Best of the Week
Most Popular
1. US Housing Market Real Estate Crash The Next Shoe To Drop – Part II - Chris_Vermeulen
2.The Coronavirus Greatest Economic Depression in History? - Nadeem_Walayat
3.US Real Estate Housing Market Crash Is The Next Shoe To Drop - Chris_Vermeulen
4.Coronavirus Stock Market Trend Implications and AI Mega-trend Stocks Buying Levels - Nadeem_Walayat
5. Are Coronavirus Death Statistics Exaggerated? Worse than Seasonal Flu or Not?- Nadeem_Walayat
6.Coronavirus Stock Market Trend Implications, Global Recession and AI Stocks Buying Levels - Nadeem_Walayat
7.US Fourth Turning Accelerating Towards Debt Climax - James_Quinn
8.Dow Stock Market Trend Analysis and Forecast - Nadeem_Walayat
9.Britain's FAKE Coronavirus Death Statistics Exposed - Nadeem_Walayat
10.Commodity Markets Crash Catastrophe Charts - Rambus_Chartology
Last 7 days
Will You Make Money in the New Silver Bull Market ? - 13th Aug 20
Hyper-Deflation Capital Destruction And Gold & Silver - 13th Aug 20
Stock Market Correction Approaching - 13th Aug 20
Silver Took the Stairs to $21 in 2008, Took Escalator to $29 2010. Is Silver on Elevator to 120th floor today? - 13th Aug 20
President Trump Signs Additional COVID Relief – What To Expect from the Markets - 13th Aug 20
Has Gold's Upward Drive Come to an End? - 13th Aug 20
YouTuber Ads Revenue & How to Start a Career on YouTube - 13th Aug 20
Silver Notches Best Month Since 1979 - 12th Aug 20
Silver Shorts Get Squeezed Hard… What’s Next? - 12th Aug 20
A Tale of Two Precious Metal Bulls - 12th Aug 20
Stock Market Melt-Up Continues While Precious Metals Warn of Risks - 12th Aug 20
How Does the Gold Fit the Corona World? - 12th Aug 20
3 (free) ways to ride next big wave in EURUSD, USDJPY, gold, silver and more - 12th Aug 20
A Simple Way to Preserve Your Wealth Amid Uncertainty - 11th Aug 20
Precious Metals Complex Impulse Move : Where Is next Resistance? - 11th Aug 20
Gold Miners Junior Stcks Buying Spree - 11th Aug 20
Has the Fed Let the Inflation Genie Out of the Bottle? - 10th Aug 20
The Strange Food Trend That’s Making Investors Rich - 10th Aug 20
Supply & Demand For Money – The End of Inflation? - 10th Aug 20
Revisiting Our Silver and Gold Predictions – Get Ready For Higher Prices - 10th Aug 20
Storm Clouds Are Gathering for a Major Stock and Commodity Markets Downturn - 10th Aug 20
A 90-Year-Old Stock Market Investment Insight That's Relevant in 2020 - 10th Aug 20
Debt and Dollar Collapse Leading to Potential Stock Market Melt-Up, - 10th Aug 20
Coronavirus: UK Parents Demand ALL Schools OPEN September, 7 Million Children Abandoned by Teachers - 9th Aug 20
Computer GPU Fans Not Spinning Quick FIX - Sticky Fans Solution - 9th Aug 20
Find the Best Speech Converter for You - 9th Aug 20
Silver Bull Market Update - 7th Aug 20
This Inflation-Adjusted Silver Chart Tells An Interesting Story - 7th Aug 20
The Great American Housing Boom Has Begun - 7th Aug 20
NATURAL GAS BEGINS UPSIDE BREAKOUT MOVE - 7th Aug 20
Know About Lotteries With The Best Odds Of Winning - 7th Aug 20
Could Gold Price Reach $7,000 by 2030? - 6th Aug 20
Bananas for All! Keep Dancing… FOMC - 6th Aug 20
How to Do Bets During This Time - 6th Aug 20
How to develop your stock trading strategy - 6th Aug 20
Stock Investors What to do if Trump Bans TikTok - 5th Aug 20
Gold Trifecta of Key Signals for Gold Mining Stocks - 5th Aug 20
ARE YOU LOVING YOUR SERVITUDE? - 5th Aug 20
Stock Market Uptrend Continues? - 4th Aug 20
The Dimensions of Covid-19: The Hong Kong Flu Redux - 4th Aug 20
High Yield Junk Bonds Are Hot Again -- Despite Warning Signs - 4th Aug 20
Gold Stocks Autumn Rally - 4th Aug 20
