Expert Financial Analysis and Reporting

Investment Perspective This is my initial report on Athersys (ATHX) and its adult stem cell therapy product MultiStem. There are important data readouts upcoming on phase II trials of MultiStem in ulcerative colitis likely in 2H, 2013 and in ischemic stroke in 1Q or 2Q, 2014 that may define MultiStem’s promise. Success in either trial […]

I have followed the progress of Sangamo for over seven years. I listened to a presentation by Edward Lanphier, CEO of Sangamo, during the JP Morgan conference in San Francisco in early January and then met with Edward and Liz Wolffe, Director of Corporate Communications. This note summarizes my key takeaways for 2013. Sangamo is […]

Investment Opinion and Background I initiated coverage of A.P. Pharma (APPA.OB) in April of 2012 with a Buy. I am anticipating approval of its lead drug, APF530 at the March 27, 2013 PDUFA date. I believe that the company has successfully answered the CMC issues that resulted in a Complete Response Letter to its earlier […]

MelaFind MELA Sciences (MELA) is in the early stage of rolling out MelaFind, an FDA approved handheld optical scanning device for assisting dermatologists in identifying skin lesions that may be melanoma. The device is placed over a skin lesion and uses imaging technology in which light of ten specific wavelengths is focused on the lesion […]

Investment Opinion Trius (TSRX) completed an equity offering on Friday January 19 in which it sold 6.3 million shares at $4.465. I assume that the Green Shoe of 945,000 shares will be exercised and, if so, net proceeds to Trius will be $31.9 million. I calculate that the number of shares outstanding at the end […]

Investment Opinion The launch of Intermezzo has been disappointing to investors thus far. Now, Transcept’s (TSPT) marketing partner, Purdue Pharmaceuticals, is beginning a new phase of the launch with a direct to consumer advertising campaign and is employing for the first time its 500+ pain specialist sales force, the crown jewel of the company. The […]

I had the opportunity to meet with some of Inovio’s (INO) management team- Joseph Kim (Chief Executive Officer), Peter Kies (Chief Financial Officer) and Bernie Hertel (Senior Director of Corporate Communications)- in San Francisco in early January. I have been following and periodically calling on the company for over two years. I have come to […]

Investment Update In my July 19, 2012 report Northwest Biotherapeutics’ DCVax Cancer Vaccines May Be a Game Changer in Cancer Therapy, I recommended purchase of Northwest Biotherapeutics (NWBO). I felt that the company represented an asymmetric investment opportunity for investors willing to risk losing much or even all of their investment for a chance to […]

Investment Opinion In this report, I present my hypothesis as to why I believe that antibiotics development is in the rapid process of changing from an ignored area for Wall Street investors to one that may evoke the same keen interest as cancer drug development. I see the passage of the GAIN Act in October […]

Investment Perspective and Opinion I continue with my buy recommendation on Cadence Pharmaceuticals. Cadence introduced its first and only product, the hospital analgesic Ofirmev (intravenous acetaminophen), in January 2011 when the stock was trading at about $7.00. The price climbed steadily and reached about $9.00 in mid-2011. Then sentiment began to shift sharply negative. The […]