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Martin Hubbes, CFA ConjuChem Inc CJB-T WEAK BUY Aug 23, 2004

Feels there is a potential drug here. Probably is near its bottom. A fair risk/reward. They are trying a new formulation re: nausea of the drugs they tested in phase 2 trials. Also waiting for a combination trial.

Martin Hubbes, CFA

Owned

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$3.990

Stock price when the opinion was issued

biotechnology pharmaceutical

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TOP PICK

Not really happy with management. Took a big drop and is an interesting buy now. The drug works. Potential of being in phase three next year. Really cheap.

DON'T BUY

Needs to know more before he would buy. Have to see better results in the future. Buy when it's rising.

DON'T BUY

The drop out rate on their diabetes drug was higher than expected. Wasn't happy the way management disseminated the information. Dead money in the near term.

WAIT

Sold his holdings because of the convertible debenture issued. Too early to go back in. Expect their will be a lot of tax selling towards the end of the year and will look at it at that time.

DON'T BUY

The nausea under the diabetes drug is fixable under certain conditions, but the question is can the do it. If they can fix, it's a very robust product and will have a very big market.

WAIT

Was concerned when their drug was causing nausea, so they sold. Thinks they will have to do a lot of work. Will watch to see if they can solve the problem.

WEAK BUY

Had a problem with nausea on their drug. Data is improving. Starting to fix the nausea problem. A very effective product. Did another financing, so they are well cashed up. Not the best management team.

DON'T BUY

Thinks it will bounce around a little bit. Not his favourite name. Continue to spend a lot of money and ultimately will have to come back to the market, perhaps some time next year. With the state of biotechs, both large and small, it is not a sector he would want to be in right now. Doesn't like the management.

DON'T BUY

Thinks it’s a horrible company. Last year they did $120 million of financing at $0.65. The $1 stock immediately plunged to $0.65. Last week they announced a $20 million financing at $0.15 convertible debenture. Has gone through $120 million in 12 months.

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Martin Hubbes, CFA ConjuChem Inc CJB-T WEAK BUY Aug 23, 2004

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