Has Biogen Idec Become Too Expensive? (BIIB)

June 20, 2011 · Filed Under analyst calls, multiple sclerosis · Comment 

Biogen Idec Inc. (NASDAQ: BIIB) is up nearly 4% today on news that ISI Group raised its rating to BUY from HOLD.  The driving force is Biogen’s promising MS drug candidate BG-12 with the belief that earnings can grow exponentially in the years ahead.  If one company has a lock on the MS market, it is Biogen Idec.

The report today has shares up nearly 4% at $98.47 late in the day.  The consensus analyst price target is $104.13 and the 52-week trading range is $46.15 to $106.99.

Our take is that the consensus price target objective of $104.13 is just not enough upside to merit a new purchase for a biotech giant.  We will be the first to admit that consensus price targets are very far from perfect.  In early January, Biogen Idec was “Overvalued” if you just used the projected consensus price target of the time.  At that time, Biogen was trading at $67.20 and its implied consensus analyst price target objective was $62.83.  The price target was just wrong in the start of 2011.

A lot has happened since then and shares are massively higher.  The earnings estimates are $5.88 EPS for 2011 and $6.20 EPS for 2012, generating forward earnings multiples of 16.75-times 2011 expected earnings and almost 15.9-times expected 2012 earnings.

There are two sides to most coins.  The company can now probably act without too much Carl Icahn input.


Alkermes & Elan, Game-Changing Deal For Both Companies (ALKS, ELN, JNJ, ACOR, AMLN, LLY)

May 9, 2011 · Filed Under Diabetes, Diagnostics, Financial, M&A, multiple sclerosis, R&D · Comment 

The biotech sector has been full of consolidation and mergers of late, but now we have a new model whereby a smaller company is set to grow by taking a part of a larger company.  We cannot exactly call it a reverse merger. Alkermes, Inc. (NASDAQ: ALKS) and Elan Corporation, plc (NYSE: ELN) have signed a definitive pact where Alkermes will merge with Elan’s unit called Elan Drug Technologies.

The drug technologies unit is profitable and is the drug formulation and manufacturing unit.  The cash and stock transaction is valued toda at roughly $960 million and Alkermes and the unit will be combined under a new holding company structure that is incorporated in Ireland called Alkermes plc.

Alkermes says this deal will be immediately accretive to cash earnings.  It also is said to accelerate Alkermes’ path “to building a sustainably profitable biopharmaceutical company with expertise in developing treatments for central nervous system diseases and a broad, diversified portfolio of products and pipeline based on proprietary science and technologies.”

The deal is a game-changer because on a standalone basis Alkermes was set to have a loss of -$0.31 EPS on $213.27 million in its fiscal year March-2012. The combined company is said to see a growing product, royalty and manufacturing revenues in excess of $450 million annually.  Alkermes said it will also become immediately profitable on a cash earnings basis.  In short, Alkermes instantly transforms. Now the company will have a revenue stream from 25 commercialized products and its 5 growth products will now be from RISPERDAL CONSTA, INVEGA SUSTENNA, AMPYRA, VIVITROL, and BYDUREON.

For Elan, it gets to cut the debt on its balance sheet and will get to improve its capital structure, increase its operating leverage, and this will allow for additional focus and disciplined investments.  It also gets a stake in Alkermes plc that can drive its value ahead.

RISPERDAL CONSTA and INVEGA SUSTENNA are both commercialized by Johnson & Johnson (NYSE: JNJ) as long-acting injectable atypical antipsychotic medications for schizophrenia and bipolar I disorder.  Ampyra is an MS drug under Acorda Therapeutics, Inc. (NASDAQ: ACOR). Bydureon is an extended release Typy-II diabetes treatment that Alkermes is in with Amylin Pharmaceuticals, Inc. (NASDAQ: AMLN) and Eli Lilly and Company (NYSE LLY).

Elan is set to receive $500 million plus it will also receive 31.9 million ordinary shares of Alkermes plc common stock.  The companies will also enter into a shareholder agreement that contains a lockup, standstill and voting agreement for Elan’s shares of Alkermes plc.

