Club Biomed &endash; Meeting Minutes &endash; 23 April 2003

Welcome and monthly contribution collections.

Carlos reported on the status of Club Biomed's real portfolio. Shares are now worth $24.90. Regeneron has lost about 25 % of its purchase price, but TEVA is up about 22%. PFE is down a bit.

We skipped reports on other portfolios due to time constraints.

John briefly reported on the circumstances of the Clubs purchase of Regeneron. The question of whether the market over-reacted to the news about Axokine was discussed, but there was no recommendation to take any action.

The main agenda item was an Educational Presentation by Brian Kelly VP of the Cornell Research Foundation. He presented a talk entitled:

"From Concepts to Companies: The

Importance of Intellectual Property"

by Brian Kelly

The talk elicited a large number of questions, and John promised to invite Brian back next year to continue the discussion.

Planned Agenda items for May meeting includes:

Establishing a 'sell discipline.'

A report on a small biotech- (probably IDEC)

-- submitted by John Wagner