“Government Sachs” Is Worried About the Federal Reserve Note - 4th Aug 20
Gold Miners Still Pushing That Cart of Rocks Up Hill - 4th Aug 20
UK Government to Cancel Christmas - Crazy Covid Eid 2020! - 4th Aug 20
Covid-19 Exposes NHS Institutional Racism Against Black and Asian Staff and Patients - 4th Aug 20
How Sony Is Fueling the Computer Vision Boom - 3rd Aug 20
Computer Gaming System Rig Top Tips For 6 Years Future Proofing Build Spec - 3rd Aug 20
Cornwwall Bude Caravan Park Holidays 2020 - Look Inside Holiday Resort Caravan - 3rd Aug 20
UK Caravan Park Holidays 2020 Review - Hoseasons Cayton Bay North East England - 3rd Aug 20
Best Travel Bags for 2020 Summer Holidays , Back Sling packs, water proof, money belt and tactical - 3rd Aug 20
Precious Metals Warn Of Increased Volatility Ahead - 2nd Aug 20
The Key USDX Sign for Gold and Silver - 2nd Aug 20
Corona Crisis Will Have Lasting Impact on Gold Market - 2nd Aug 20
Gold & Silver: Two Pictures - 1st Aug 20
The Bullish Case for Stocks Isn't Over Yet - 1st Aug 20
Is Gold Price Action Warning Of Imminent Monetary Collapse - Part 2? - 1st Aug 20
Will America Accept the World's Worst Pandemic Response Government - 1st Aug 20
Stock Market Technical Patterns, Future Expectations and More – Part II - 1st Aug 20
Trump White House Accelerating Toward a US Dollar Crisis - 31st Jul 20
Why US Commercial Real Estate is Set to Get Slammed - 31st Jul 20
Gold Price Blows Through Upside Resistance - The Chase Is On - 31st Jul 20
Is Crude Oil Price Setting Up for a Waterfall Decline? - 31st Jul 20
Stock Market Technical Patterns, Future Expectations and More - 30th Jul 20
Why Big Money Is Already Pouring Into Edge Computing Tech Stocks - 30th Jul 20
Economic and Geopolitical Worries Fuel Gold’s Rally - 30th Jul 20
How to Finance an Investment Property - 30th Jul 20
I Hate Banks - Including Goldman Sachs - 29th Jul 20
NASDAQ Stock Market Double Top & Price Channels Suggest Pending Price Correction - 29th Jul 20
Silver Price Surge Leaves Naysayers in the Dust - 29th Jul 20
UK Supermarket Covid-19 Shop - Few Masks, Lack of Social Distancing (Tesco) - 29th Jul 20
Budgie Clipped Wings, How Long Before it Can Fly Again? - 29th Jul 20
How To Take Advantage Of Tesla's 400% Stock Surge - 29th Jul 20
Gold Makes Record High and Targets $6,000 in New Bull Cycle - 28th Jul 20
Gold Strong Signal For A Secular Bull Market - 28th Jul 20
Anatomy of a Gold and Silver Precious Metals Bull Market - 28th Jul 20
Shopify Is Seizing an $80 Billion Pot of Gold - 28th Jul 20
Stock Market Minor Correction Underway - 28th Jul 20
Why College Is Never Coming Back - 27th Jul 20
Stocks Disconnect from Economy, Gold Responds - 27th Jul 20
Silver Begins Big Upside Rally Attempt - 27th Jul 20
The Gold and Silver Markets Have Changed… What About You? - 27th Jul 20
Google, Apple And Amazon Are Leading A $30 Trillion Assault On Wall Street - 27th Jul 20
This Stock Market Indicator Reaches "Lowest Level in Nearly 20 Years" - 26th Jul 20
New Wave of Economic Stimulus Lifts Gold Price - 26th Jul 20
Stock Market Slow Grind Higher Above the Early June Stock Highs - 26th Jul 20
How High Will Silver Go? - 25th Jul 20
If You Own Gold, Look Out Below - 25th Jul 20
Crude Oil and Energy Sets Up Near Major Resistance – Breakdown Pending - 25th Jul 20
FREE Access to Premium Market Forecasts by Elliott Wave International - 25th Jul 20
The Promise of Silver as August Approaches: Accumulation and Conversation - 25th Jul 20
The Silver Bull Gateway is at Hand - 24th Jul 20
The Prospects of S&P 500 Above the Early June Highs - 24th Jul 20
How Silver Could Surpass Its All-Time High - 24th Jul 20

