Financial Performance & Scoring -- © 2005 Gaskins IPO Desktop/IPOdesktop
	Analysis of 15 Biotech, Biopharma, Medical Device, Medical-related pre-IPO companies
	. Opening Premium Star Ratings:		1-Star--Flat to up $0.38; 2-Stars--Up $0.50 to $1;
		3-Stars-UP $1 to $3; 4-Stars--$4 and higher; 5-Stars--Moonshot, 100% plus
	. Business Model Rating Criteria
	A = high growth market, potential leader; B = more competitive market; C='public venture capital'
	. Calculations
	. IPO Price to annualized Sales Ratio -- (Price / Sales)
	Numerator		Denominator
	IPO market capitalization…		Annualized Sales (last quarter's revenues times 4)
	(post-IPO # of shares times mid-point of IPO price range)
	. IPO Price to annualized Earnings (loss) -- (Price / Earnings)
	Numerator		Denominator
	IPO market cap		Annualized Earnings (loss) from the last quarter
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	VALUATION RATIOS	IPO Mrkt	Price /	Price /	Price /	Price /	% offered
		Cap (mm)	Sales	Earnings	BookValue	TangibleBV	in IPO
March 8	CombinatoRx (CRXX	223	n/a	-10.0	2.4	2.4	30%
	new medicines from synergistic combinations of approved drugs					Post-IPO shrs:20.3mm
March 4	AsprevaPharma ASPV	461	124.7	-19.2	3.7	3.7	22%
	commercializes approved drugs					Post-IPO shrs:32.95mm
Feb 25	Targacept (TRGT)	244	66.1	-10.2	2.1	2.1	31%
	biopharmaceutical					Post-IPO shrs:20.37mm
Jan 21	ViaCell (VIAC)	289	3.2	26.7	4.0	4.4	21%
	biotechnology company enabling the use of human cells as medicine					Post-IPO shrs:36.1mm
Dec 14	Conor Med (CONR)	368	n/a	-17	3.5	3.5	16%
	stents for vascular drug delivery					Post-IPO:30.7mm shrs
Dec 10	Adeza Biomd (ADZA)	239	7.3	39	3.5	3.5	24%
	patented diagnostic test, the Fetal Fibronectin Test					Post-IPO:15.9 mm shrs
Dec6midwk	CABG Med (CABG)	87	n/a	-30	3.0	3.0	35%
	artificial coronary graft system					Post-IPO: 15.8 mm shrs
Dec 8	OccuLogix (RHEO)	376	622.3	63	1.7	8.0	20%
	innovative treatments for eye diseases					Post-IPO:41.76mm shrs
Dec 9	SYMMETRY Md SMA	459	2.2	31	2.5	11.0	24%
	implants, elated instruments & cases for orthopedic device manufacturers.					Post-IPO: 32.8mm shrs
Oct 20	VNUS Medical (VNUS)	192	5.6	112	3.4	3.4	35%
	medical devices for minimally invasive treatment of venous reflux disease
Oct 14	CoTherix (CTRX)	176	n/a	-5	2.4	2.4	26%
	biopharmaceutical: therapeutics for life threatening diseases.
Oct 7	IntraLase (ILSE)	305	6.0	-38	3.5	3.5	26%
	laser technology for the first step of LASIK surgery
Sept 28	Theravance (THRX)	583	81.0	-6	2.9	3.6	12%
	biopharmaceutical company
Sept 23	Cogent Sys (COGT)	741	10.8	49	5.9	5.9	23%
	provider of Automated Fingerprint Identification Systems, or AFIS
Sept 22	Nephros (NEP)	78	n/a	-11	5.8	5.8	32%
	development stage medical device and technology company
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pre-IPO scheduled date
March 8	CombinatoRx	CRXX, 2-Stars, C
	new medicines from synergistic combinations of approved drugs					Post-IPO shrs:20.3mm
	Boston, MA	2001	2002	2003	2004	IPO Mkt
	Revenue ($mm)	none	none	none	none	Cap (mm)
	R&D	3.8	9.9	12.1	15.9	$223
	Income (loss) ($mm)	-$5.6	-$13.6	-$16.3	-$22.3	@$11
	VALUATION RATIOS	IPO Mrkt	Price /	Price /	Price /	Price /	% offered
		Cap (mm)	Sales	Earnings	BookValue	TangibleBV	in IPO
March 8	CombinatoRx (CRXX), CRXX, 2-Stars	223	n/a	-10.0	2.4	2.4	30%
	SCORECARD		Mgt	Market	Market Do-	Proprie-	Total
	1-5, 5 is high			Growth	mination	tary	rating
	20 is perfect		2	2	0	2	6
	Business
	Developing new medicines built from synergistic combinations of approved drugs.