As far as existing Alkermes holders, they will receive one ordinary share of Alkermes plc per each share of Alkermes, Inc. owned at the merger date.  The new Alkermes plc shares will be registered in the United States and are expected to trade on NASDAQ. Alkermes plc will be headquartered in Dublin, Ireland  The company did note that this transaction is expected to be taxable to existing Alkermes holders and it has obtained a commitment from Morgan Stanley & Co. and HSBC to provide up to $450 million of term loans to finance the transaction.

Revenues are expected to grow in fiscal 2012 and is expected to reach double-digit growth rates in fiscal 2013 and beyond. Pro forma Adjusted EBITDA margins in fiscal 2012 are projected at 15% to 20%, pro forma Adjusted EBITDA is put at $70 million to $90 million, and pro forma adjusted EBITDA margins should expand to 30% to 35% in fiscal year 2013 and beyond.  Also noted was that it has identified about $20 million of annual synergies in U.S. operations that can be fully realized by fiscal 2013.


Opexa’s Surge Brings More MS Treatment Hope (OPXA, BIIB, NVS)

January 5, 2011 · Filed Under fda, Financial, multiple sclerosis, stem cells · Comment 

Opexa Therapeutics, Inc. (NASDAQ: OPXA) is on fire this morning with investor interest. The company announced that it has successfully completed two End-of Phase 2 meetings with the FDA over its Tovaxin.  This is the company’s lead-product candidate and is said to be the first ever personalized T-cell therapy aimed as multiple sclerosis.

The company believes that these FDA meetings put Opexa in position to move forward with a pivotal Phase 3 study of Tovaxin, which Opexa preparing for to being the Phase III study.

A Phase 2b study of Tovaxin demonstrated overall clinical and disability benefits over the placebo group, including a clinically relevant decrease in the Annualized Relapse Rate and improvement in disability score.  Another benefit beyond the efficacy measures that the FDA will ultimately evaluate is the safety profile.  Opexa notes an “excellent safety profile” with no serious adverse events related to the Tovaxin treatment.

There are MS drugs on the market.  Biogen Idec Inc. (NASDAQ: BIIB), which we recently covered as having risen above analyst expected targets, has the great MS drug called TYSABRI.  Unfortunately, the adverse effects that have greatly limited TYSABRI are rare instances of the potentially fatal brain infection PML.

It is probably too soon to call for a change of treatment regimens based upon already approved drugs against drug-candidates that still have to go through Phase III trials for broader data before the application process can even begin.  That being said, what makes Tovaxin different from current MS treatments is that it is a personalized cellular immunotherapy treatment.  It is derived from T-cells isolated from a patient’s peripheral blood, which is then expanded ex-vivo, and ultimately reintroduced into the patient by injection. This process then triggers an immune response against specific subsets of autoreactive T-cells known to attack myelin, which reduces the relapse risks through time.

Opexa noted, “The second meeting was a face-to-face End of Phase 2 clinical meeting in which Opexa presented its rationale and trial design for a Phase 3 pivotal study with Tovaxin in Relapsing Remitting-MS (RR-MS) patients. The FDA concurred with Opexa regarding its proposed clinical trial protocol including the patient population, end points, patient numbers and trial design. The FDA also offered several recommendations to further enhance a Phase 3 trial.”

Opexa is one we highlighted before on positive stem cell safety profiles.  Opexa is also one that has not been without controversy and has not been without financial liquidity measures.  Novartis (NYSE: NVS) put the company on the map on news in 2009 that it was acquiring the company’s stem cell technology.

The war against MS is a large one.  The National Multiple Sclerosis Society lists on its site that there are approximately 400,000 people with multiple sclerosis in the United States alone, with 200 more new cases diagnosed every week. The Society also noted that MS is thought to affect more than 2.1 million people on the planet.

It is still too soon to know if Tovaxin will be the next big MS treatment.  The FDA is a tricky institution and approvals have been more scrutinized of late.  So you know the good news, and you have at least some of the caveats.

The market is voting this one as a success today.  Opexa shares are up almost 60% at $2.49 on almost 6 million shares as of 11:30 AM EST.  The high for the day is $2.90 and the 52-week trading range is $1.02 to $3.07.

Even after the big gain, Opexa has a micro-cap value of only $45.9 million.  The company’s cash and equivalents was listed as only $4.73 million as of September 30, 2010.  Another round of funding is probably a safe assumption for the near future.  The company has noted funding and partner searches and the press release today noted: “Moving forward we are focused on implementing the necessary steps to advance toward a Phase 3 clinical trial, continuing discussions with potential development partners for Tovaxin and attempting to secure appropriate financing.”