Market Oracle FREE Newsletter

How to Get Rich Investing in Stocks by Riding the Electron Wave

Forecasting Explosive Biotech Growth, Investor Patience

Companies / BioTech Oct 12, 2012 - 02:06 AM GMT

By: TLSReport

Companies

Best Financial Markets Analysis ArticleThe myth of technology, whether for smartphones or cancer treatments, is that the next big thing appears suddenly and magically. Casey Research Analyst Alex Daley sets the record straight in this exclusive interview with The Life Sciences Report. While the science of genetic medicine has accelerated the process of turning magical thinking into practical medicine, Daley cautions investors in biotech and medical device companies to be patient, and names companies with innovative technologies poised for explosive growth.

The Life Sciences Report: At Casey Research's "Navigating the Politicized Economy" summit, you talked about the difference between the speed of science and the speed of technology, and how quickly the time to market and cost of products in the life sciences space is decreasing. Can you provide some examples?


Alex Daley: Many technologies, like the touch-screen tablets and smartphones that now dominate the market, seem to come out of nowhere, perpetuating the myth of technology as almost magical. But you only have to look as far as the as-yet-unfulfilled promises of recent years to see the slow development curve that leads to explosive growth. This has been most noticeable in the advent of genetic medicine.

We all remember the sequencing of the human genome as a scientific milestone. Announced in 2000, just at the turn of the millennium, it was followed by much media fanfare about the dawn of genetic medicine. Every untreatable disease was going to be cured. Every person was going to receive medicine tailored to his or her unique makeup.

Yet, more than a decade later, that promise remains almost entirely unfulfilled. It's not that the science has stood still. Quite the opposite: It has been moving forward at blazing speed. The original human genome project, which sequenced a single person's genome to 92%—including everything but some particularly difficult areas—took 13 years and cost more than $3 billion ($3B). It was a monumental advancement, but not practical for everyday use.

Over the last decade the cost of genome sequencing has fallen far faster than many predicted. We've gone from taking 13 years to taking just about one day to sequence a whole genome. And the cost has fallen from billions to thousands of dollars. We've now sequenced tens of thousands of genomes for scientific research, and with the falling price that number is skyrocketing. We have built an amazing scientific base for study, and driven down costs to make it viable for mainstream use. All of that had to happen before genetic medicine could even begin to crawl forward—precisely what is happening now, with the advent of the first U.S. Food and Drug Administration (FDA)-approved antisense drug and other genetic milestones just being reached.

Just as the plasma TV (invented in the 1930s), the LED light (1960s), the industrial robot (also a child of the '60s), the touch-screen interface for computers (early 1980s) and other inventions we think of as thoroughly modern took decades to go from the lab into our everyday lives, it will take considerable time for genetic medicine to fully develop. But the pace is ever-increasing and advances happen at an astounding rate. The decrease in time needed for gene-sequencing, for instance, far outpaced the development of computer chips in terms of cost/speed, as in the famous Moore's law (predicting a doubling of circuit capacity every two years).

TLSR: What is the role of FDA in that race to market? Is it a speed bump, a safety crew or something else?

AD: The FDA exists exactly as a speed bump. Those derisive descriptions of its role are, of course, correct, but also a bit wrong-headed. It's like complaining about a speed bump in front of an elementary school because you want to drive 90 miles per hour on that road. You simply cannot.

Left to our own devices, we humans can accept a lot of collateral damage. Put us into a collective like a corporation (or an army) and the sociopathy is amplified a hundred-fold. It makes a lot of sense for society to erect some reasonable barriers, rooted in scientific proof, at the entry to the market for experimental and potentially dangerous drugs. One only has to look back at the last few decades, replete with horrible tragedies like that of thalidomide, which caused hundreds of babies to be born with horrible birth defects, to see the need for ample study. And the recent results from trials conducted in other countries, now discarded because the numbers were faked, is a reminder that the desire to cut corners continues to this day.

I see the FDA as a necessary evil. As with any bureaucracy established to monitor progress in a civilized society, the balance between usefulness and hindrance tends to take on an ebb and flow. Over the past decade the FDA has become increasingly conservative and lengthened the burden of bringing new drugs to market. That's partially a result of our society's litigiousness. But it is also a reaction to the fact that more categories of drugs, behind which the very science is novel, are in the pipeline than ever before.

