Club Biomed &endash; Meeting Minutes &endash; 17 November 2004

• Social phase, accepting contributions and discussion. Why do we have to rely on Canada to set drug prices? We commented on the following quote from Edwardo Proter in 'Do New Drugs Always have to Cost So Much' in NYTimes 14 Nov 2004, "American politicians are so perplexed about how to deal with prescription drug prices that the best solution they can offer is to effectively import a Canadian law-by buying drugs subject to Canadian government price controls-rather than pass one of their own."
• Virtual portfolios & benchmarks, Club Biomed portfolio, Financial report. Simne, John, Carlos.

As of about November 16, 2004

• Account Total Value (10/13/04): $21,824.10
• Stocks: $14,487.10
• Money Market (aka Cash): $7,340.91
• Dividend Payment: $4.07
• Club Biomed share value: $27.25

Update on Our Portfolio. John. Information taken just before meeting.

• Value $14556.10
• Gain $ $199.96
• Gain % 0.92% up from -3.7%

Symbol Cur Price Qty Price Paid Gain $ Gain % Market Val

BIIB 59.07 80 $39.92 1,509.01 46.91 4,725.60

CJHMF 2.655 300 $7.15 -1,371.49 -63.26 796.5

CTIC 7.89 300 $8.58 -229.99 -8.86 2,367.00

IDEV 6.82 100 $7.45 -85.99 -11.2 682

PFE 27.51 100 $32.76 -542.99 -16.48 2,751.00

TEVA 26.95 120 $19.08 921.41 39.84 3,234.00

Update on Stockwatchers.

• Conjuchem (CJHMF) Joe & Hajjra
• Teva (TEVA) Jason
• Biogen Idec (BIIB) Dasha
• Pfizer (PFE) Steve
• CTIC Andrea
• IDEV Neil volunteered to follow this

Stock Report on Genentech (DNA) With a Buy Recommendation. Carlos, Carlos, Andrea, Asif. Presented information on Genentech with handout of expected earnings for 2005 along with an evaluation sheet. Asked Partnership to give the group the power to buy 100 shares at $50 and sell at 10% profit or as they see fit with the power expiring by the next meeting. Motion approved by partners at large with John as diseenting opinion asking for some more data, more information especially as it relates to the Rituxan trials. Andrea said she would follow up on this with Asif and email the Partnership through Yahoo with what she finds.

Stockwatchers Report on BIIB. Dasha. Establishing a sell strategy or should we be thinking to buy more. Update of what is happening with Elan. Will BIIB try to buy Elan? Will Antergen be approved. Etc. Etc.) Partnership voted on a group proposal to sell at 60 no matter what. John proposed perhaps we should actually buy more. Voted to sell at 60.

Mini-presentation. Seven Secrets of How To Be a Good Stockwatcher.

• (1) The stock belongs to the club (not you or the group that recommended it) and was purchased by majority vote. Each stock was purchased for a particular reason and you should be aware of these reasons as a starting point. You may add to or change the rationale for holding a company over time. (e.g., when IDEC merged with Biogen).
• (2) Keep up with key data &endash; read the 10-Q, 10-K, annual report, letters from mgmt, and follow news stories. Get on the mailing list. Do not be afraid to call the company and ask Qs as an investor/potential investor.
• (3) Keep up with the discovery and development strategies &endash; read the literature, find reports from scientific meetings, study their markets/potential markets.
• (4) Identify big problems ASAP, so the club can take action in a timely fashion.
• (5) Form a position about whether Club Biomed should hold tight, buy more, or sell. Think of context of the current club portfolio & be aware of trading costs. Opinion should change rarely, but the strength of your opinion should change with every piece of data.
• (6) Let John/Carlos & other club members know about significant developments &endash; at meetings & through the Yahoo group.
• (7) Ask to present a report if it seems appropriate. Every stock should be reviewed formally at 6 to 12 month intervals and more often if warranted.

Other Club Business. John.

• Member Buy-Outs needing approval. Johanna and Ellen. They want to be bought out, partners approved the motion. Andrea suggested we get positive/negative feedback from departing members in the future.
• Call for nominations &endash; Recording & Procedural Partner needed!!
• New Members. Sebastian and Balazs voted in by the Partneship.

Possible plans for January and beyond

• Yosif will look at Affymetrix or Qiagen and do a quick report on whether we should delve deeper.
• Andrea wants to look at Stem Cell Sector, will do an email report
• Stock watcher report on ??? (we need suggestions) CONJUCHEM!
• Report on another big Biotech (AMGN)
• Other educational topics in addition to clinical trials (in the works)

Submitted by Andrea Hooper