If the company’s new MS treatment is as good as the investor reaction is signaling today, that funding should be easy enough to secure.  The question to ask on funding is probably “how much and when?” over other issues.

Stay tuned.


More Genzyme M&A Drama (GENZ, SNY)

November 26, 2010 · Filed Under M&A, multiple sclerosis · Comment 

Genzyme Corporation (NASDAQ: GENZ) could be interpreted as cutting its own nose off just to spite its face if you have followed the merger and share price drama over the last few months.  While the company is trying to maximize shareholder value and perhaps hoping for rival bids above the $69 offer from Sanofi-Aventis (NYSE: SNY), the company is making noise again that may act to actually drive shares lower rather than higher as it hopes.

Chief Executive Officer Henri Termeer has been quoted saying in an article in the French daily Le Figaro that Genzyme has a list of defenses to fend off the $69.00 cash buyout of Sanofi-Aventis.  Among these defenses named is the use of the “poison pill.”  The company has not made any formal decision there on that front, which is effectively a delaying tactic from the company by saying and can take an action but not actually taking an action.

The official stance from Termeer in his interview is that the company is looking to maximize shareholder value, but the company is not for sale.  Termeer is still taking a risk. If no rival buyers emerge and if Sanofi-Aventis forced away, the value is south of today’s share price.

Ultimately that intrinsic share price value can go higher on its own, but the company cannot afford any more missteps.  Its Campath in multiple sclerosis is a promising candidate  from studies and those results are due next year.

The full translation of the Le Figaro article is here.


Post-QE2 Economy Skipping Biotech (BBH, XBI, CELG, GILD, AMGN, BIIB, ALXN, MNKD, HGSI, VVUS, DNDN)

November 6, 2010 · Filed Under analyst calls, Anemia, Cancer, dendreon, fda, Financial, Lupus, M&A, multiple sclerosis, obesity · Comment 

Things have changed in the last week.  The mid-term elections took away the majority of the House of Representatives, and the Senate now no longer has the super-majority which could get laws passed no matter what they included.  Now it seems that the tax cuts may be extended for another year or maybe two years, which could imply a permanent change ahead if the 2010 election trends remain close to the same in 2012.  Quantitative easing from the FOMC is meant to drive investors into riskier assets and create a higher pricing environment to avoid deflationary pressure.  Generally speaking, those riskier assets are commodities, and broader stocks tied to industrial, exports, financials, and more.  But what about biotech and emerging pharma?  So far, QE2, tax extension, and the reversal of ‘the new normal’ has not highlighted biotech in the slightest.

Biotech HOLDRs (NYSE: BBH) and SPDR S&P Biotech (NYSE: XBI) are classic examples of underperforming ETFs in the last week as you can see in the chart below.  The Biotech HOLDRs actually fell during the rest of the market gains, while the SPDR S&P Biotech ETF significantly underperformed the PowerShares QQQ (NASDAQ: QQQQ).

A research call this last Thursday came from Goldman Sachs and it was cautious in Celgene Corporation (NASDAQ: CELG) and Gilead Sciences Inc. (NASDAQ: GILD); and the call was very cautious in Amgen Inc. (NASDAQ: AMGN) and Biogen Idec Inc. (NASDAQ: BIIB).  Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN) was the one that Goldman Sachs liked, and despite its large gains so far in 2010 the stock performed well after rising from about $68 early Tuesday to  close the week out at $72.72.

MannKind Corp. (NASDAQ: MNKD) is one of those companies that will have nearly zero impact from Quantitative Easing nor from who is in control of the House, Senate, or White House.  Alfred Mann’s inhalable insulin candidate took a hit because of fraud allegations from a terminated employee who brought up study misconduct concerns. Shares went from $6.20 on Thursday early morning to close the week out at $5.54 for roughly a 10% drop.  The 52-week range is $4.76 to $11.12, and the general theme is that AFREZZA is farther and farther away from approval.