I see the FDA listening actively to corporate concerns about efficiency and cost. It has taken a number of steps to make the process clearer, cleaner and faster without sacrificing important hurdles on proving both safety and efficacy. I applaud the FDA for the work it does for us as consumers, and for trying to balance that mandate with the need for a vibrant market filled with innovation. There is a reason America is still, by far, the leading bio/pharma innovator in the world.

TLSR: You also talked about robotics at the Casey conference. Do you like medical devices as an investment because they have faster approval timelines? Are there breakthroughs in the space that could release a flood of new products in the near future?

AD: Medical devices are an excellent place for investment, if you understand the market well. It is a fundamentally different market than the drug development market, and driven heavily by consolidation of late. The leaders of that business are mega-caps, like Medtronic Inc. (MDT:NYSE) with insulin pumps, Stryker Corporation (SYK:NYSE) with pain pumps and other devices, and increasingly Johnson & Johnson (JNJ:NYSE), which has been acquiring heavily in the space. J&J recently purchased Guangzhou Bioseal Biotech Co., for instance, which makes a porcine-based sealant used by surgeons to control bleeding. It also purchased Synthes Inc., which makes implants to aid in bone healing, as well as a number of other devices.

Many have complained that the levy in the "Obamacare" (Patient Protection and Affordable Care Act) legislation package of a royalty tax on the gross proceeds of all medical device sales will hinder innovation. To some extent that is true—all targeted taxes have exactly that effect. But those economists, and the companies involved, see how absolutely huge the opportunity is. With a current global market for medical devices approaching $300B annually, and a projected growth rate that is double the speed of drug development, there is no shortage of investment in this area.

That investment is resulting in major advances in materials, hybrid biomechanical systems and sensors. The latter is one of the most promising areas, with huge advances in wireless, implanted sensors to help monitor chronic conditions. As the prices of such systems fall, multibillion-dollar opportunities open with regard to heart disease, diabetes and other, less common chronic conditions.

From an investment perspective, there is still a gap between the public and private markets for medical devices. You can find a number of small medical device makers, such as NxStage Medical Inc. (NXTM:NASDAQ), with profitable niche markets. But I think that over the next decade investors will find most of the growth in profits from the sector—which, yes, has faster approval times, but also carries much higher costs of distribution, service and support—to be in large caps. In particular, I think medical devices will drive much of the growth at Johnson & Johnson. Smith & Nephew (SNN:NYSE) is also well positioned.

TLSR: Are we at the limit of what small molecules can do? How will development of treatments that take advantage of more complex lipids and proteins change how we treat disease?

AD: There is no limit to what small-molecule drugs—the traditional chemical-industry born pharmaceuticals we are accustomed to—can do. But they are just the tip of the iceberg. We are walking pools of organic substances—amino acids, proteins, lipids, cholesterol etc.—with their large and complex molecules. And that is the next major phase of medicinal development—tapping into our biological systems to cure and prevent disease. There are now more biological compounds in the FDA approval pipeline than traditionally discovered small-molecule drugs. That is just a preview of the shifting balance between small- and large-molecule drugs.

In the first phase of what promises to be a sea change in medicine, we are taking advantage of our bodies' natural systems to aid in the delivery of small-molecule drugs. Our immune systems are incredibly powerful, and have many tools to keep inorganic substances out of our bodies. By wrapping these molecules in proteins or lipids that are familiar to our bodies, we can oftentimes deliver drugs more effectively.

Following that is the introduction of targeted proteins to mimic natural functions. If we can successfully reproduce the proteins put out by our own ribosomes and through other processes, we can modify bodily functions, potentially interfering with, for example, the plaques that build up and cause Alzheimer's disease.

Then genetic medicine follows from that, in which we interfere with the processes of genetics to turn off (or "silence") misbehaving genes, or to turn on dormant ones. For instance, a large branch of regenerative medicine is studying how to temporarily suspend the genetic mechanism that causes mammals to scar instead of regrowing limbs via blastema, as our ancient predecessors once could.

TLSR: A number of companies are looking at creative ways to deliver targeted chemotherapy. What breakthroughs do you see in this area?

AD: There are two very specific breakthroughs here of interest.

