Club Biomed &endash; Meeting Minutes &endash; 18 September, 2002

• Welcome and monthly contribution collections
• Carlos D. gave a brief Treasurer's Report &endash; we have collected close to $7128.63 dollars, which he describes as 'enough to play".
• John reported on the status of our model portfolios. Virtual one (IMCL) is off 12%; Random Walk is up 1.2% because of a 12 % surge in Vertex.
• We picked Angiotech Pharm and Gene Logic as the next to stocks for Random Walk
• John Wagner described the evaluation sheet we plan to use when presenting companies. It can be downloaded from our web site.
• We then got reports from the clusters that are moving towards selecting companies to present
  • Angiogenesis-nobody was present
  • Big Pharma has not met but is considering Pfizer and may present in October or November. Gianina is the contact person
  • Antibodies for Cancer claimed a spot to present in January.
  • Big Biotech met subsequent to the Sept meeting and will present in November
  • Generic drugs met once and will present in November. Simne is the contact person
  • Small Cap Biotech met once. Omar is the contact person. They will present in October
  • John relayed the promise that Neil and Laura were planning a presentation in November on Regeneron or Cephalon
• Carlos then presented the idea of cash flow in a company and the way it was different from an income statement or a balance sheet.
• We discussed the virtual portfolio and decided that this portfolio would have no more than 10 stocks and that one person should be assigned to each stock in the portfolio to make a short report or recommendation if they thought it was worthwhile. Buy and cell decisions will be by majority vote.
• We discussed and have hopefully resolved time conflicts with GSEC and the Neuroscience journal Club.
• Mark and Francesca have moved to associate status at their request.
• Marcelo Nocciari became a partner by unanimous vote.

Graciously submitted by John Wagner and Jennifer Kwong.