Human Genome Sciences Inc. (NASDAQ: HGSI) has lost some of its high-flyer status compared to 2009 and early 2010, and this week brought about a negative cloud on teh company even though the company itself was not at fault.  The SEC charged a French research doctor with insider trading that allowed a hedge fund to dump 6 million shares after a tip that the drug Albuferon for Hepatitis C had negative test results.  The problem is that the incident goes back to 2007.  Human Genome shares were nearly at $27.00 at the start of the week and they closed at $25.31 versus a 52-week range of $20.56 to $34.49.

VIVUS Inc. (NASDAQ: VVUS) was started as Buy at Roth Capital this last week with a $12 price target, yet it did not hold much of the large gains from the week before.  VIVUS shares rose a week earlier from $6.13 ti $7.75 after the FDA denied its Qnexa weight loss drug but after most issues seemed to be within working conditions without the need for a new round of drug trials.  Shares did not close on the lows Friday, but the loss was close to 10% at $7.12 on the week.  If this is approved, we have seen some research that indicates many patients will probably pay out of pocket on their own for this if insurance reimbursement rates do not cover it.

Dendreon Corporation (NASDAQ: DNDN) was another dud this week.  The company’s loss was more than $79 million due to ongoing product expansion and promotion costs for PROVENGE.  The drug is selling less than expected so far.  The company sold $20.2 million and sales grew each month, but analysts were looking for nearly $24 million in sales.  Dendreon gave sales projections of $46 to $47 million in 2010 revenue.  It said it expects $350 to $400 million in revenue in 2011, but 2011 is expected to be very back-end loaded as capacity comes on line.  That implies that any delay will push revenues further and further out, perhaps as more prostate cancer competition can come on the market.  Analyst expectations were more like $62.6 million in 2010 and over $400 million in 2011.  Shares peaked at $39.00 during the week but closed down at $35.07; its 52-week range is $25.05 to $57.67.

Most investors consider biotech and emerging pharma to be risk-based assets.  These are a different sort of risk.  Some of the pressure from Washington D.C. may abate, but Republicans have vowed to address some of the cost side of the equation when it comes to healthcare.  If Washington can figure a way for hospitals to not charge $25 for administering an aspirin tablet or an ibuprofen pill, it seems logical that $20,000 to $90,000 treatment regimens could remain under scrutiny.

So far, biotech and emerging pharma is being discounted entirely despite the winds of change feeling a tad less abrasive.


Biogen Losing Dead-Money Image (BIIB, ELN, NVS)

October 27, 2010 · Filed Under analyst calls, multiple sclerosis · 1 Comment 

Biotech earnings are seeing mixed reactions after the news so far.  Biogen Idec Inc. (NASDAQ: BIIB) has some very positive momentum behind it that may be changing how investors view the company.  The company was noted as a win by Zacks Investment Research this morning with references to Elan Corp. (NYSE: ELN) and Novartis (NYSE: NVS).  What is perhaps most interesting about Biogen Idec is that the stock is hitting 52-week highs today and the new 52-week trading range is $41.75 to $61.57.  If you go back further, Biogen is actually trading at a high not seen since the big slide in mid-2008.  Some investors and traders may now be hoping that today’s move represents a full breakout from a very long trading range.

Zacks noted Biogen Idec as “Biogen Beats by a Wide Margin” and is as follows:

Biogen Idec Inc. (NASDAQ: BIIB) reported third-quarter earnings per share of $1.33, well above the Zacks Consensus Estimate of $1.20 and the year-earlier figure of $1.09. Excluding the impact of stock-based compensation expense, third quarter 2010 earnings came in at $1.35 per share. Performance was boosted by higher revenues and lower share count. Revenues increased 5% to $1.18 billion, with Tysabri and Rituxan being the primary growth drivers. Revenues were slightly above the Zacks Consensus Estimate of $1.16 billion.

Revenue by Major Products

Third quarter Tysabri revenues came in at $221 million, up 7% from the prior period. Global in-market net sales of Tysabri, which is partnered with Elan Corp. (NYSE: ELN), came in at $307 million (up 9%) in the third quarter of 2010. Tysabri global sales consisted of US sales of $151 million and ROW (Rest of the World) sales of $156 million.

Biogen estimates that as of the end of Sept. 2010, about 55,100 patients were on commercial and clinical Tysabri therapy worldwide. This represents an increase from the 52,700 patients reported by the company in the second quarter of 2010.