	cHTS approach
	. CRXX. Uses its combination high throughput screening, or cHTS, technology, to systematically
	screen pair-wise combinations from its library of approximately 2,000 United States, European
	and Japanese approved drugs
	. In cell-based assays corresponding to major diseases such as cancer, rheumatoid arthritis,
	asthma, psoriasis and diabetes.
	. Using these cell-based assays, cHTS technology screens the effects of millions of possible
	dose-specific combinations of existing drugs in each of our selected disease models.
	Discoveries
	. Has discovered pairs of approved drugs which in preclinical studies exhibit a therapeutic effect
	against a model for a target disease when applied in combination,
	. Even though neither drug is indicated for such disease on its own.
	. Also discovered pairs of drugs where CRXX's preclinical studies suggest the effectiveness or
	safety of one drug in its primary disease indication may be improved by combining it with another
	drug that, on its own, is not indicated for that disease.
	Advantages of CRXX's Approach
	. Early stage drug candidates often fail.
	. CRXX'ss approach seeks to address this high failure rate by pursuing a portfolio strategy for drug
	discovery and development.
	. By applying cHTS technology to screen for the biological effects of combinations of approved
	drugs in disease models
	. CRXX has identified multiple product candidates for selected major diseases and advanced them
	into proof-of-concept clinical trials.
	Active ingredients are approved drugs
	. Because the active pharmaceutical ingredients in CRXX"s product candidates are themselves
	approved drugs
	. CRXX has been able to move seven of product candidates into human clinical studies without the
	need to first complete many of the extensive preclinical toxicology and pharmacology studies
	generally required before initiating clinical trials for a new chemical entity.
	. This approach allows CRXX to make early development decisions based studies in patients,
	rather than only on studies in animals.
	Product candidates
	Immuno-Inflammatory Disease Program
	. CRXX currently has six clinical stage product candidates targeting immuno-inflammatory
	diseases and multiple additional preclinical product candidates.
	Oncology (cancer) Program
	. CRXX's oncology product pipeline includes dual-action agents in clinical and preclinical
	development.
	Metabolic Diseases and Other Preclinical Programs
	. CRXX's preclinical pipeline includes multiple product candidates targeted for potential
	development in Type II diabetes, other metabolic diseases, oncology and multiple immuno
	inflammatory diseases.
	Clinical Status
	. Five product candidates are in proof-of-concept studies in patients, or phase IIa trials, and a sixth
	product candidate is planned to enter phase IIa clinical trials in 2005.
	. In addition, CRXX is testing our oncology product candidate in patients with advanced cancers
	who have failed one or more prior therapies. These oncology trials, referred to here as phase I/II
	trials, are designed to evaluate safety, response rate, dosage levels and other factors.
	Competition
	. Will be competing against a wide range of pharmaceutical and life science companies that have
	greater resources
	Discovery technology
	. Seeks to create barriers to entry for other pharmaceutical companies by filing patent applications
	for technology and by protecting trade secrets
	. Many companies have already developed and employ high throughput screening technologies. .
	Should these companies seek to apply these technologies to the discovery of combination drugs,
	CRXX drug discovery technology may be rendered obsolete or noncompetitive.
	Use of $59.8mm in IPO proceeds
	• Development of our current portfolio of seven clinical stage product candidates;
	• Development of our preclinical stage product candidates.
	• Discovery and development of additional product candidates;
	• Further development of drug discovery technology; and
	• Working capital, capital expenditures and other general corporate purposes.
