Report from the Audit Committee by Andrea, Constance, Steve, and Mike. They reported that the accounting system set up by Carlos was easy to follow and that they understood the source of one of the minor discrepancies. They recommended that:
- 1. A read-only spreadsheet be mailed to members of the Audit committee on a quarterly basis.
- 2. A print out of the books should be maintained and be available at each meeting
Stock presentations: Carlos, Imke, Rana, & Andrea reported on MLNM (Millenium). Their conclusions will be posted on the web site. They presented an outstanding analysis of the companies financial position and products. In the end, they had major concerns about the company's cash position and felt that the major product had reached a peak in sales. Their relationships with major companies were in danger of being terminated, worsening their balance sheet. Although their pippeline had many promising products, mone justified the current price. They established a series of benchmakrs to watch and suggested that we monitor the company and revisit it in the fall.
Sing up for companies: In view of the partnerships feeling that there is a need to move the portfolio toward smaller and more volatile/ speculative biotech stocks, a new sign up including stocks selected by Johna dn Carlos was passed around. We plan to focus on these companies in May, June, and July.
Planned Agenda items for April meeting includes:
An educational presentation: On Patents and their use by Brian Kelly of the CRF (Cornell Research Foundation)
Probable Agenda items for the next three meetings:
Report on smaller biotech company & reports on current holdings.
-- submitted by John Wagner