With Tysabri being an important growth driver for Biogen, we remain concerned that an increase in the number of progressive multifocal leukoencephalopathy (PML) cases associated with its use could lead to a slowdown in Tysabri sales going forward. We note that new patient additions during the third quarter remained flat sequentially at 2,400.

Biogen is currently conducting studies (STRATIFY 1 and STRATIFY 2) to confirm that patients who test negative on the JC virus assay could use Tysabri with lower concerns regarding the development of PML. Biogen reported that Elan presented data supporting the utility of using a JC virus assay. The companies intend to apply for label changes in both the US and the EU by the first quarter of 2011.

Meanwhile, Biogen’s lead multiple sclerosis (MS) product Avonex posted second quarter sales of $644 million (up 11%).

We note that, going forward, both Avonex and Tysabri will face additional competition in the form of Novartis’ (NYSE: NVS) Gilenya which was launched in early Oct. Results from a study comparing Gilenya with Avonex showed that Gilenya reduced relapse rates by 52% at one year compared with Avonex. Being an oral therapy, Gilenya could find quick acceptance as currently available therapies require injection or infusion.

Meanwhile, we were disappointed to see Rituxan revenues decline 9% to $258 million in the third quarter. Biogen and partner Roche have been working on driving Rituxan growth by expanding the label for additional indications. Moreover, Biogen has been working on improving unit and market share performance of the product through greater sales efforts, improving customer segmentation and highlighting the data on the product.

BIOGEN IDEC INC (BIIB): Free Stock Analysis Report
ELAN CORP PLC ADR (ELN): Free Stock Analysis Report
NOVARTIS AG-ADR (NVS): Free Stock Analysis Report

Zacks Investment Research

Questor Meets FDA Snag (QCOR)

September 8, 2010 · Filed Under fda, multiple sclerosis · Comment 

Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) was a mere 48 hours away from an FDA drug decision for the review of Questcor’s supplemental new drug application for H.P. Acthar® Gel in the treatment of infantile spasms.  The key work now is “WAS” in the reference.

The FDA just today informed Questcor that it requires additional time beyond the current action date of September 11, 2010.  During the supplemental new drug application review period, Questcor and the FDA have been updating and modernizing the product label for Acthar, which has not been modified since 1978, when multiple sclerosis was added to the label.  This step of the review process is now complete.

Questcor has been notified that the FDA needs some additional time to finalize the wording on the label, review the proposed medication guide, and define post-approval commitments, if any, for the infantile spasms indication.

Shares did fall on this, although it is worth noting that the company called this “nearing the finish line and look forward to the FDA finalizing its review of our sNDA…”

The CEO claims that the business strategy and plans for Acthar remain intact, “based on the direction that the FDA appears to be taking not only with our sNDA but also with the additional updates to the Acthar label.  We expect to continue executing our plans for the multiple sclerosis and nephrotic syndrome markets, including the significant expansion of our sales force.”

The company also notes that third quarter 2010 prescription and sales levels are encouraging.  The company is also engaged in an effort to double its sales force and the company said that its MS new paid prescriptions reached a monthly record in August.

In the first two months of the third quarter, those prescriptions have increased modestly compared to the first two months of the second quarter of 2010. At the current quarterly run rate, vial shipments by Questcor in the third quarter of 2010 would exceed the record just set in the second quarter and it also claims that its sales reserve provision appears adequate.

TheStreet.com noted an analyst expected FDA’s full approval and that it could add $10 to $15 million to sales and that it could add on $0.04 to $0.09 to earnings per share.  FULL ARTICLE FROM THESTREET.COM

Questcor was halted briefly for the news.  The after-hours session had shares down 8% at $9.55 after a $10.38 close and the first hour after the close has seen more than 100,000 shares trade hands.  The regular session had shares up 7.9% at $10.38 today.


The Facet Biotech Buyout Saga (FACT, BIIB, ABT, PDLI)

March 10, 2010 · Filed Under Financial, M&A, multiple sclerosis · Comment 

Facet Biotech Corporation (NASDAQ: FACT) is a buyout saga that seemed as though it would never end in 2009.  The company is now finally being acquired, but not by Biogen Idec (NASDAQ: BIIB).  Abbott Laboratories (NYSE: ABT) announced last night that it entered into a definitive agreement for $27.00 per share in a cash buyout.  The deal is valued at $722 million, but that includes about $272 million in cash and equivalents.

