Welcome and monthly contribution collections. Andrea substituted for Carlos this month.

• John W. reported on the status of the virtual portfolios and Club Biomed's real portfolio.
• Virtual Portfolio: up 45.2% (up from last month)
• Random Portfolio: down 13.8 (another drop from the 5% loss last month)
• Mutual Fund Portfolio: down 11.6% (a modest loss since last month)
• Club Biomed's real portfolio: down 4.3%
• We picked King Pharmaceuticals and Diversa Corp to buy and Vertex to sell for Random Walk.

John reported on the plans made to create a portfolio last June. We are on track in both dollar value of the account and the number of stocks. He noted that the portfolio did not include any higher risk/speculative/low cap biotech stocks. Several partners commented that we should move in that direction. We have the funds to purchase one or two stocks in this category.

Stock presentations: Neil and Laura presented Regeneron. They argued that Regeneron was a volatile stock with a potential blockbuster in the pipeline. Preliminary studies of CNTF suggest that it will be a competitive weight loss drug with long term effects. They suggested buying on a dip with the intention of selling on good news. John asked about the financial status of the company and the impact of the expected sales on the bottom line. The stock is currently trading at 17 and the partners agreed to put in a limit order for 180 shares at a strike price of $12.00. The stock will be reviewed next month.

New business.

• Andrea will act as stockwatcher for TEVA
• John presented his feeling about the need to do a better job matching partners to follow

Planned Agenda items for March meeting includes:

• Updating of PFE by Steve
• Report on Millennium by Carlos, Rana, and others
• Revisiting the status of the Regeneron order and reporting on any new clinical data from the phase II trials
• Report from the audit committee
• Discussion of matching Partners to companies

Probable Agenda items for future meetings

• Report on another biotech company
• On patents and their use
• Discussion of a policy on written reports and how the quality for reports can be upgraded

-- submitted by John Wagner