TMFGebinr -

I read with some interest your comments on your experience with ACUS and Sequenom. I was Director of Science and Technology for J&J for 10 years in a Business Development group. My function was to evaluate outside technology and companies in the Rx arena, mostly Specialty Rx. I looked at many, many cos. including ACUS. We passed on many of these, did some deals. Overall my experience is that cos. without earnigs are very rarely good investments.

In my current role of financial advisor I almost never buy stock in such companies for my clients. This despite the fact that I probably know more about that area than most others. My conclusion is that the odds are almost always against the investor.

The only company that intrigues me currently of this type is Halozyme (HALO). I did make some nice money on that one investing prior to the announcement of their major deal with Roche. HALO intrigues me for a couple of reaons. Their technology provides a way for large Biophamra cos. to extend patent life on Biologics. That will become more important now that Biosimilars will be possible with the new legislation that is coming. Another intriguing factor is the large ownership in HALO by RJ Kirk, I ran into Kirk on one occasion while at J&J. We were looking at products from New River. J&J passed but Kirk made a killing on that one, eventually selling New River to Shire for billions. Kirk while not very ethical, is a savy investor. He made his first 100 million on an injectabe co. he started...

I have no current position in HALO but may re-enter at some point. In the meantime I am sticking to cos. with real and rising financials.

sw