Club Biomed &endash; Meeting Minutes &endash; 15 January, 2003


Welcome and monthly contribution collections. Beth Bolan, Jordan Abbott, & Joe Lamprey, who are interested in joining Club Biomed, sat in on the meeting.

Carlos D. and John W. reported on the status of the virtual portfolios and Club Biomed's real portfolio.

Educational presentation: Enrique Mesri presented a slide presentation describing the way drugs are approved. His topics included the roles of the FDA, sponsors, individual investigators, contract research organizations (CROs), and Institutional Review Boards (IRBs) in creating a clinical trial. He also spoke about the essential approvals in this process (the IND & the NDA) and he explained the various phases in the trial. Along with Marcus Reidenberg who participated as a discussant, he emphasized the importance of these trials to human health. Trials must be evaluated both in terms of the risks to the patients in the trial and the potential benefits and risks to the population. He also gave an example of real clinical data and how it was interpreted. Markus commented on several aspects of the process, and noted the US was unique in that information from trails held in this country were open to the public and can be found in the FDA web site. This is an important resource for our Club. John concluded the discussion because of time constraints, but noted that there were a number of topics that we should discuss in the future.

Stock presentations: The generics group (which includes Simne, Juliana, Deirdre, Jeanne and Jennifer) responded to some of the concerns expressed by the partners in the last meeting. They listed some of the current products and products that will be brought to the market in the near future. They argued that the company was well managed and that growth was sustainable. Enrique noted that in addition to a generics business, the company had a proprietary product with great potential. Carlos again questioned whether the current cost of the company made it a good investment. As a group, the partners had difficulty addressing this issue. We considered waiting for a drop in the price, but eventually decided that a small position (about 60 shares/$2000 was appropriate). The motion to purchase TEVA was approved by a clear majority of those present.

New business.


Planned Agenda items for February meeting includes:

Probable Agenda items for March