

 

SGN-15

SGN-30

Patent issues

SGN-40

SGN-33

SGN-35

SGN-70

SGN-75

 

Bull Case

Bear Case

Investment Case

Six Questions

Sonus (SNUS) -- 7 pages

 

Table: Timelines

Table: Basic Facts

Table: Publication history (13 updates since 8/2004)

Disclosures

 

"Pivotal" is an understatement

Trial design

Table: TOCOSOL paclitaxel pivotal Phase III trial design

All about the side effects

Competition

Partner

Pipeline

 

Bull Case

Bear Case

Investment Case

Six Questions

Targeted Genetics (TGEN) -- 4 pages

 

Table: Timelines

Table: Basic Facts

Table: Publication history (8 updates since 8/2004)

Disclosures

 

So what's different this time

tgAAC-94

tgAAC-09 (HIV)

Collaborations

 

Bull Case

Bear Case

Investment Case

Six Questions

Valentis (VLTS) -- 5 pages

Table: Timelines

Table: Basic Facts

Table: Publication history (13 since 8/2005)

Disclosure

 

Strange stuff

Simple story going forward

The fate of del-1

 

Bull Case

Bear Case

Investment Case

Six Questions

 

ZymoGenetics (ZGEN) -- 6 pages

 

Table: Timelines

Table: Basic Facts

Table: Publication history (13 updates since 8/2004)

 

rhThrombin (recombinant human thrombin)

TACI-ig

B-cell lymphomas

Lupus

Rheumatoid arthritis

Partner

IL-21

IL-29

Partnerships

 

Bull Case

Bear Case

Investment Case

Six Questions

 

Macro Market Commentary

Inflow of cash the primary theme

 

Biotech Sector Short Interest

Chart: NASDAQ Biotech Index (NBI) short interest (indexed)

Chart: NBI short interest as a percentage of total NASDAQ short interest

Table: Top 15 NBI short interest as a percentage of float

BSR Model Portfolio Performance