• Welcome and monthly contribution collections
• Carlos D. gave a brief Treasurer's Report &endash; we have collected about $8282.74
• He also reported on the number of votes allocated to various members. Some members were surprised to find that they had not yet made enough contributions to vote on buy and sell decisions, but those who have made a contribution at each meeting will be able to vote next month.
• John reported on the status of our benchmark and model portfolios.
  • Virtual Portfolio: down 3%
  • IMCL
  • Random Portfolio: down 6.9%
  • ANPI; CYAN; GLGC; VRTX
  • Mutual Fund Portfolio: down 6.82%
  • We picked Johnson & Johnson (JNJ) and Cell Therapeutic for Random Walk

   

• Stock presentations: The big Cap cluster, which includes Derek, Johanna and Gianina presented Pfizer
• Ratings given by the group were:
  • Financial 1.5
  • Product Existing 1
  • Product Potential 1
  • Leadership 1.5
  • Science Quality 1.5
  • Overall 1.3
• On the basis of what they felt was a strong pipeline and solid financials and a reasonable price, they recommended a purchase of 100 shares (about $3200 dollars).
• A second motion to delay the purchase of the stock for one month so that additional consideration could be given to the proposed purchase of Pharmacia was made.
• After considerable discussion the motion to purchase Pfizer was passed and the motion to delay the purchase was not passed.
• Steve Gross volunteered to follow Pfizer and to make presentations to the group about the soundness of the company from time to time. He is Club Biomed's first Stockwatcher.

• New business. Several partners felt that the decision to purchase a stock should not be made unless a written evaluation has been submitted to the partners at a reasonable time period before the meeting so that they would have time to independently research the stock. It was agreed that this policy should be considered at the next meeting and Joel agreed to provide language to phrase the issue and to provide a suggested policy.
• The presiding partner, John, noted that this was the intention of the form he had created and presented at the last meeting. He asked that a form be completed both for Imclone and Pfizer so that they could be posted. (Although some partners had had difficulty finding the form on the web site, subsequent to the meeting John opened the site and downloaded the form with ease).
• Joel asked that the group research the impact of the Pharmacia acquisition, the Big Cap cluster agreed to present that at the next meeting.

Agenda items for November include:

• Appointment of audit committee
• Report on the Pharmacia purchase by Pfizer
• Presentation from the Generics Cluster
• Possible presentations from Big Biotech and
• Possible presentations on Regeneron or Cephalon (by Neil and Laura)

Graciously submitted by John Wagner and Omar Vandal.