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March 4	Aspreva Pharma	ASPV, 1-Star, C
	commercializes approved drugs					Post-IPO shrs:32.95mm
	Victoria, British Columbia, Canada		2002	2003	2004	IPO Mkt
	Revenue ($mm)		none	none	none	Cap (mm)
	R&D		0.07	1.20	10.10	$461
	Income (loss) ($mm)		-$0.2	-$2.5	-$22.5	@$14
	VALUATION RATIOS	IPO Mrkt	Price /	Price /	Price /	Price /	% offered
		Cap (mm)	Sales	Earnings	BookValue	TangibleBV	in IPO
March 4	AsprevaPharma ASPV	461	124.7	-19.2	3.7	3.7	22%
	SCORECARD		Mgt	Market	Market Do-	Proprie-	Total
	1-5, 5 is high			Growth	mination	tary	rating
	20 is perfect		2	2	1	1	6
	Business
	Commercializes new indications for approved drugs and drug candidates for underserved
	patient populations.
	Strategy
	. Collaborate with pharmaceutical and biopharmaceutical companies to pursue new
	indication approvals which lie beyond their strategic focus.
	. Intends to assume the clinical, regulatory and commercial activities for these non-core
	indications of collaborators’ existing drugs.
	. Seeks collaborations with companies that have approved drugs and drug candidates
	that ASPV believes have compelling scientific, clinical and commercial potential.
	Example
	. CellCept is a drug currently approved in the United States, European Union, Canada
	and other countries for the prevention of organ transplant rejection.
	ASPV believes that CellCept also has the potential to be effective in treating a variety of
	autoimmune diseases.
	Collaboration with Roche
	. In July 2003, entered into first collaboration with Roche for the drug CellCept.
	. ASPV is responsible for clinical development, preparing regulatory filings and, following
	regulatory approval, commercialization, marketing and promotion of CellCept for use in
	autoimmune indications.
	. Roche will manufacture, distribute and record sales of CellCept.
	. Starting April 1, 2005 and during the term of the agreement, Roche is obligated to pay,
	on a quarterly basis, an amount equal to half of any incremental net sales of CellCept
	attributed to the use of CellCept for non-transplant indications above a negotiated
	baseline of 134 million Swiss Francs, or CHF, per year.
	Competition
	CellCept
	. In the transplant market, CellCept currently competes with Myfortic, which is marketed
	by Novartis. Myfortic is approved only for the prevention of kidney rejection. If additional
	indications are approved for CellCept, Novartis may choose to compete in these markets
	by also pursuing clinical trials in autoimmune indications.
	. If approved, CellCept will compete with immunosuppressants, the current standard of
	care for the treatment of autoimmune diseases, such as steroids and cytotoxic agents,
	including cyclophosophamide, cyclosporine and azathioprine.
	. In addition, ASPV is aware that the following companies have products in development
	or on the market that may be competitive with CellCept in lupus nephritis: La Jolla
	Pharmaceuticals Co., Prometheus Laboratories, Inc., Human Genome Sciences Inc.,
	Genelabs Technologies Inc., Genentech Inc., Teva Pharmaceuticals Ltd., Novartis AG
	and Bristol Myers Squibb Co.
	. ASPV is also aware that the following companies have products in development that
	may be competitive with CellCept in myasthenia gravis: Novo Nordisk A/ S, Corixa
	Corporation and Cambridge Neuroscience, Inc.
	. Ttwo companies are developing potential therapies for pemphigus vulgaris: Alexion
	Antibody Technologies, Inc. and Peptimmune, Inc.
	Use of $90.7mm in IPO proceeds
	• $14.0 million to commence planned Phase III clinical trial for the use of CellCept in the
	induction and maintenance treatment of lupus nephritis;
	• $6.0 million to continue Phase III clinical trial for the use of CellCept to treat myasthenia
	gravis;
	• $5.0 million to continue Phase III clinical trial for the use of CellCept to treat pemphigus
	vulgaris;
	• $15.0 million to fund market research, continuing medical education, medical liaisons
	and product launch preparation for CellCept.
	===================================
	note: TRGT was postponed
Feb 25	Targacept (TRGT)	TRGT, 1-Star, C
	biopharmaceutical					Post-IPO shrs:20.37mm
	Winston-Salem, North Carolina		2002	2003	2004	IPO Mkt
	Revenue ($mm)		$2.3	$2.5	$3.7	Cap (mm)
	R&D		$16	$18	$23	$244
	Income (loss) ($)		-$21	-$19	-$24	@$12
	VALUATION RATIOS	IPO Mrkt	Price /	Price /	Price /	Price /	% offered
		Cap (mm)	Sales	Earnings	BookValue	TangibleBV	in IPO
Feb 25	Targacept (TRGT)	244	66.1	-10.2	2.1	2.1	31%
	SCORECARD		Mgt	Market	Market Do-	Proprie-	Total
	1-5, 5 is high			Growth	mination	tary	rating
	20 is perfect		2	2	1	1	6
	Business
	. Biopharmaceutical targeting a new class of drugs to treat multiple diseases and disorders
	. By selectively targeting a class of receptors known as neuronal nicotinic acetylcholine receptors,
	or NNRs.
	. Has worldwide commercialization rights for all of product candidates
	Focus and product candidates
	. Three therapeutic areas: cognitive impairment, pain and depression.
	. Within these areas, has three product candidates in clinical development and three preclinical
	product candidates
	. Expects to advance one of the preclinical product candidates into clinical development in the first
	half of 2005.
	. Also has multiple preclinical programs for target indications outside these areas, which TRGT
	believes NNRs can be exploited for medical benefit.
	Inversein
	Product candidate currently in a Phase II clinical trial as an add-on therapy in patients with major
	depressive disorder, is approved in the United States for moderately severe to severe essential
	hypertension.
	TRGT believes that Inversine is the only FDA-approved product designed to target an NNR.
	Sources of revenue
	. Since August 2000, funded operations primarily through private placement of equity securities
	and, to a much lesser extent, through payments received from our collaborators, equipment and
	building lease incentive financing, sales of our product Inversine and government grants.
	History
	. Traces scientific lineage to a research program initiated by R.J. Reynolds Tobacco Company in
	1982 to study the activity and effects of nicotine in the body and the function of nicotinic
	acetylcholine receptors.
	. Incorporated in Delaware in 1997 as a wholly owned subsidiary of RJR.
	. In August 2000, we became an independent company when we issued shares of our series B
	convertible preferred stock to outside investors.
	Competition
	Substantial competition from therapies designed to target NNRs (neuronal nicotinic acetylcholine
	receptors)
	. Pfizer, with an NNR-targeted compound in Phase III for smoking cessation, and Abbott
	Laboratories, with an NNR-targeted compound in Phase II for Alzheimer’s disease, ADHD and
	schizophrenia and a second NNR-targeted compound in Phase I for pain.
	. In addition, companies with active NNR-based research programs include Merck & Co.,
	AstraZeneca, Eli Lilly, Sanofi-Synthélabo, Memory Pharmaceuticals, Critical Therapeutics and
	NeuroSearch A/S.
	While there is currently no approved product either for AAMI or for cognitive impairment
	associated with schizophrenia, primary competitive products include
	• for mild to moderate Alzheimer’s disease, acetylcholinesterase inhibitors such as Aricept from
	Pfizer, Reminyl from Johnson & Johnson and Exelon from Novartis and for moderate to severe
	Alzheimer’s disease, Namenda from Forest Laboratories, which acts by regulating the
	neurotransmitter glutamate;
	• for pain, non-steroidal anti-inflammatory drugs such as Celebrex from Pfizer and opioids such as
	OxyContin from Purdue Pharma;
	• for depression, selective serotonin reuptake inhibitors such as Prozac from Eli Lilly,
	Paxil/Seroxar from GlaxoSmithKline, Zoloft from Pfizer, Celexa from Forest Laboratories and
	Lexapro from Forest Laboratories and the dual uptake inhibitor Effexor from Wyeth;
	• for schizophrenia, anti-psychotics such as Zyprexa from Eli Lilly, Risperdal from Johnson &
	Johnson and Abilify from Bristol-Myers Squibb; and
	• for smoking cessation, Zyban from GlaxoSmithKline.
	Use of $67.8mm in IPO proceeds
	Fund clinical trials, preclinical testing and other research and development activities
	• $25 million to fund further development of ispronicline, product candidate for conditions marked
	by cognitive impairment that afflict the elderly, including Alzheimer’s disease and AAMI;
	• $2 million to fund further development of TC-1827, product candidate for cognitive impairment
	associated with schizophrenia;
	• $12 million to fund further development of TC-2696, product candidate for acute post-operative
	pain;
	• $3 million to complete ongoing Phase II clinical trial of Inversine as an add-on therapy in
	patients with major depressive disorder;
	• $2 million to conduct the additional preclinical toxicology studies necessary to support an IND
	for clinical trials of TC-2216; and
	• $24 million to fund general and administrative expenses, other research and development
	expenses, working capital needs and other general corporate purposes.
	====================================
Jan 21	ViaCell	VIAC, 2-Stars, B-
	biotechnology company enabling the use of human cells as medicine					Post-IPO shrs:36.1mm
	Boston, MA	2001	2002	2003	Sept 9 mos	IPO Mkt
	Revenue (mm) ($)	$7.3	$20.4	$31.9	$28.6	Cap (mm)
	Gross margin %	57.5%	71.1%	77.6%	80.7%	$289
	R&D	$7.0	$11.4	$13.2	$11.7	@$8
	Inprocess tech*	$0.6	$5.9	$23.9
	*cost of acquiring technology
	Income (loss) ($)	-22.1	-36.0	-55.5	-15.9
	Income (loss) (%)	-302.7%	-176.5%	-174.0%	-55.6%
	VALUATION RATIOS	IPO Mrkt	Price /	Price /	Price /	Price /	% offered
		Cap (mm)	Sales	Earnings	BookValue	TangibleBV	in IPO
Jan 21	ViaCell (VIAC)	289	3.2	-14.4	4.0	4.4	21%
	SCORECARD		Mgt	Market	Market Do-	Proprie-	Total
	1-5, 5 is high			Growth	mination	tary	rating
	20 is perfect		2	3	1	2	8
	Business
	enabling the use of human cells as medicine
	. An early stage of development for cellular therapeutic candidates and has recently initiated the
	first clinical trial for the lead product candidate, CB001.
	. Developing a pipeline of other proprietary product candidates intended to address cancer, cardiac
	diseases, and infertility.
	. Also has a commercial business dedicated to the preservation of umbilical cord blood, an
	abundant source of stem cells for potential therapeutic use.
	. Currently generates revenue from cord blood preservation activities, which VIAC markets as its
	Viacord product.
	Collaborations
	. In December 2003, VIAC entered into a license and collaboration agreement with Amgen under
	which VIAC received a non-exclusive license to certain Amgen stem cell growth factors for use in
	developing and manufacturing cell therapy products
	. Amgen received an option to collaborate with VIAC on development and commercialization of
	any product, including CB001, that incorporates an Amgen growth factor or technology.
	. Amgen made a $20 million equity investment in VIAC.
	. In addition, VIAC has an agreement with Genzyme, an equity investor in ViaCell, under which
	Genzyme provides scientific support in the area of islet stem cell research.
	. VIAC also has entered into relationships with academic institutions and other companies.
	Product and Product Candidates
	CB001
	. Lead cellular therapy product candidate, CB001, is initially being developed by us for use as a
	substitute for bone marrow and other hematopoietic stem cell transplants. CB001 is a proprietary,
	highly concentrated and purified population of stem cells
	. Currently enrolling patients in a Phase I clinical trial
	Viacord
	. Viacord customers are expectant parents who have entrusted us with their child’s umbilical cord
	blood, which VIAC processes into a cellular therapeutic and cryopreserve, or preserve by freezing,
	for potential future use by that child or a sibling
	. VIAC believes it is one of the leaders in the emerging private, or family, cord blood preservation
	industry.
	Oocytes
	. Preservation and storage of human oocytes: VIAC has an exclusive license to a proprietary
	cryopreserving media that allows VIAC to preserve oocytes. A study of the application of this
	media published in Human Reproduction, a peer-reviewed journal, documented four pregnancies
	and five live births following 11 embryo transfers. VIAC is working with in vitro fertilization
	centers to demonstrate additional births using this technology.
	Intellectual Property
	. Currently owns or has exclusively in-licensed the five US patents
	. Three of the owned and issued US patents are directed to methods of manufacturing target
	populations of primary cells for use as cellular medicines. These patents broadly cover the use of
	selection elements to select a target population of cells continuously, intermittently during, or after
	a culture phase.
	. The Selective Amplification technology covered by these patents is core to the manufacture of
	VIAC's lead stem cell product candidate, CB001. These patents expire in 2014 if not extended.
	Corresponding international applications are pending.
	. One of VIAC's owned and issued US patents is directed to the method of making hemangioblast
	cells from a neonatal source. This patent broadly covers the derivation and growth of human
	hemangioblasts from a non-fetal source. This patent expires in 2017 if not extended.
	Corresponding international applications are pending.
	. One of VIAC's exclusively in-licensed and issued US patents is directed to a method of
	cryopreserving human oocytes. This patent is broadly directed at cryopreservation of a human
	oocyte, using proprietary media so that the oocyte enters into a dormant state and is then stored for
	future use. This patent expires in 2017 if not extended.
	. VIAC owns two pending US patent applications directed to compositions and methods of using
	USSCs to treat a broad class of diseases.
	. Furthermore, VIAC owns outright or has exclusively in-licensed 52 international patent
	applications.
	. In addition, VIAC has non-exclusive licenses to 30 US patents and patent applications and 86
	foreign patents and patent applications, including patents covering growth factors used in VIAC's
	Selective Amplification process.
	Competition
	Stem cell therapy competitors
	. Stem cell therapy competitors with products that could potentially compete with CB001 include
	commercial and development-stage companies offering or intending to offer stem cell products
	derived from bone marrow, cord blood or mobilized peripheral blood, or devices or services for
	processing and producing cells derived from these tissues, for use in stem cell transplants. Specific
	competitors include Aastrom Biosciences, Celgene, Cellerant, Gamida-Cell and Osiris
	Therapeutics. Companies with the most advanced products potentially competitive with CB001
	include Gamida-Cell and Osiris Therapeutics.
	. Gamida-Cell, a private company based in Israel, has a hematopoetic stem cell product candidate
	made from umbilical cord blood that is intended for use in hematopoietic stem cell transplants,
	similar to CB001. Gamida-Cell’s product candidate is currently being evaluated in a Phase I
	clinical trial. Osiris Therapeutics, a private company based in the US, has a mesenchymal stem
	cell product candidate isolated from bone marrow that is intended for use in conjunction with
	transplantation of conventional bone marrow or cord blood cells. Osiris’ product candidate has
	already completed Phase I testing.
	. In addition to these cell therapy products, competition for CB001 may be in the form of new and
	better drugs to treat leukemias, lymphomas, myelomas and certain genetic diseases.
	Stem cell therapies
	. VIAC is aware of several competitors developing stem cell therapies for the treatment of cardiac
	disease, including GenVec, Genzyme, Bioheart, Osiris Therapeutics, and potentially others.
	GenVec, Genzyme, and Bioheart are all developing products consisting of skeletal myoblasts
	isolated from muscle, expanded in culture, and injected into a patient’s heart to repair dead tissue.
	All three companies’ products are currently in clinical studies: Bioheart completed a Phase I study
	in 2002; GenVec is currently conducting its Phase I study; and Genzyme is currently recruiting
	patients for its Phase II study. Osiris’s product candidate consists of mesenchymal stem cells
	isolated from donor bone marrow, expanded in culture, and is intended to be injected into a
	patient’s heart to prevent scar tissue. Osiris has publicly stated that it intends to file an IND to
	begin clinical studies in 2004. Other companies, including Hydra Biosciences, have pre-clinical
	development efforts using growth factors to stimulate repair of endogenous heart tissue.
	Cord blood preservation
	. Competitors in the cord blood preservation industry include the approximately 20 other national
	private family cord blood banks in the United States, including California Cryobank, Cbr Systems
	(Cord Blood Registry), Cryo-Cell International, CorCell, LifeBank