The first is the recently approved use of antibody-drug conjugates (ADCs). Seattle Genetics (SGEN:NASDAQ) is the leader in this space, and its ADCs are created by bonding traditional chemo with antibodies selected from our own bodies that target very specific cancer cells. Chemotherapy, which is known as the "poison" in the oncological lingua franca "slash, burn, and poison," does precisely that to the entire body, causing horrific side effects in many patients. By piggybacking on the body's own mechanism for targeted immune response, chemotherapy can be rendered basically inert except when it comes in contact with cancer cells. This means more chemo can be delivered safely, working wonders on metastatic cancers and other difficult-to-target, small, multiple-growth cancers.

On the other side is a much smaller and lesser-known company with an FDA decision pending on a liposome-wrapped chemo that will advance the treatment of large solid tumors in much the same way. It is a much simpler mechanism of action. Celsion Corporation (CLSN:NASDAQ) wraps current market-leading chemos, like Doxorubicin, inside a fat molecule, rendering them much less potent in the bloodstream. Once the chemo is distributed throughout the system, a radio-frequency device is aimed at the area of the tumor, cracking open the delivery vehicles and causing the chemo to attack that local area. It is like combining the best aspects of radiation (targeting) with the best aspects of chemo (effectiveness). The therapy is still pending final review, but we believe, given the data we have seen, that it is very likely to see approval late this year or early next.

TLSR: The first RNA interference (RNAi) antisense treatment, which targets on-off switches in genes—a discovery that won the Nobel Prize in 2006—was approved by the FDA this year. Could this open the floodgates for companies working in this space? Will companies that enter the space later benefit from the trails blazed by the first ones out of the gate?

AD: It'll start with a trickle, more than a flood. But make no mistake: RNAi, or temporary gene silencing through interference with the messenger RNA that signal cell behavior, looks to be one of the most important genetic treatment methodologies yet conceived.

Genetics are at the root of just about every major chronic disease—heart disease, cancer, diabetes. Gene silencing has serious promise with regard to controlling the root causes and predispositions for some of these maladies, instead of waging continuous battles against symptoms, as we do today.

For instance, Kynamro, from Isis Pharmaceuticals Inc. (ISIS:NASDAQ), is the first antisense/RNAi therapy to have a new drug application accepted by the FDA. With Kynamro we have a treatment for one of the most severe heart disease-linked genetic maladies, familial hypercholesterolemia, the name of which should be self-explanatory even if you cannot exactly parse the medical terminology. Kynamro helps block the action of certain genes known to contribute significantly to excess low-density lipoprotein (LDL or "bad" cholesterol) levels in these patients, who previously could do little to temper their predisposition to coronary artery disease.

These kinds of highly targeted genetic treatments may hold keys to silencing the growth factors that make cancer run rampant and uncontrolled, or may control the buildup of the brain plaques I mentioned earlier, which have links to Alzheimer's. They even show promise in being able to silence some of the designed obsolescence symptoms we refer to as aging—a condition fully rooted in our genetics.

However, RNAi is a very young science. The tools that discover the genetic links are advancing rapidly, and we are at the cusp of much larger and more frequent discoveries. Still, much of the genetic machine remains a complete mystery to scientists, and that knowledge gap will slow the creation of gene-silencing therapies.

The companies best positioned in this space have decades of technology in their pipelines, and strong intellectual property to ensure their investors are the ones to benefit most from the slow but steady revolution in this science. While many major drug companies are working in this space, nearly all of them rely on the science and intellectual property (IP) from two firms to make progress (and these two firms have quite rich pipelines of their own): Isis Pharmaceuticals, whose antisense discovery platform is the gold standard; and Alnylam Pharmaceuticals Inc. (ALNY:NASDAQ), whose founding team includes one of those Nobel prize winners you mentioned. Alnylam has the most advanced technology for delivering these drugs, which every discoverer will need to get to market.

TLSR: What about the prospects for pathway inhibitors? Do you see major breakthroughs in 2013? Which companies will get treatments to patients successfully?

AD: This is a much more narrow space than RNAi, but equally exciting because of its potential to change the treatment regimen for certain cancers in the short term. Pathway inhibitors promise to interrupt the signaling pathways that cancer uses to tell itself to grow, effectively stunting the spread of malignancies. Cellular biologists and oncologists have been studying these mechanisms for decades, and have discovered some that are particularly unique to cancer.

A small company named Curis Inc. (CRIS:NASDAQ) holds the most IP in this space and was behind the announcement early this year of FDA approval for Erivedge, an inhibitor focused on the "hedgehog pathway" for treatment of basal cell carcinoma, a previously difficult-to-treat and disfiguring cancer. The company has a rich pipeline of drugs based on the same science in various stages of development. In essence, Erivedge is the tip of a chevron strategy for tackling cancer with this technique, which promises to slow or stop cancer growth, buy critical time for treatment via other means and preserve precious time for patients and their families.

