Club Biomed &endash; Meeting Minutes &endash; 17 September 2003

Welcome and monthly contribution collections.

John reported on the status of Club Biomed's real portfolio & indexes.

Report from the planning committee and an educational presentation. John Jeanne, Deidre and Vineet reported on their discussions about how to organize the Club Biomed meetings. They indicated that they wanted to create a 'binary events committee' and a other committee to identify stocks that were worth an initial analysis and to pass these on to partners for more detailed analysis. Vineet presented a slide show that argued for the importance of binary events and presented the idea that we are in a good position to predict the results and importance of scientific trials or regulatory events and that there would move the price of companies, giving us a buying opportunity. His Slide show can be downloaded from the club web site.

Report on Cephalon (CEPH) by John an Jide. Jide and John indicated the Cepehlon is very focused on marketing of drugs and has three products that are growing rapidly and promise to continue grow. These three drugs have not yet penetrated the current market it is likely that there are new indications (see report on the web site). Key patent protection ends in 2006, and competition will occur although competition may be delayed by additional filings. They have at least three drugs in FDA trials and all are strong. They treat important medical problems and they offer novel approaches. The members agreed to purchase 100 shares by acclimation. The slide show and formal recommendation are available on the web site.

New Member: Eight new members were accepted as partners: Carrie Garceau, Judy Mesicek, Cynthia Kou, David Dreizen, and Michelle Soltan, Vineet Jindal, Stephanie Backovick, and Monica Kokinsky..

Planned Agenda items for October or other fall meeting include:

-- submitted by John Wagner