Club Biomed &endash; Meeting Minutes &endash; July 17, 2002

• Welcome and monthly contribution collections
• Carlos D. gave a brief Treasurer's Report &endash; we have collected close to $6,000 dollars as of the third meeting
• John W. provided a quick refresher on what's important in evaluating a company, in order to keep us focused for the ImClone presentation that followed
• John W. also reviewed, per the Partnership Agreement, the voting procedures of Club Biomed. He also displayed a table that listed the Partner's numbers of votes as of the second meeting
• ImClone Presentation by Carlos, Mona, Bryan, Enrique and Andrea. Overview:
  • Company history
  • Scientific/Discovery Strategy
  • Pipeline
  • Scientific discussion of Erbitux, IMC, BEC-2
  • Some financials and market predictions
  • Recommendation to continue tracking
• Cluster reports:
  • Big Pharma &endash; nothing to report
  • Angiogenesis &endash; Enrique provided a handout
  • Small Cap &endash; belief that these companies have low valuation
  • Generics &endash; nothing to report
• John urged the clusters to post information about their work on tightcircle, especially if they decide to do a careful analysis of any companies.
• We are now starting: (1) Virtual Portfolio and (2) Random Portfolio
  • ImClone will be the first company added to the virtual portfolio
  • After a random drawing out of a hat, Vertex will be the first company added to the random portfolio and CYAN will be the second
• Next meeting on September18. It may feature a presentation concerning the FDA by Enrique and Marcus Reidenberg. Alternatively we may have more company presentations.
• We finished the meeting by unanimously voting in Carrie Adelman as new Partner
• Steve and Garrett wanted to create a new cluster that focused on large companies that supply medical products, such as G.E. and Tyco.
• We will not meet in August, and will reconvene the third Wednesday of September.