A monthly Internet and Hard Copy publication featuring:
breaking news and corporate changes with CEO, CFO and Analyst interviews

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Medical Device,
Biotechnology & Drugs

November 2001

Healthcare
Biotechnology & Drugs
Analyst Interview on: Nastech Pharmaceutical Company, Inc. (NASD: NSTK)
Gary Davis, Senior Analyst - (Cover Story)
Jesup & Lamont
”They have a business model in which they can take a new molecule to the clinic and do Phase I trials very quickly to show the proof of principal and be able to turn around and do a deal in 6 to 9 months.” - Gary Davis, Senior Analyst

Healthcare
Biotechnology and Drugs
Nastech Pharmaceutical Company Inc. (NASD: NSTK)
“Our near-to-medium-term plan is to license our intranasal products to pharmaceuticals companies in exchange for upfront payments, R&D funding milestones and royalties.” - Steven C. Quay, M.D., Ph.D.

Healthcare
Biotechnology & Drugs
Forbes Medi-Tech, Inc. (NASD: FMTI)
“One of the advantages we see in our Company is that within our core technology we are very diversified.” - Tazdin Esmail

Healthcare
Biotechnology & Drugs
Neogen Corporation (NASD: NEOG)
Providing Solutions.
“For more than 10 years we’ve shown growth compared to the prior quarter in 38 of 42 quarters.” - James L. Herbert

Healthcare
Healthcare Facilities
Triad Hospitals, Inc. (NYSE: TRI)
“We may own the bricks and mortar, but our hospitals really belong to their communities and the local community needs to feel ownership in its hospital as well. We like that and we reinforce that.” – Burke W. Whitman

Beverages
Consumer NonCyclcal
Chalone Wine Group Ltd (NASD: CHLN)
"What sets us apart from our competitors, I think, is the fact that we are a unique size. Most wineries are either much bigger or much smaller. We are big enough to have some economics as scale, yet small enough to be able to move quickly. We have a very lean organization.” - Tom B. Selfridge

October 2001

Healthcare
Medical Equipment & Supplies
Analyst Interview on: Conceptus, Inc. (NASD: CPTS) – Cover Story
Ryan Rauch, Principal & Head of the Medical Device Team
Adams Harkness & Hill.
“First, I like the fact that Conceptus has good management, and Steven Bacich, President and CEO, is well respected both in the clinical community, as well as by Wall Street.” - Ryan Rauch

Healthcare
Medical Equipment & Supplies
Conceptus, Inc. (NASD: CCEL)
”Ours is a story unlike any other medical devices because of two components. One, there is such a strong, direct-to-consumer appeal of our technology and two, just how widespread it is. Typically, medical devices serve a very small group of people. It is unusual to find such a huge potential number of patients for our procedure.” - Steven Bacich

Healthcare
Healthcare Facilities
IntegraMed America, Inc. (NASD: INMD)
”IntegraMed has been a preeminent brand in the fertility community for the last sixteen years. The company offers a full portfolio of fertility specific products and services to all segments of the fertility industry including patients, medical providers, payers and drug manufacturers in this highly focused medical niche.” - Gerardo Canet

Healthcare
Biotechnology & Drugs
Bioanalytical Systems, Inc. – (NASD: BASI)
”The product side is very attractive because the gross margins are substantially higher and it’s easier to scale it up. The service business is attractive because it supports a lot of talented people in house who give us ideas for our products business and get us introduced to key people at our client companies who then will buy both products and services.” - Peter Kissinger

Healthcare
Pharmaceuticals
Drug Max, Inc. - (NASD: DMAX)
“We are a service that builds from our experiences with our customers.” - Jugal K. Taneja

Healthcare
Biotechnology & Drugs
Kosan Biosciences, Inc. (NASD: KOSN)
”… we use our technology to enhance the properties or activities of known drugs or lead compounds. Our strategy is to maximize the value and reduce the risk of development by focusing on compounds with known, validated targets and that address large and established markets.” - Daniel V. Santi, M.D., Ph.D.