Pathway inhibitors are a perfect example of the continued relevance of small molecules in the biological world. These traditional drugs took a very biotech path to market, but are nonetheless more similar to the drugs of yore in mechanism of action than they are to complex genetic and protein therapies. Not every drug going forward will be a biologic.

TLSR: You called 2012 one of the single most exciting years to be in technology, particularly the $750B drug space. What are your predictions for the life sciences sector in 2013?

AD: 2012 brought many firsts in biotechnology: antibody-drug conjugates widely marketed, antisense drug approval and marketing, a pathway inhibitor widely marketed. There are 20 other such milestones we don't have time to list as well. And the combination of all that excitement has had the effect of floating the entire sector much higher. Average valuations are up. The volatility of progress and setbacks are both amplified considerably. This kind of high-potential, high-energy market brings with it new risks.

One risk is that considerable disappointment and malaise lie ahead, as the inevitable slow creep of technological development sets in—pushing the sector sideways or even down considerably as the impatience of a largely short-term-minded Wall Street weighs on shares. In many cases the discoveries of 2012 were purely scientific. It takes time for science to make its way into marketable technology—and it rarely meets the overexuberant dreams of prognosticators in its capabilities.

As investors, it is critical we remember to invest with realistic goals and timelines. Cut the consensus forecast in half. Then do it again. If the company still looks cheap, maybe then you have a great investment.

In our portfolio, we are concentrating heavily on mature technologies that are on the cusp of the market. It is a dream market for stock pickers in that area right now. With such a rich pipeline of discoveries, we are able to uncover severely undervalued companies with near-term catalysts for share price growth. That is the strategy that will serve biotech investors best for the next few years.

TLSR: Alex, thank you for your time.

Learn how you can try the Casey Extraordinary Technology Newsletter risk-free here.

Alex Daley is the senior editor of Casey's Extraordinary Technology. In his varied career, he has worked as a senior research executive, software developer, project manager, senior IT executive, and technology marketer. He is an industry insider of the highest order, having been involved in numerous startups as an advisor to venture capital companies. He is a trusted advisor to the CEOs and strategic planners of some of the world's largest tech companies. And he’s a successful angel investor in his own right, with a long history of spectacular investment successes.

Want to read more exclusive Life Sciences Report interviews like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent interviews with industry analysts and commentators, visit our Exclusive Interviews page.

DISCLOSURE:
1) Streetwise staff compiled this interview. From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families may have a long or short position in securities mentioned and may make purchases and/or sales of those securities in the open market or otherwise.
2) The following companies mentioned in the interview are sponsors of The Life Sciences Report: None. Johnson & Johnson and Medtronic Inc. are not affiliated with Streetwise Reports. Streetwise Reports does not accept stock in exchange for services. Interviews are edited for clarity.
3) Alex Daley: We do not accept payment from any company. I personally, or Casey Research as a company, may own a stake in any or all companies/securities mentioned in this interview. This does not constitute any kind of recommendation to buy or sell any security mentioned. I was not paid by Streetwise Reports for participating in this interview.

Streetwise – The Life Sciences Report is Copyright © 2012 by Streetwise Reports LLC. All rights are reserved. Streetwise Reports LLC hereby grants an unrestricted license to use or disseminate this copyrighted material (i) only in whole (and always including this disclaimer), but (ii) never in part.

The Life Sciences Report does not render general or specific investment advice and does not endorse or recommend the business, products, services or securities of any industry or company mentioned in this report.

From time to time, Streetwise Reports LLC and its  directors, officers, employees or members of their families, as well as persons interviewed for articles on the site, may have a long or short position in securities mentioned and may make purchases and/or sales of those securities in the open market or otherwise.

Streetwise Reports LLC does not guarantee the accuracy or thoroughness of the information reported.

Streetwise Reports LLC receives a fee from companies that are listed on the home page in the In This Issue section. Their sponsor pages may be considered advertising for the purposes of 18 U.S.C. 1734.

Participating companies provide the logos used in The Life Sciences Report. These logos are trademarks and are the property of the individual companies.

101 Second St., Suite 110
Petaluma, CA 94952

 

Tel.: (707) 981-8204
Fax: (707) 981-8998

© 2012 Copyright Casey Research - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules