Hugh Cleland, CFA YM BioSciences YM-T BUY Jan 24, 2007

The only biotech stock that he owns. Accumulates on weakness. Had 2 trials on their cancer drug without getting approval, but this isn't a concern. Statistically difficult to get approval in 2 tries. Is expecting a successful end point. Have a fantastic pipeline of other drugs as well.

Was forced to cancel its cancer treatment trial. They do have some cash. Have another product in the pipeline, but it is in Cuba, which will keep US investors away.. It will take 6 months for the market to care again.

In spite of its setback, he still likes. Risks/reward at this point is not bad. Speculative.

Recently suffered when phase 3 testing failed. Has cash in the bank, has a long runway (cash on a burn rate). Have 2 products in phase 3, one of which is approved in India and China. Great opportunities. Way undervalued.