September 2001

Healthcare
Healthcare Facilities
American Healthways, Inc. (NASD: AMHC)
“We are not selling a diabetes program or cardiac program, we are selling a total health improvement program for every member of a health plan…We have the potential to be a great American company – a company of significant size and value – and we are determined to do that.” - Thomas G. Cigarran

Healthcare
Healthcare Facilities
Integra, Inc. (AMEX: IGR)
”We will be looking at organic growth as well as acquisitions in that area, and frankly all of our areas. Our stated goal is to be a one hundred million dollar company by and including, January 1, 2004.” – Stuart S. Piltch

Healthcare
Medical Equipment & Supply
Milestone Scientific Inc. (AMEX: MS)
”It is a revolutionary device, which will enter many disciplines over the coming years. August of this year (2001), will be the introduction into the medical field.” – Mr. Leonard Osser

Healthcare
Biotechnology & Drugs
Genaera Corporation (NASD: GENR)
"There have been a lot of exciting developments at the Company over the last year as our programs moved forward… By taking them one step at a time I think we will continue to develop business relationships that support the future development of our programs and deliver value to our shareholders." - Kenneth J. Holroyd, MD, MBA

August 2001

Healthcare
Biotechnology & Drugs - Medical Equipment
Exten Industries, Inc. (OTC BB: EXTI)
"I think we are at a very exciting point where the company is clearly about to make a major breakthrough in terms of the new cell line and the way the cells work in our device.” - Gerald Newmin

Healthcare
Biotechnology & Drugs
PacificHealth Labs, Inc. (NASD: PHLI)
”This quarter we expect to be profitable and we are looking to triple our sales this year over last year. This is a very different company than a year ago. We first had to lay the groundwork, and we did that. Our research program has developed a strong product pipeline. We now have exciting new products in two of the fastest consumer growing categories, a number of products in our pipeline and we’ve just signed a major licensing deal with the world’s second largest pharmaceutical company…” - Robert Portman, Ph. D.

July 2001

Healthcare
Biotechnology & Drugs
Aastrom Biosciences, Inc. (NASD: ASTM)
”…the ability to actually grow and produce therapeutic cell products today on a broad scale basis is unique to Aastrom Biosciences."
- R. Douglas Armstrong, PhD

Healthcare
Medical Equipment & Supplies
CRYO-CELL International, Inc. (NASD: CCEL)
“We feel no mother-to-be in the world would allow her baby’s cord blood to be discarded knowing that it can save a life, whether it be her own child, someone in the family, a stranger in need of a transplant or to be used for research.”

"We are now the fastest growing company in the country in our field, and we are the largest exclusive autologous storage company.”
- Daniel D. Richard

Healthcare
Technology
Healthcare Information Technology
Software & Programming
Allscripts Healthcare Solutions, Inc. (NASD: MDRX)
”We have the leading installed base, we’ve been at this for quite some time and we think that we have a good understanding of physician office workflow, which is a very important aspect of our solution. Secondly, we have financial strength. Through public offerings, we’ve raised enough money so that we think that we have the staying power to turn this into a very profitable business.”
- David B. Mullen

June 2001

Technology Solutions
for research enterprises
SciQuest, Inc. (NASD: SQST) - (Cover Story)
“…we fill a unique need and we actually provide real value, which is easy to quantify in terms of productivity and cost savings within our customer base. We believe that those tangible cost savings really drive a long-term value for the business."
- Stephen Wiehe

Click here to view:
Analyst Quote from: Mr. Jeff Cianci of USB Warburg
On SciQuest, Inc.

Information Technology
and Biotechnology
Hadron, Inc. (OTC: HDRN)
“We’ve become a very lean company now so every dollar added at the top line has a disproportionately beneficial impact on the bottom line.” - Sterling Phillips, Jr.

Healthcare
Medical Services
Laser Vision Centers, Inc. (NASD: LVCI)
“While we are probably still at the tail of the pricing turmoil we have suffered over the past year due to these discounters, we think we can see the light at the end of the tunnel now. The company has survived and remains the leader in the industry. In the long term, we do see much more responsible pricing levels which can only be good for us. We are cautiously optimistic about the future. We think we have done a good job maintaining the company-s profitable status during the storm and we are looking forward to a little more predictable next couple of years.”
- John L. Klobnak

April/May 2001

Healthcare
Medical Equipment & Supplies

CardioDynamics International Corporation (NASD: CDIC)
“We are just at the very beginning and our sales progression has been $400,000 in l997, 2 million in l998, $7 million in 1999 and $13 million last year…”
- Michael K. Perry

SpectRx, Inc. (NASD: SPRX)
“What is common to all of our products is that you do not have to wait for the results. This is especially important in cervical cancer detection and infant jaundice monitoring, and a steady flow of real-time glucose information is what people with diabetes say they need to successfully manage their disease.”
- Mark A. Samuels

ZOLL MEDICAL CORP. (NASD: ZOLL)
"Our major competitors all have a version of Biphasic technology. However, Zoll Medical is the only one that has this technology on the market, where clinical testing is showing that it is actually superior to the old technology. We are the only ones that have the clinical research to back it up."
- Richard A. Packer