The net cost will be about $450 million. In late-2009, Facet turned down a second unsolicited offer from Biogen Idec of $17.50 a share after having rejected a lower offer before that.

Facet has discovery and development partnerships with Biogen Idec for MS, and it also has partnerships with PDL BioPharma (NASDAQ: PDLI) and Roche.

Facet shares are up 66% at $26.96 this morning after last night’s deal.  Its prior 52-week trading range was $5.86 to $18.35.


Top 2010 Established Biotech Stock Picks for Upside (MNKD, THRX, DNDN, INCY, ILMN, ALNY, GILD, SVNT, AMGN, ONXX, PDLI, OSIP, CELG)

BioHealthInvestor.com wanted to put together a list of key biotech and BioHealth-related stocks that had the most upside for 2010 according to consensus analyst price targets.  This is of course no exact science for many reasons, but getting a lot of consensus price targets together is often a sign of at least where to start when looking for upward price targets in stocks.  And we all know that BioHealth and biotech stocks often offer the upside of the century as these companies all hold a bit of your own personal lottery ticket in all of their share prices.

After taking a look at our normal universe of biotech and biohealth related stocks. it was obvious that MannKind Corp. (NASDAQ: MNKD) still has the most upside from the consensus price targets IF it is hit.  Then in order of expected share price appreciation comes Theravance Inc. (NASDAQ: THRX), Dendreon Corp. (NASDAQ: DNDN), Incyte Corporation (NASDAQ: INCY), and then came Illumina Inc. (NASDAQ: ILMN), Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY), and Gilead Sciences Inc. (NASDAQ: GILD).

The stocks above all had upside of over 25%.  The other stocks here are the ‘lower rung’ of upside expectations but are all still offering over 20% upside to the consensus analyst price targets (again IF they are hit).  Of the 13 stocks with markets caps of $750 million (or almost $750 million) which we cover, these still had upside of over 20% except a few: Savient Pharmaceuticals, Inc. (NASDAQ: SVNT), Amgen Inc. (NASDAQ: AMGN), Onyx Pharmaceuticals Inc. (NASDAQ: ONXX), PDL BioPharma, Inc. (NASDAQ: PDLI), OSI Pharmaceuticals Inc. (NASDAQ: OSIP), and Celgene Corporation (NASDAQ: CELG).
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Quest For 10-Baggers in BioHealth in 2010 (JAZZ, TRGT, VNDA, DNDN, HGSI, CGEN, BNVI, QCOR, ACHN, PSDV, ATHX, SNSS, AVNR, BIOD, ALXA, CTIC)

If one thing was noticed in biotech stocks, or BioHealth stocks as we often say, it was that investors, traders, and speculators all piled into the chase for the next ten-bagger late in the year.  When you have as many biotech and BioHealth stocks that ran over 1,000% in 2009 that is only to be expected…. hence the 10-bagger comments.  We had many biotech and biohealth shares rally from their lows significantly this year, with companies such as Jazz Pharmaceuticals, Inc. (NASDAQ: JAZZ), Targacept, Inc. (NASDAQ: TRGT), Vanda Pharmaceuticals, Inc. (NASDAQ: VNDA), Dendreon Corp. (NASDAQ: DNDN), and Human Genome Sciences, Inc. (NASDAQ: HGSI) all being in or having been in the 10-bagger club this year.

But late in 2009 we started seeing an onslaught of low-priced stocks with small cap or micro-cap values running rapidly higher on news.  In some cases these faded, and in some not.  We saw the traders run up shares of Compugen Ltd. (NASDAQ: CGEN), Bionovo, Inc. (NASDAQ: BNVI), Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR), Achillion Pharmaceuticals, Inc. (NASDAQ: ACHN), pSivida Corp. (NASDAQ: PSDV), Athersys, Inc. (NASDAQ: ATHX), Sunesis Pharmaceuticals, Inc. (NASDAQ: SNSS), and AVANIR Pharmaceuticals, Inc. (NASDAQ: AVNR) on news late in 2009.  Also covered as potentials for this are Biodel Inc. (NASDAQ: BIOD), Alexza Pharmaceuticals, Inc. (NASDAQ: ALXA), and Cell Therapeutics, Inc. (NASDAQ: CTIC).

We have reviewed each of these and given a synopsis for each to see if these could be the 10-baggers for 2010.
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