Healthcare
Biotechnology & Drugs

SangStat Medical Corp. (NASD: SANG)
“…improving our financial situation every quarter, and we are comfortable with breaking even in the 4th quarter of this year, 2001, in about six to nine months. We feel that this should have a significant impact on our stock.. This is the second quarter where we are delivering results that are better than Wall Street anticipated. We are making very significant progress and growing the revenues of this company.”
- Mr. Jean Jacques Bienaime

Xechem International, Inc. (OTC BB: ZKEM)
“We plan to submit an Abbreviated New Drug Application (ANDA) for generic Paclitaxel to the US FDA and several other countries in approximately 3 to 6 months, and then the FDA review process could take another 6 months to a year or more. However, we think that we will get approval in some of the foreign countries before the United States. We are in touch with several companies who are interested in taking a license for marketing rights as soon as we submit the ANDA. Therefore, we will use their marketing muscles for marketing of the Paclitaxel and other products.
- Dr. Ramesh C. Pandey

March 2001

Andreas Dirnagl - Cover Story
Senior Equity Analyst
Gerard Klauer Mattison & Co.
“Traditional areas such as hospitals and dialysis providers can provide an attractive and highly visible earnings stream, which should provide for good stock appreciation. Finally areas such as medical devices and technology, particularly early-stage companies can provide for dramatic upside as their products gain acceptance and increased usage in their respective fields."
- Andreas Dirnagl
Senior Equity Analyst

“We rate them a buy. Overall, what I would want to say about CardioDynamics is that from my point of view, this is a typical early stage medical device company. It is probably even past early stage at this point, where the key really is adoption. What we have seen repeatedly within the Healthcare industry is that adoption is something that probably takes longer than what you expected it to take, but once it takes off it really becomes an accepted standard, and becomes broadly used among the industry.”
- Andreas Dirnagl
Senior Equity Analyst

Healthcare
Medical Equipment & Supplies

Angeion Corporation (NASD: ANGN)
“…we are very excited about our growth potential and that our new business changes our business model. Now instead of selling one, 20-50 thousand dollar system per hospital every 5 to 10 years, we now have devices that can be sold for a couple of hundred dollars to millions of patients every year.”
- Richard Jahnke

CardioDynamics International Corporation (NASD: CDIC)
“We are just at the very beginning and our sales progression has been $400,000 in l997, 2 million in l998, $7 million in 1999 and $13 million last year…”
- Michael K. Perry

CARESIDE, Inc. (AMEX: CSA)
“What differentiates Careside in the point-of-care market is the breadth of the test menu. No other company has a desktop analyzer that provides more than 20 tests. Careside provides 59 tests between two devices and continues to add more tests to its menu, because the Careside Analyzer uses multiple testing technologies in the product. ”
- W. Vickery Stoughton

Cholestech Corp. (NASD: CTEC)
“Our core business, which is the L•D•X� business, is profitable, generating positive cash flow which we have used to develop new business for Cholestech.”
- Warren E. Pinckert II

Cygnus, Inc. (NASD: CYGN)
“…with regards to competition we do not know of any other company that has a non-invasive product that is going to be close to being submitted to the FDA, whereas ours has been approved.”
- John C. Hodgman

Imaging Diagnostic System, Inc. (OTC: IMDS)
“We received the CE marking which allows us to bring the product into the 18 countries in the European Union and other international countries. That opens up a huge market for us….. We are expecting to have the FDA clearance for domestic marketing sometime this year.”
- Richard J. Grable

Intuitive Surgical, Inc. (NASD: ISRG)
“This is a technology and a company that is truly dedicated to building the extraordinary value for our customers and their patients, for our owners, and for every member of the Intuitive team on a foundation of common purpose, goals and values. We are very committed to creating value for our society and our shareholders”
- Lonnie M. Smith

Invacare Corporation (NYSE: IVC)
“…if someone wants to invest in a non-cyclical, recession resistant business that generates a lot of cash and is pursuing consistent quarter to quarter earnings improvement, Invacare is that kind of company.”
- A.Malachi Mixon III

Span America Medical (NASD: SPAN)
"From a cash standpoint we have in the neighborhood of 4-5 million dollars, and we have no long term debt whatsoever. Therefore, not only do we have a nice little piece of cash to keep our business moving, but we also have the ability to finance growth if we find something that we want to do."
- James Ferguson

Healthcare
Biotechnology & Drugs

Exelixis, Inc. (NASD: EXEL)
“We have over a hundred people working in drug discovery and are very serious about this. Our goal is to bring two compounds a year into the clinic and to generate a very high quality portfolio of development compounds and eventually products.”
- George A. Scangos, Ph.D.