US 20070255633Al (19) United States (12) Patent Application Publication (10) Pub. N0.: US 2007/0255633 A1 Kridel (43) Pub. Date: NOV. 1, 2007

(54) SYSTEMS AND METHODS FOR INVESTING (52) US. Cl...... 705/35 (76) Inventor: FIVJigiam J. Kridel, New York, NY (57) ABSTRACT The present invention discloses systems and methods for Correspondence Address? creating and managing ?nancial instruments and indexes PAUL’ HASTINGS’ JANOFSKY & WALKER comprised of securities for companies in subsectors of the LLP economy. These ?nancial instruments alloW investment in R0' BOX 919092 subsectors of the economy Will still being able to minimize SAN DIEGO CA 92191-9092 ’ risk by diversi?cation. The indexes serve as benchmarks for (21) App1_ NO; 11/465,768 companies in the subsectors of the economy. A procedure may be used to identify the securities to include in the (22) Filed: Allg- 18, 2006 ?nancial instruments. This procedure may include (a) iden _ _ tifying securities for companies in a sector of the economy; Related U's‘ Apphcatlon Data (b) limiting the identi?ed securities to those for companies (60) Provisional application No. 60/778,492, ?led on Mar. in a SubSeCIOr Of the SBCIOI‘ Of the economy; (0) applying 1, 2006. focus rules to further limit the identi?ed securities to those _ _ _ _ for companies Who are focused in the subsector of the Pubhcatlon Classl?catlon economy; and (d) limiting the securities included in the (51) Int, Cl, ?nancial instrument or index to those that satisfy other G06Q 40/00 (2006.01) objective criteria.

ETF RULE. SET->| APPLICATION’ ' "1 _. '

All Public Equities in North Amerlca and Europe

( Public-. s Equmesi_ . 1111'- the' Health:‘ are Benton1 I 1I

[ All Equities Witliiu‘theDisease Categmy' I ( Equities Between 1m} mil m1- ls‘bn Market Cap

[ Emc-lusinnufll'lergcrTa'rgets

Index Patent Application Publication Nov. 1, 2007 Sheet 1 0f 2 US 2007/0255633 A1

ETF RULE SET APPLICATION { Public Equi?es in Nnrth America and Europe ] [ Pl'lllliii' Equities in tlie Heal‘thcalfe Sector J 4 [ Ali Equities Vv’ifhinihe ‘Dise axle Categm? l [ Equities Between lUII-niilanpi- l‘5bil MarkefCap ] L Equi?es-miquzulybaégdmm4 Focus'rl?cs J [ Emlusinn nrfl'i'lergcr Tzirge'ts 1

FIGURE 1 Patent Application Publication Nov. 1, 2007 Sheet 2 0f 2 US 2007/0255633 A1

ETF INDEX

Exclusion of Merger Targets Equities which qualify based on (he focus rules Equities between $E00 mil and $15 bln market cap All equities in the Disease Category All public equities within the lieal?icare sector All public equities with in North America and Europe

FIGURE 2 US 2007/0255633 A1 Nov. 1, 2007

SYSTEMS AND METHODS FOR INVESTING securities of companies that are included in a selected market index. For example, one type of ETF, knoWn as CROSS-REFERENCE TO RELATED Spiders or SPDRs, invest in all (or most) of the stocks APPLICATIONS contained in the S&P 500 Composite Stock Price Index. Although ETFs are legally classi?ed as open-end companies [0001] This application claims the bene?t of US. Provi or UITs, they differ from traditional open-end companies sional Application No. 60/778,492, Which Was ?led Mar. 1, 2006 and is incorporated herein by reference in its entirety. and UITs in several respects. First, ETFs do not sell indi vidual shares directly to investors and only issue their shares FIELD OF THE INVENTION in large blocks (e.g., 50,000 shares) called “creation units.” The creation units are purchased at NAV. Second, after [0002] The present invention relates generally to ?nancial purchasing a creation unit, an investor often splits it up and investments, and more particularly to ?nancial investments sells the individual shares on a secondary market. This and related indices and systems for structuring investments permits other investors to purchase individual shares (in in equities for a de?ned subsector of the economy. stead of creation units) at market rates (as opposed to NAV) during regular trading hours. Creation units are not pur BACKGROUND OF THE INVENTION chased With cash, but instead the buyer must make an in-kind contribution of securities that match the index com [0003] Portfolio investing is a common Way to mitigate position underlying the ETF. Alternatively, investors can sell the risk often associated With investing in stocks, bonds and other types of investments. One type of portfolio investing the creation units back to the ETF at or around NAV or sell smaller denominations on the secondary market at market involves investment in index funds, Whose investment prices. In addition, ETFs generally redeem creation units by objective typically is to achieve the same return as a par giving investors the securities that comprise the portfolio ticular market index. instead of cash. [0004] A market index generally tracks the performance of a speci?c “basket” of stocks considered to represent a [0008] Because the investment objectives, policies and particular market of the stock market or economy. For strategies of an index fund require it to purchase primarily example, the DoW Jones Industrial Average (DJIA) is an the securities contained in an index, the fund Will be subject index of 30 “blue chip” US. stocks of industrial companies to the same general risks as the securities that are contained (excluding transportation and utility companies). Similarly, in the index. Further, the management of index funds is more the S&P 500 Composite Stock Price Index is an index of 500 “passive” than the management of non-index funds, because stocks from major industries of the US. economy. an index fund manager only needs to track a relatively ?xed [0005] Index funds include mutual funds, unit investment index of securities. This usually translates into loWer fees trusts (UITs), exchange-traded funds (ETFs) and other types and expenses than more actively managed funds. of investments Whose objective is to achieve the same return [0009] Despite these knoWn methods for selecting and as a particular market index. An index fund Will attempt to managing portfolio investments, there is still a need for achieve its investment objective primarily by investing in innovative systems and methods for establishing and man the securities (stocks or bonds) of companies that are aging investments that alloW investors opportunities for included in a selected index. Some index funds may also use investment in signi?cant subsectors of various economies derivatives (such as options or futures) to help achieve their and securities markets (particularly those subsectors exhib investment objective. Some index funds invest in all of the iting technological change) While still mitigating the risk companies included in an index; other index funds invest in associated With investing. For example, during the 1990s, a representative sample of the companies included in an numerous intemet companies Were formed. Over time, some index. Some of similarities and differences among the afore of those companies ?oundered, While others Were tremen mentioned types of index funds are described beloW. dous successes. Thus, a ?nancial instrument for a subcat [0006] Amutual fund is a company that pools money from egory of intemet companies could have been established many investors and invests the money in stocks, bonds, focusing on, for example, the on-line book retailer subsector. short-term money-market instruments, or other securities. Such an instrument could have produced signi?cant Legally knoWn as an “open-end company,” a mutual fund is returns4despite the companies that failedibecause of the one of the three basic types of investment companies (the overWhelming success of other companies in that sub-sector. tWo other basic types are closed-end funds, including UITs, [0010] This type of a ?nancial instrument Would alloW and face-amount certi?cate companies). Traditionally, participants to reap the bene?ts of portfolio investing, While investors purchase mutual fund shares from the fund itself still being able to both respond to speci?c neW developments (or through a broker for the fund). The shares are not listed and encourage the development of neW products by invest on any exchange and there is no organiZed secondary ing in subsectors of the economy. market, such as the NeW York Stock Exchange or Nasdaq Stock Market, to enable investors to buy and sell shares. The SUMMARY OF THE INVENTION price investors pay for mutual fund shares is the fund’s per share net asset value (NAV) plus any shareholder fees that [0011] The present invention discloses systems and meth the fund imposes at purchase (such as sales loads). Mutual ods for creating a ?nancial instrument for investing in funds are redeemable (they can be sold back to the fund) at securities of companies in a subsector of the economy, their approximate NAV, minus any fees the fund imposes at systems and methods for creating a ?nancial index com that time. prised of securities of companies in a subsector of the [0007] An ETF is a type of investment company Whose economy, as Well as systems and methods for managing investment objective is to achieve the same return as a ?nancial instruments and indexes of securities for compa particular market index. An ETF Will primarily invest in the nies in a subsector of the economy. US 2007/0255633 A1 Nov. 1, 2007

[0012] In one embodiment, the systems and methods of securities for inclusion in the ?nancial instrument or index. the present invention comprise: (a) identifying securities for For example, the security’s issuer may be required to have companies in a sector of the economy; (b) limiting the a market capitaliZation With a de?ned range over a period of identi?ed securities to those for companies in a subsector of time. Preferably, the range is greater than about $100 mil the sector of the economy; (c) applying focus rules to further lion, but less than about $15 billion during at least tWo of the limit the identi?ed securities to those for companies Who are preceding three quarters. focused in the subsector of the economy; and (d) limiting the [0020] Objective criteria for limiting the inclusion of securities included in the ?nancial instrument or index to securities in the ?nancial instruments and indexes of the those that satisfy other objective criteria. Preferably, the present invention may also include, for example, requiring sector of the economy is healthcare. the security to be listed on an exchange, such as a major US. [0013] In one embodiment, a system and method for exchange or foreign exchange; or having depository receipts creating and managing a ?nancial instrument and/or index is in either American (ADR) or global (GDR) form listed on a disclosed, the system and method comprising de?ning a major US. or foreign exchange. In another embodiment, subsector of the economy based on development of indi securities may be limited to securities for companies that are vidual technologies. For example, the basic technology headquartered in a particular location or listed on a particu could be selected from the group consisting of diagnostics, lar stock exchange. cardio devices, orthopedic repair, enabling technologies, [0021] Securities may also be limited by other objective European drugs, European medical products and devices criteria, such as a security issuer With less than a predeter and Asian healthcare. mined amount of annual revenues from product sales may be [0014] In another embodiment, the system and method required to have at least the equivalent of one year’s comprise de?ning a subsector by disease application. For operating costs in cash on its balance sheets. example, the disease application could be respiratory or [0022] Those and other aspects, objects, advantages and pulmonary diseases, cancer, derma or Wound care, ophthal features of the invention Will be apparent to those persons mology, infectious diseases, metabolic or endocrine disor skilled in the art upon reading the disclosure of the invention ders, autoimmune disorders, CNS disorders, cardiology, as more fully described beloW. genitourinary, gastrointestinal, sexual dysfunction, repro ductive health or in?ammatory disorders. BRIEF DESCRIPTION OF THE DRAWINGS [0015] In yet another embodiment, a system and method for creating and managing a ?nancial instrument and/or [0023] FIG. 1 shoWs one embodiment of the present index is disclosed, the system and method comprising iden invention to create an ETF. tifying a sector or subsector by reference to a database [0024] FIG. 2 further shoWs one embodiment of the speci?c for the sector of the economy. For example, the present invention to create an ETF. database for the healthcare sector could be BioCentury’s database, MedTrack’s database, or MedTech Insight’s data DETAILED DESCRIPTION OF THE base. A further embodiment comprises identi?cation of INVENTION securities for companies described in the database as engaged in the sector or subsector. [0025] The present invention provides systems and meth ods for creating and managing indexes and ?nancial instru [0016] In a further embodiment of the invention, the system and method comprise applying additional “focus ments, which offer fund shares that are listed on recogniZed stock exchanges. For clarity of disclosure, and not by Way of rules” or criteria to limit the identi?ed securities to those limitation, the detailed description of the invention herein With a nexus to the subsector. The nexus can be a commer after is divided into the subsections that folloW. Although cial nexus shoWn, for example, by the security’s issuer (a) marketing products in the identi?ed subsector; (b) having many methods similar or equivalent to those described herein can be used in the practice of the present invention, clinical trials in the identi?ed subsector; or (c) both. the preferred methods and materials are noW described. The [0017] The nexus can also be a research nexus shoWn, for provision and discussion of speci?c examples herein are for example, by (a) an indicator of the security issuer’s research illustrative purposes only and are not intended to limit the emphasis in the identi?ed category or subsector; or (b) a scope of the present invention. ratio betWeen the security issuer’s research emphasis in the identi?ed category or subsector and all products marketed A. De?nitions by the issuer. The indicator of the security issuer’s research emphasis in the subsector can be the number of clinical trials [0026] Unless de?ned otherWise, all technical and scien in the identi?ed subsector. ti?c terms used herein have the same meaning as is com [0018] In another embodiment, the additional rules or monly understood by one of ordinary skill in the art to Which criteria of the present invention shoW an over all intensity this invention belongs. and business focus of the security’s issuer to the identi?ed [0027] As used herein, the singular forms “a”, “an”, and subsector. The overall intensity and business focus of the “the” mean “at least one” or “one or more” unless the security’s issuer can be shoWn by the company possessing a context clearly dictates otherWise. ratio betWeen the sum of the company’s number of products [0028] As used herein, “index administrator” means any and an indicator of the company’s research emphasis in a person, organiZation, company or the like responsible for particular subsector, and all of the company’s products. An index maintenance, including, but not limited to, monitoring indicator of the security issuer’s research emphasis can be and implementing adjustments, additions and deletions, the number of clinical trials in the identi?ed subsector. share changes, stock splits, dividends, and stock price [0019] In yet another embodiment of the present inven adjustments due to restructurings, spin-offs, and other cor tion, additional objective criteria are used to limit the porate actions. US 2007/0255633 A1 Nov. 1, 2007

[0029] As used herein, “calculation agent” means any including, but not limited to, age-related macular degenera person, organization, company or the like responsible for tion, dry-eye, diabetic macular edema, glaucoma, presyopia, compiling, calculating, maintaining, and disseminating the myopia, and the like. values of the indices. For example, Standard & Poor’s [0038] As used herein, the “infectious disease” subsector (“S&P”), a division of The McGraW Hill Companies, Inc. is to be interpreted broadly to include any company involved could serve as the calculation agent. in the research, development or commercialization of thera peutic agents for the treatment of various diseases of the eye [0030] As used herein, “spin-o?‘” means the distribution to existing shareholders of a part of a company’s business including, but not limited to, bacterial infections, fungal through the issuance of shares in the neWly established infections, viral infections, parasite infections, and the like. [0039] As used herein, the “metabolic-endocrine disor company. Both the distributing and neWly established com ders” subsector is to be interpreted broadly to include any pany can be evaluated at the next quarterly rebalancing to company involved in the research, development or commer ensure continued and possibly neW compliance With inclu cialization of therapeutic agents for treatment of a Wide sion criteria for an index. variety of metabolic and endocrinal disorders, including, but [0031] As used herein, the “healthcare” sector is to be not limited to, diabetes, obesity, Syndrome X, groWth de? interpreted broadly to include any industry Where efforts are ciency, rare lysosomal disorders and the like. made to maintain or restore an individual’s health. Industries [0040] As used herein, the “autoimmume-in?ammation” or categories under this de?nition, include, but are not subsector is to be interpreted broadly to include any com limited to pharmaceutical, , life science, thera pany involved in the research, development or commercial peutics, nutraceutical, medical device and the like. Addi ization of therapeutic agents for the treatment of a Wide tionally, the healthcare sector includes those companies variety of in?ammatory disorders, including, but not limited making and/or enabling tools and technologies for use in to, osteoarthritis and the like, and autoimmune disorders, these industries. including, but not limited to, rheumatoid arthritis, allergies, [0032] As used herein, the “diagnostics” subsector is to be multiple sclerosis, psoriasis, lupos and the like. interpreted broadly to include any company associated With [0041] As used herein, the “central nervous system”, “CNS” or “neuroscience” subsector is to be interpreted the identi?cation of the existence or extent of a disease, a visual localization of disease by Way of imaging, the selec broadly to include any company involved in the research, tion of therapeutic agents appropriate for the disease Wher development or commercialization of therapeutic agents for ever possible (“theranostics”) and monitoring of disease the treatment of a Wide variety of neurological and psychi progression/therapeutic e?icacy. atric disorders, including, but not limited to, Alzheimer’s, Parkinson’s, Huntington’s, , anxiety, depres [0033] As used herein, the “respiratory/pulmonary” sub sion, epilepsy, pain, sleep disorders and the like. sector is to be interpreted broadly to include any company [0042] As used herein, the “cardiology” sub-sector should involved With the research, development or commercializa tion of therapeutic agents treating various respiratory and/or be interpreted broadly to include any company involved in pulmonary diseases, including, but not limited to, , the research, development or commercialization of thera chronic obstructive pulmonary disease, emphysema, tuber peutic agents for the treatment of cardiologic indications, including, but not limited to, atherosclerosis, coronary artery culosis, pulmonary arterial hypertension and the like. disease, congestive heart failure, stroke, hypertension, [0034] As used herein, the “cancer” subsector is to be hypotension, thrombosis, restenosis and the like. interpreted broadly to include any larger company involved [0043] As used herein, the “gastrointestinal”, “GI”, “geni in the research, clinical development or commercialization tourinary” and/or “gender healt ” sub-sector should be of therapeutic agents for the treatment of a Wide variety of interpreted broadly to include any company involved in the cancers, and generally include those With substantial rev research, development or commercialization of therapeutic enues and large, deep research and development programs. agents for the treatment of a Wide variety of diseases, [0035] As used herein, the “small cap cancer” or “emerg including, but not limited to, gastro-intestinal disorders, ing cancer” subsector is to be interpreted broadly to include such as gastroesophageal re?ux disease, heartburn, irritable any smaller-sized company involved in the research, clinical boWel syndrome, Crohn’s disease, and ulcerative colitis; development or commercialization of therapeutic agents for genitourinary disorders, such as overactive bladder, urge the treatment of a Wide variety of cancers, and generally incontinence, stress incontinence and urinary tract infection; include those With some level of revenues, or on the verge and gender health matters, including sexual dysfunction of revenues and have signi?cant but unfocused research and (male and female), endometriosis, benign prostatic hyper development programs. plasia, prolapsed Womb, reproductive health and the like. [0036] As used herein, the “derma and Wound care” sub [0044] As used herein, the “cardio devices” sub-sector sector is to be interpreted broadly to include any company should be interpreted broadly to include any company involved in the research, development or commercialization involved in the manufacture, distribution or commercializa of therapeutic agents for the treatment of a Wide variety of tion of medical devices for the treatment of cardiac, vascular skin disorders, including, but not limited to acne, rosacea, and endovascular disorders and diseases, including, but not psoriasis, genital Warts, atopic dermatisis and the like, by limited to, stents, valves, patches, pumps, de?brillators, topical or systemic means, and/or provide traditional and pacemakers, sutures and sensors/chips. innovative means of handling Wound care problems. [0045] As used herein, the “orthopedic repair” sub-sector [0037] As used herein, the “ophthalmology” subsector is should be interpreted broadly to include any company to be interpreted broadly to include any company involved involved in the manufacture, distribution or commercializa in the research, development or commercialization of thera tion of medical devices, pharmaceuticals and regenerative peutic agents for the treatment of various disease of the eye, medicine for the treatment of bone, cartilage, tendon, US 2007/0255633 A1 Nov. 1, 2007

muscle, ligament, maxillofacial and dental elements exclud publicly-listed companies in a particular subsector of the ing periodontal and skin conditions or disorders. economy. In other Words, each fund focuses on a different [0046] As used herein, the “enabling technologies” sub index, Which is developed using a vertical investment sector should be interpreted broadly to include any company approach that categorizes companies Within a particular involved in providing technology products and/or services index by focusing on each company’s investments or prod that enable and support the discovery, clinical development ucts in speci?c predetermined areas. Other embodiments are and manufacturing activities of pharmaceutical and biotech envisioned Where only one fund is established, and that fund nology companies, including, but not limited to, genomics, is invested in a portfolio of securities that replicate or proteomics, high throughput screening, high content analy represent a particular index. sis, arrays, combinatorial and evolutionary chemistry, [0054] The systems and methods of the present invention reagents, laboratory/production robotics, analytic instru offer several advantages. First, the ?nancial investments and ments and sensors. indices of the present invention permit diversi?cation of [0047] As used herein, the “patient care services” sub investments in subsectors de?ned by speci?c technologies or sector should be interpreted broadly to include any company business plans. The indices of the present invention may involved in providing direct treatment of patients in hospi serve as benchmarks for portfolio managers and investors tals, outpatient clinics, nursing homes, assisted living cen Who invest in the securities of companies in various sub ters, treatment facilities or at home. sectors of industries. The indices may also act as a perfor [0048] As used herein, the “European drugs” sub-sector mance yardstick for companies in the selected subsector. should be interpreted broadly to include any company The indices may also serve as vehicles for directing attention headquartered in Europe and involved in the research, to the groWing importance of the speci?ed subsectors in the development, manufacture or commercialization of pharma US. and global economy, and act as continuous indicators ceutical products, small molecule/chemical moieties, bio for technological developments in subsectors of industries. logics (proteins, peptides, oligonucleotides and cell/gene [0055] To accomplish the purposes of the invention, secu therapies) and vaccines, in all therapeutic categories, prima rities must be issued by a company Whose business lies in rily intended for humans. the chosen subsector of the economy to be eligible for [0049] As used herein, the “European medical products inclusion in an investment or index. Thus, the present and devices” sub-sector should be interpreted broadly to invention provides methods and systems, including rule sets, include any company headquartered in Europe and involved standards and other objective and subjective criteria, for in the research development, manufacture, distribution or selecting securities issued by a company Whose business lies commercialization of medical devices and/or products for in the chosen subsector of the economy. the treatment or amelioration of human disorders and dis [0056] In one embodiment, for example, the systems and eases. methods of the invention disclose identifying potentially [0050] As used herein, the “Asian healthcare” sub-sector eligible securities by: (a) identifying securities for compa should be interpreted broadly to include any company nies in a sector of the economy (e.g., companies in the headquartered in Asia and involved in the research, devel healthcare industry); (b) limiting the identi?ed securities to opment, manufacture or commercialization of therapeutic those for companies in a subsector of the sector of the agents; the in vivo or in vitro diagnostic identi?cation and economy (e.g., cancer); (c) applying focus rules to further analysis of disease in humans; or the research, development, limit the identi?ed securities to those for companies Who are manufacture, distribution or commercialization of medical focused in the subsector of the economy; and (d) limiting the devices and/ or products for the treatment or amelioration of securities included in the ?nancial instrument or index to human disorders or diseases. those that satisfy other objective criteria. [0051] As used herein, “therapeutic agents” is to be inter [0057] FIGS. 1 and 2 provide a general illustration of this preted broadly to including anything of or relating to the exemplary embodiment. First, a sector of the economy is treatment of a disease or disorder. Without limiting the scope chosen and securities are identi?ed out of all the securities of this de?nition, “therapeutic agent” includes, but is not Within North American and Europe for companies in the limited to, small molecule pharmaceuticals, proteins and chosen sector. In FIGS. 1 and 2 securities for companies in enzymes, nucleic acids, , medical devices, diag the healthcare sector are identi?ed. Companies Within a nostic kits and assays, implanted devices (e.g., stents, sloW subsector of the chosen sector are then identi?ed and nar release drug delivery systems) and the like. roWed by application of speci?c rules and other criteria to arrive at the securities that are included in the index and/or B. Identi?cation of Securities investment vehicle of the present invention. In the embodi [0052] An object of the present invention is to provide for ment illustrated in FIGS. 1 and 2, securities are limited to a novel method of creating investment portfolios selected those for companies engaged in a speci?c disease category. from Within a broad area of economic activity (e.g., health The securities are then further limited. First, only securities care) and to provide for differentiation of such portfolios for companies that have a market capitalization betWeen from those selected by other means. In other Words, systems $100 million and $15 billion are kept. Second, exclusionary and methods are disclosed for selecting securities for inclu criteria or focus rules are used to further limit the remaining sion in indexes and funds, as Well as systems and methods securities to those for companies that accurately represent for managing the resulting indexes and funds, Which focus the chosen subsector of the economy. Further description of on speci?c industry subsectors. these steps is provided beloW. [0053] In one embodiment of the present invention, mul [0058] Speci?cally, and Without limiting the generality of tiple funds are established and each fund is invested in a the invention, subsectors may be identi?ed based on the portfolio of securities that replicate or represent a particular development of individual technologies and applications index, Which measures and monitors the performance of Within broadly de?ned ?elds. In one embodiment, a system US 2007/0255633 A1 Nov. 1, 2007

and method for creating and managing a ?nancial instrument an overall intensity and business focus of the issuer to that and/ or index is disclosed, the system and method comprising index relative to any other speci?c index as described in the de?ning a subsector of the economy based on development folloWing paragraphs. of individual technologies. In the healthcare industry, for [0064] In one embodiment, a commercial nexus may be example, the basic technology could be diagnostics or tools shoWn betWeen the issuer and the speci?c category by the for research in the healthcare industry. In other ?elds of issuer possessing either a predetermined number of mar endeavor, subsectors could be de?ned by involvement in keted products in the speci?c subsector and a predetermined hydrogen fuel-cell research. number of other activities indicative of commercial activity [0059] Subsectors can also be de?ned by any other criteria in the subsector; or just a relatively higher predetermined number of marketed products in that subsector. For example, suggestive of a company’s area of focus. For example, a commercial nexus may be shoWn betWeen the issuer and subsectors could be de?ned by the time of year during Which the diagnostics subsector by the issuer possessing either a the company generally has its peak performance (e.g., predetermined number of marketed diagnostics products and companies With peak sales in the summer or Winter) or the a predetermined number of clinical trials running in that market sought to be targeted by the company (e.g., on-line subsector; or just a relatively higher predetermined number retailers of books). LikeWise, subsectors in the healthcare of marketed diagnostics products. Preferably for healthcare industry could be de?ned by disease application. For companies, the predetermined number of marketed products example, the disease application could be respiratory or and the predetermined number of clinical trials is greater pulmonary diseases, cancer, derma or Wound care, ophthal than about ten and greater than about one, respectively; or mology, infectious diseases, metabolic or endocrine disor alternatively the relatively higher predetermined number of ders, autoimmune disorders, CNS disorders, cardiology, marketed products is greater than about tWenty. genitourinary, gastrointestinal, sexual dysfunction, repro [0065] In another embodiment, a research nexus may be ductive health or in?ammatory disorders. shoWn betWeen the issuer and the speci?c subsector by the [0060] In one preferred embodiment of the present inven issuer either possessing a predetermined ratio betWeen an tion, a company’s particular business sector and/or subsector indicator of its research emphasis in the speci?c subsector to can be objectively determined by referring to one or more all products marketed by the issuer; or possession of at least reputable databases knoWn to those of ordinary skill in the a predetermined number of indicators of its research empha art to ascertain Whether the company is either (1) listed as sis in the speci?c subsector. For example, in an embodiment providing products in the relevant sector or subsector cor for a therapeutically oriented company, a research nexus may be shoWn by a predetermined ratio betWeen its clinical responding to the component security’s subject index, or (2) trials in the speci?c subsector to all products marketed by the classi?ed or described as a company engaged in the relevant issuer; or possession of at least a predetermined number of sector or subsector corresponding to the component securi clinical trials in the speci?c subsector. The preferred ratio in ty’s subject index. this exemplary embodiment is greater than about 0.35, but [0061] For example, in an embodiment relating to poten less than about one, and the preferred predetermined number tial healthcare companies for inclusion in an infectious of clinical trials is greater than about ?ve. disease index, eligible securities can be determined by [0066] In yet another embodiment, an overall intensity and reference to reputable databases, such as BioCentury’s business focus of the issuer to the speci?c index may be (WWW.biocentury.com) or MedTrack’s (WWW.medtrakser shoWn by the issuer possessing a pre-determined ratio vices.com) database, to ascertain Whether the company betWeen the sum of the company’s number of products sold provides products corresponding to the infectious disease plus an indicator of the company’s research emphasis in a index. In yet another exemplary embodiment relating to particular sub-sector, and all the company’s products. In one potential companies for inclusion in an ophthalmology exemplary embodiment directed at therapeutically oriented index, securities must be issued by companies that have been companies, an overall intensity and business focus of the classi?ed or described by databases, such as MedTech issuer to the speci?c index may be shoWn by the issuer Insight (WWW.medtechinsight.com), as an opthalmology possessing a pre-determined ratio betWeen the sum of the company in order to be eligible for consideration for inclu company’s number of products sold plus the company’s sion in the Opthalmology Index. clinical trials in the therapeutic category, and all the com [0062] Individual companies Within a sector (e.g., health pany’s products (either in trial stage or actively marketed). care) may be engaged in more than one subsector (e.g., In a preferred embodiment for therapeutically oriented com companies With products and/or clinical trials in diverse panies, the predetermined ratio is betWeen about 0.5 and 1.0. areas such as cancer and infectious diseases). Thus, to [0067] Additional criteria are contemplated in further accomplish the aforementioned advantages, the present embodiments to ensure that the potentially eligible securities invention provides further systems and methods for limiting are issued by a company Whose business lies in the chosen the identi?ed companies to those companies, Which are subsector of the economy. For example, potentially eligible representative, or share common attributes, With companies securities may be required to have a market capitaliZation in the identi?ed subsector. betWeen a pre-determined minimum and a pre-determined [0063] For example, potentially eligible securities may maximum value over a given period of time. Such a require also be required to shoW a nexus to the speci?c index by ment Will eliminate companies from consideration that complying With one or more “focus rules,” Which are likely have too broad a focus (e.g., products or research in generally Boolean rules that qualify equities With suf?cient too many sub-sectors) for inclusion in any one subsector. For operational focus in a given subsector. The nexus betWeen example, it may not be desirable to include large pharma the issuer and the speci?c index can include using objective ceutical companies Within an given index because they have criteria to identify a commercial nexus, a research nexus or products related to a large number of subsectors. Accord US 2007/0255633 A1 Nov. 1, 2007

ingly, a person of skill in the art could establish a pre securities contained in other indices focusing on subsectors determined maximum and pre-determined minimum market of the economy. In one embodiment, the composite invest capitalization for a given period of time to exclude compa ment vehicle or index consists of the ?ve largest companies nies that are not truly focused on a given index. by market capitaliZation in each of a predetermined number [0068] Preferably, the pre-determined minimum is of indices focusing on subsectors of the economy. In a selected from the group consisting of about $50 million, preferred embodiment, the indices focusing on subsectors of about $75 million, about $100 million, about $125 million, the economy are selected from the group comprising diag about $150 million and about $350 million; said pre-deter nostics, respiratory/pulmonary, cancer, emerging cancer, mined maximum is selected from the group consisting of dermatology and Wound care, ophthalmology, infectious about $10 billion, about $15 billion, about $20 billion and disease, metabolic-endocrine disorders, autoimmune-in about $25 billion; and said period of time is selected from ?ammation, central nervous system, cardiology and gender the group consisting of at least one of the three preceding health. quarters, at least tWo of the preceding three quarters, three of [0073] These exemplary embodiments are not intended to the preceding three quarters, at least tWo of the preceding limit the scope of the invention, and it is anticipated that four quarters, at least three of the preceding four quarters many additional objective criteria may be established for and four of the preceding four quarters. In one preferred various subcategories that fall Within the scope of the embodiment for therapeutically oriented companies, the present invention. pre-determined minimum is greater than about $100 million; [0074] For reasons including the mitigation of risk asso the pre-determined maximum is less than about $15 billion; ciated With investing in the funds of the present invention, and the period of time is at least tWo of the preceding three further requirements may be imposed that at least a prede quarters. Other embodiments may use any other pre-deter termined amount of issuers satisfy the inclusion criteria for mined minimum, pre-determined maximum and time peri any one index; and a predetermined minimum number of ods as determined appropriate by a person of ordinary skill component securities, Which is less than the predetermined in the art. amount of issuers satisfying the inclusion criteria for any [0069] Further embodiments may impose additional one index, be included in each index. A predetermined objective criteria, such as a requirement that all potentially number of qualifying securities may be held in reserve. The eligible securities be listed for trading on one of the major predetermined minimum number of component securities US. exchanges, including The NeW York Stock Exchange may vary by the particular subsector or index because some (NYSE), The American Stock Exchange (AMEX) or The subsectors are larger than others. In one preferred embodi Nasdaq Stock Market (NASDAQ); on a foreign or major ment directed to therapeutically oriented companies, the Canadian stock exchange; or have depositary receipts in predetermined amount of issuers is greater than about either American (ADR) or global (GDR) form listed on one tWenty-three, and the predetermined minimum number of of the aforementioned exchanges. Additionally, potentially component securities is about tWenty. eligible securities may be limited to common equity secu [0075] The index administrator Will generally determine rities, and not quasi-debt securities, such as convertible Which securities are included in each index based on the securities. aforementioned objective criteria. [0070] Potentially eligible securities may also be limited to securities for companies that are headquartered in par C. Management of Investments and Indices ticular locations and/or quoted on at least one stock [0076] The present invention also provides methods and exchange in that location. In one embodiment, potentially systems for managing funds, Which focus on speci?c indus eligible securities are limited to securities for companies try subsectors. Portfolios are generally managed by speci?c headquartered in the location selected from the group con individuals or organiZations. ETFs are usually managed by sisting of North America, South America, Australia, Europe, an index administrator and/or a calculation agent, While Asia and Africa. In alternative embodiment, potentially other investments may have a management or other com eligible securities are limited to securities for companies mittee. Regardless, the rule sets and criteria of the present headquartered in countries selected from the group consist invention can be further used to manage such investments ing of Japan, China, India, South Korea, TaiWan, Singapore, and indices. Thailand, Malaysia, Indonesia, Philippines or Hong Kong. [0077] In one embodiment, decisions regarding additions Potentially eligible securities may also be limited to secu to and removals from investments and indices can be made rities for companies quoted on at least one stock exchange based on rules and other criteria (as discussed above). For in the desired location, for example, on a European or Asian example, a given security may be removed from an index if stock exchange. at some point it does not satisfy the inclusion rules or criteria [0071] In another embodiment, for securities in Which the for the index in Which the component security is contained. issuer has less than a predetermined amount of annual The security may then be replaced by another security that revenues from product sales (e.g., based on most recent does satisfy the inclusion rules or criteria for the index. In audited ?nancial statements), the issuer of any potentially this Way, the index and fund include only securities for eligible security may be required to have at least the equiva issuers Who are truly representative of the target subsector. lent of one year’s operating costs in cash on its balance [0078] With respect to index funds, decisions regarding sheet. In one preferred embodiment relating to therapeuti additions to and removals from indexes are generally made cally oriented companies, the predetermined amount of on a quarterly basis. HoWever, securities not satisfying the annual revenues is about $100 million. criteria of the present invention may be removed from the [0072] A “composite” ?nancial instrument or index is also index at any point When such criteria are not met. For Within the scope of the present invention. Such an instru example, a security that is the subject of a tender offer may ment or index may consist of a predetermined number of be removed at the earliest of (1) When reasonable evidence US 2007/0255633 A1 Nov. 1, 2007

(as determined by, e.g., the index administrator or the index committee) that more than a certain percentage of the total underlying shares have been tendered or are likely to be 3M Company. tendered; (2) delisting of the index component from an exchange; or (3) announcement that the tender offer is Aastrom Biosciences Inc. mandatory. Preferably, such certain percentage in (l) is 80%, Abaxis Inc. but a higher percentage may be preferable in connection Abcam Ltd. With conditional o?fers. In another exemplary embodiment ABIOMED Inc relating to a therapeutically oriented company, a security Able Laboratories Inc. Abraxis BioScience Inc. may be removed from an index of the therapeutically Acacia Research Corp. oriented issuer has a product fail a clinical trial or removed Acadia Pharmaceuticals Inc. from the market. Acambis plc Accelrys Inc. [0079] Decisions regarding additions and removals can Accentia Inc. also be made based on a combination of rules and criteria (as Access Pharmaceuticals Inc. discussed above). By Way of example, additional criteria ACI Global Corp Inc. resulting in removal of securities from an index may include Acrongenomics Inc. bankruptcy of the securities issuer; delisting of the issuer’s Acrux Ltd. securities from acceptable exchanges; acquisition or merger Ltd. Active Biotech AB of the issuer, or announcement of its acquisition or merger, Acura Pharmaceuticals Inc. by or into another company that does not satisfy the inclu Acusphere Inc sion criteria for the index in Which the component security Acusphere Inc. Adaltis Inc. is contained; lack of reasonable liquidity for the security, Adams Respiratory Therapeutics Inc. de?ned as no trading activity involving the security on a AdeZa Biomedical Corp. principal exchange Within a certain period of time; or the Adherex Technologies Inc. Adolor Corp. security no longer meets any of the established objective Advanced Biotherapy Inc. inclusion criteria. Advanced Cell Technology Inc. [0080] The present invention may be implemented With Advanced Life Sciences Holdings Inc Advanced Magnetics Inc. any combination of hardWare and softWare. If implemented Advanced Medical Solutions Group as a computer-based process or application, the present plc invention may be implemented using means for performing Advanced Ocular Systems Ltd. Advanced Plant Pharmaceuticals Inc. any or all of the steps and functions described herein Advanced Viral Research Corp. [0081] An embodiment of the present invention is further Advancis Pharmaceutical Corp. described by reference to the folloWing non-limiting Advaxis Inc. ADVENTRX Pharmaceuticals Inc examples of an ETF for the companies relating to the Cancer Advitech Inc. subsector of the Healthcare sector. Aeolus Pharmaceuticals Inc. AES Laboratoire Group AEterna Zentaris Inc EXAMPLES Aethlon Medical Inc Aifymetrix Inc. AGI Therapeutics plc Step liIdenti?cation of Companies in the Healthcare Sec Agilent Technologies Inc. tor Akesis Pharmaceuticals Inc. Akorn Inc [0082] The formation of the Cancer ETF requires appli Aksys Ltd cation of the generaliZed rule set described herein. The Akzo Nobel NV Albany Molecular Research Inc. starting point for de?ning the ETF is identi?cation of the Alchemia Pty. Ltd. entire universe of equities on all exchanges Within the given Inc area. The ETF is composed of all equities Within the Alcon Laboratories Inc. American, European, and Canadian markets. This data is Alert B&C Corp. Inc. readily available for all equities from a plethora of data Alexza Pharmaceuticals Inc. providers including Bloomberg, Reuters and the exchange Alfacell Corp. Websites. Alizyme plc ALK Abello NS [0083] Securities for companies in the healthcare sector Inc. are then separated from all of these other securities. The Inc healthcare sector is de?ned as all publicly traded equities Allergy Therapeutics plc that market or plan to market products or services for the Alliance Pharmaceutical Corp. Allon Therapeutics Inc. prevention, treatment, and management of illness and/or are Allos Therapeutics Inc. involved in clinical trials or in any phase of a regulatory Alltracel Pharmaceuticals plc ?ling for a healthcare product. The data set generated by this Inc. rule is based upon information and categoriZation contained Alpha Innotech Corp. Alpharma Inc. in the Widely available healthcare industry speci?c databases AlphaRx Inc. MEDTRACK and BioCentury. The folloWing is the list of Altair Nanotechnologies Inc. companies in the healthcare sector as identi?ed by reference Altana Aktiengesellschaft to those databases. US 2007/0255633 A1 Nov. 1, 2007

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Alteon Inc. Bausch & Lomb Incorporated Altus Pharmaceuticals Inc. Bavarian Nordic AS Amarillo Biosciences Inc. Inc Amarin Corporation plc Ag Amazon Biotech Inc. BCY LifeSciences Inc. Ambrilia Biopharma Inc. Beckman Coulter Inc. AMDL Inc. Becton Dickinson and Company American Bio Medica Corp. Benitec Ltd American Medical Systems Holdings Bentley Pharmaceuticals Inc. Inc Biacore International AB Inc. Bioaccelerate Holdings Inc. Amor?x Life Sciences Ltd. BioAlliance Pharma S.A. Inc. Bioanalytical Systems Inc. Anadys Pharmaceuticals Inc. Bio-Bridge Science Inc. Andrx Corp. Biocompatibles International plc Anesiva, Inc. Biocon Ltd. Angel Biotechnology Ltd. BioCryst Pharmaceuticals Inc. AnGes MG Inc. BioCureX Inc. Angiotech Pharmaceuticals Inc. BioDelivery Sciences International Anika Therapeutics Inc. Inc. AnorMED Inc Bioenvision Inc. Antares Pharma Inc. Bio?eld Corp. Antigenics Inc. Bio-Fluorescent Technologies Inc. Antisense Therapeutics Ltd. BioForce Nanosciences Holdings Inc. Antisoma PLC BlOfLlSlOH plc AorTech International plc BioGaia Biologics AP Pharma Inc. dec Inc. Aphton Corp. BioInvent International AB Apogent Technologies Inc. Bioject Medical Technologies Inc. Apollo Life Sciences Ltd. BioLase Technology Inc Applied Biosystems Group BioMarin Pharmaceutical Inc. Applied Imaging Corp. Biomerica Inc. Applied NeuroSolutions Inc. BioMimetic Therapeutics Inc. Aqua Bounty Technologies Inc. Biomira Inc. Aradigm Corp. BioMS Medical Corp. Arbios Systems Inc. Bioniche Life Sciences Inc. Ardana plc Bionomics Ltd. Arena Pharmaceuticals Inc. Bionovo Inc. Ariad Pharmaceuticals Inc. Biophage Pharma Inc. Arius Research Inc. BioPhausia AB Ark Therapeutics Group plc Bioprogress plc Arpida Ltd. Biopure Corp. ArQule Inc. Biopure Corporation Array BioPharma Inc. Bio-Rad Laboratories Inc. ArroWhead Research Corp. BioReliance Corp. Arthro Kinetics plc BioSante Pharmaceuticals Inc. Ascentia Biomedical Corp. Bioscan NS Aspect Medical Systems Inc. Biosite Inc. Aspreva Pharmaceuticals Corp. BioSpeci?cs Technologies Corp. Astralis Ltd. BioSphere Medical Inc. AstraZeneca Plc BioSyntech Inc. AtheroGenics Inc. Biota Holdings Ltd. Atrium Inc. Biotage AB Aurobindo Pharma Ltd. Biotec Pharmacon ASA AutoImmune Inc. Biotech Holdings Ltd. AuXilium Pharmaceuticals Inc. Biotest AG Avalon Pharmaceuticals Inc. BioTie Therapies Corp. AVANIR Pharmaceuticals BioTime Inc. AVANT Immunotherapeutics Inc Biotrace International plc Avantogen Ltd. Biovail Corporation Avantogen Oncology Inc. BioVeris Corp. Inc. BioXel Pharma Inc. Avexa Ltd. BioXell S.p.A. AVI BioPharma Inc. Bone Medical Ltd. Avicena Group Inc. Boston Life Sciences Inc. Avigen Inc. Boston Scienti?c Corporation Avitar Inc. Inc. AXcan Pharma Inc. Bradmer Pharmaceuticals Inc. Axis-Shield plc Brainstorm Cell Therapeutics Inc AXM Pharma Inc. BresaGen Ltd. AXonyX Inc. Bristol-Myers Squibb Company Bachem AG Bruker BioSciences Corp. Inc. CABG Medical Inc. Barrier Therapeutics Inc. Cadus Corp. BASF AG CalbaTech Inc. Basilea Pharmaceutica AG Caliper Life Sciences Inc. US 2007/0255633 A1 Nov. 1, 2007

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Callisto Pharmaceuticals Inc. Corcept Therapeutics Inc. Calypte Biomedical Corporation NeW CorgeniX Medical Corp. Cambrex Corp. Cortex Pharmaceuticals Inc. Cambridge Technology CoTheriX Inc. Group plc CoZart plc Cambridge Heart Inc Critical Therapeutics Inc. Can-Fite BioPharma Ltd. Crucell N.V. Cangene Corp. Cryo-Cell International Inc. Caraco Pharmaceutical Laboratories CryoLife Inc. Ltd CSL Ltd. Cardiac Science Corp Inc. Cardima Inc CuraGen Corp. Cardinal Health Inc. Curalogic NS CardioGenesis Corporation Curasan Pharma GmbH Cardiome Pharma Corp. Curative Health Services Inc. CardioVascular BioTherapeutics Inc. Curidium Medica plc Cardium Therapeutics Inc. Curis Inc. Carribbean American Health Resorts Curon Medical Inc Inc CV Technologies Inc. Carrington Laboratories Inc. CV Therapeutics Inc Celera Genomics Group CV Therapeutics Inc. Celgene Corporation Cyanotech Corporation Cell Genesys Inc CyBio AG Cell Genesys Inc. Pharmaceuticals Inc. Cell Therapeutics Inc. CyGene Laboratories Inc. Cellegy Pharmaceuticals Inc. CyGenics Ltd. Cellestis Ltd. Cygnus Inc. CEL-SCI Corporation Cypress Bioscience Incorporated Celsion Corp CyproteX plc Celsion Corp. CytoCore Inc. Celsis International plc CytoDyn Inc CeNeS Pharmaceuticals Plc CYTOGEN Corporation Inc. CytoGeniX Inc. Cepheid Inc. Cytokinetics Inc. CepTor Corp. CytomediX Inc. CerageniX Pharmaceuticals Inc. CytomyX Holdings plc Cerep S.A. Cytori Therapeutics Inc. Cerus Corp. Cytos Biotechnology AG Cerus Corporation CytRx Corporation Charles River Laboratories Inc. Cytyc Corp. Chattem Inc Dade Behring Inc. Chelsea Therapeutics International deCode genetics Inc. Ltd. Delcath Systems Inc Chembio Diagnostics Inc. Deltagen Inc ChemGeneX Pharmaceuticals Ltd. Dendreon Corp Chemokine Therapeutics Corp. Dendreon Corp. Chesapeake Biological Laboratories DepoMed Inc Inc. Derma Sciences Inc Cholestech Corporation Devgen N.V. ChondroGene Ltd. DiaGenic ASA ChromaVision Medical Systems Inc. DiagnoCure Inc. Chromos Molecular Systems Inc. Diametrics Medical Inc. Cipher Pharmaceuticals Inc. Diamyd Medical AB Ciphergen Biosystems Inc. DiaSys Corp. Clavis Pharma AS Digene Corp. BioLabs Inc. Diomed Holdings Inc Clinical Data Inc. Discovery Laboratories Inc. Clinicor Inc. Discovery Partners International Inc. Clinuvel Pharmaceuticals Ltd. Diversa Corp. Closure Medical Corp. DNAPrint genomics Inc. CN Biosciences Inc. Donlar Corp. co.don AG DOR BioPharma Inc Cobalis Corp. Dov Pharmaceutical Inc. Cobra Biomanufacturing plc Dragon Pharmaceuticals Inc. Coley Pharmaceutical Group Inc DRAXIS Health Inc CollaGeneX Pharmaceuticals Inc. Duravest Inc. Columbia Laboratories Inc. DURECT Corporation CombiMatriX Corp. DUSA Pharmaceuticals Inc. CombinatoRX Inc. Duska Therapeutics Inc. CommonWealth Biotechnologies Inc. Dyadic International Inc. Compugen Ltd. DyaX Corp. Conceptus Inc. DynavaX Technologies Corp. ConjuChem Biotechnologies Inc. Ecopia BioSciences Inc. Connetics Corporation Eden Bioscience Corp. Conor Medsystems Inc. EdWards Lifesciences Corporation Corautus Genetics Inc. eGene Inc. US 2007/0255633 A1 Nov. 1, 2007 10

-continued -continued EiRx Therapeutics plc Goldshield Group plc Elan Corp. plc GPC Biotech AG Eli Lilly & Co Grant Life Sciences Inc. Elite Pharmaceuticals Inc. GTC Biotherapeutics Inc. Elron Electronic Industries Ltd GTx Inc. Embrex Inc. Guidant Corp. Emisphere Technologies Inc. GW Pharmaceuticals PLC Encysive Pharmaceuticals Inc. H. Lundbeck AS Endo Pharmaceuticals Holdings Inc. Haemacure Corp. Endologix Inc HaloZyme Therapeutics Inc. Endovasc Ltd. Inc. Hana Biosciences Inc. Enhance Biotech Inc. Harvard Bioscience Inc. Entelos Inc. Health Discovery Corp. EntreMed Inc. Healthlinx Ltd. Entropin Inc. Helix BioMedix Inc. EnZo Biochem Inc. Helix BioPharma Corp. EnZon Pharmaceuticals Inc. Hemagen Diagnostics Inc. EpiCept Corp. Hemispherx Biopharma Inc. Epigenomics AG HemoBioTech Inc. Inc Hemosol Corp EQiTX Ltd Henderson Morley plc Ergo Science Corporation Heska Corporation Euro?ns Scienti?c S.A. Hi-Tech Pharmacal Co Inc EvoGenix Pty. Ltd. Hollis-Eden Pharmaceuticals Inc. Evolutec Group plc Hologic Inc. Evotec AG Human Genome Sciences Inc. Exact Sciences Corporation Human Pheromone Sciences Inc. Exactech Inc Hutchison China MediTech Ltd. eXegenics Inc. Ibex Technologies Inc. Exelixis Inc. ICAgen Inc Exogen Inc. ICOS Corp ExonHit Therapeutics S.A. Idenix Pharmaceuticals Inc. Favrille Inc. Idera Pharmaceuticals Inc. FermaVir Pharmaceuticals Inc. Idexx Laboratories Inc. Fischer Imaging Corp. IDM Pharma Inc. Fisher Scienti?c International Inc. IDMoS plc Flamel Technologies SA ADS Igene Biotechnology Inc. Forbes Medi-Tech Inc. IGI Inc. Inc. Illumina Inc. Fresenius AG Imagenetix Inc. Fulcrum Pharma plc ImClone Systems Inc. Galapagos N.V. Imcor Pharmaceutical Co. Gambro AB Immtech Pharmaceuticals Inc. GammaCan International Inc. ImmuCell Corporation Gedeon Richter Ltd Immucor Inc. GelStat Corp. Immune NetWork Ltd. Genaera Corporation Immune Response Corporation Gene Logic Inc. Immunicon Corp. Geneart GmbH ImmunoGen Inc. Genelabs Technologies Inc. Immunomedics Inc. GeneMax Corp. ImmuPharma plc GeneMedix plc Impax Laboratories Inc. Inc. Incitive Ltd. Generex Biotechnology Corporation Incyte Corp. GeneScan Europe AG Incyte Corporation Genesis Bioventures Inc Indevus Pharmaceuticals Inc. Genesis Research and Development Inex Pharmaceuticals Corp. Corp. In?azyme Pharmaceuticals Ltd. Genetic Technologies Ltd. Inhibitex Inc. Genetix Group plc Inncardio Inc. Genitope Corp. InNexus Biotechnology Inc. Genmab NS Innogenetics N.V. Genomic Health Inc. Innovata Plc Gen-Probe Inc. Inovio Biomedical Corp. Incorporated InSite Vision Incorporated Gentium S.p.A. Insmed Incorporated GenVec Inc. Inspire Pharmaceuticals Inc. GenZyme Corporation Integra LifeSciences Holdings Corp. GeoPharma Inc. Integrated Biopharma Inc. Geron Corporation Integrated Pharmaceuticals Inc. Inc. Intercell AG Girindus AG Intercytex Group plc Given Imaging Ltd Interleukin Genetics Inc. GlaxoSmithKline plc InterMune Inc. Glenmark Pharmaceuticals Ltd. International Isotopes Inc GlycoGenesys Inc. IntraBiotics Pharmaceuticals Inc. US 2007/0255633 Al Nov. 1, 2007 11

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Introgen Therapeutics Inc. MedtoX Scienti?c Inc Invemess Medical Innovations Inc. Medtronic Inc. InVitro International Memory Pharmaceuticals Corp. Invitrogen Corp. Mentor Corp. InyX Inc. Mera Pharmaceuticals Inc. Iomai Corp. Merck & Co Inc Iomed Inc. Meridian Bioscience Inc. Ipsen Group Mesoblast Ltd. Isis Pharmaceuticals Inc. Metabasis Therapeutics Inc. Isolagen Inc. Metabolic Pharmaceuticals Ltd. IsoRay Inc MethylGene Inc. Isotechnika Inc. MGI Pharma Inc. IsoTis Orthobiologics International MicrobiX Biosystems Inc. Ista Pharmaceuticals Inc. MicroIslet Inc. Japan Tobacco Inc. MicroMed Cardiovascular Inc Javelin Pharmaceuticals Inc. Micromet Inc. Jerini AG MigeniX Inc Johnson & Johnson MigeniX Inc. K V Pharmaceutical Co CL A Millenium BiologiX Corp. Kane Biotech Inc. Millennium Pharmaceuticals Inc. Karo Bio AB Millipore Corp. Kendle International Inc. Minrad International Inc Kent International Holdings Inc Minster Pharmaceuticals plc Keryx Biopharmaceuticals Inc. Miraculins Inc. Inc. Miravant Medical Technologies Inc. KOS Pharmaceuticals Inc MIV Therapeutics Inc. Kosan Biosciences Incorporated Molecular Devices Corp. KyoWa Hakko Kogyo Ltd. Molecular Pharmacology (USA) Ltd. Kyphon Inc Mologen Holding AG Kyto BioPharma Inc Momenta Pharmaceuticals Inc. La J olla Pharmaceutical Co. Monogram Biosciences Inc. LAB International Inc. Company Labopharm Inc. MorphoSys AG LAM Pharmaceutical Corp. MultiCell Technologies Inc. Lannett Contractor Inc MWG Biotech AG Large Scale Biology Corporation Laboratories Inc Lark Technologies Inc. Mymetics Corp. Lescarden Inc Myogen Inc. Lev Pharmaceuticals Inc. Inc. Lexicon Genetics Incorporated Nabi Biopharmaceuticals LifeCell Corp. Nanobac Life Sciences Inc. Lifecore Biomedical Inc. Nanogen Inc. Ligand Pharmaceuticals Inc. NanoLogiX Inc. Lion bioscience AG Nanophase Technologies Lipid Sciences Inc. Corporation LipoXen plc NanoViricides Inc. Living Cell Technologies Ltd. Nastech Pharmaceutical Co. Inc. Lorus Therapeutics Inc. Natrol Inc Lpath Inc. Nektar Therapeutics LumineX Corporation Neogen Corp. MacroChem Corp. NeoGenomics Inc. Magistral Biotech Inc. NeoPharm Inc. Manhattan Pharmaceuticals Inc. Neoprobe Corp Mannatech Inc Neoprobe Corp. MannKind Corp. Neose Technologies Inc. Marc Pharmaceuticals Inc. Neuren Pharmaceuticals Ltd. Marshall EdWards Inc. Neuro Bioscience Inc. Martek Biosciences Corp. Neurobiological Technologies Inc. Matritech Inc. Neurochem Inc. MatriXX Initiatives Inc Neurocrine Biosciences Inc. MaXygen Inc. NeuroDiscovery Ltd. MDS Inc. Neurogen Corporation MedareX Inc. Neuro-Hitech Pharmaceuticals Inc. Medical Discoveries Inc. Neurologix Inc. MedicalCV Inc NeuroMediX Inc. Medicines Company NeuroSearch NS MediciNova Inc. NeuTec Pharma plc Medicis Pharmaceutical Corp. NeW River Pharmaceuticals Inc. Medicure Inc. NeW York Health Care Inc. MediGene AG Nexia Biotechnologies Inc. MedImmune Inc. NeXMed Inc. MediStem Laboratories Inc. NeXtGen Group plc Meditech Research Ltd. NicOX S.A. Medivation Inc. NitroMed Inc. Medivir Adderall Business Nitto Denko Corp. MedMira Inc. North American Scienti?c Inc. US 2007/0255633 A1 Nov. 1, 2007 12

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North?eld Laboratories Inc. Pharmacyclics Inc. Northwest Biotherapeutics Inc PharmaFrontiers Corp. Northwest Biotherapeutics Inc. PharmaGap Inc. NorWood Abbey Ltd. PharmaXis Ltd. NorWood Immunology Ltd. PharmeXa NS Novacea Inc. Pharmion Corp NovaDel Pharma Inc. Pharmos Corp. AG Pharmos Corporation NovavaX Inc. Pharsight Corp. Novelos Therapeutics Inc. Phase ForWard Inc. november AG Phase III Medical Inc. Noven Pharmaceuticals Inc. Phoqus Ltd. Novogen Ltd. Phosphagenics Ltd. Novo-Nordisk A PhotoCure ASA Novoste Corp. PhotoMedeX Inc NovoZymes A Phylogica Ltd NPS Pharmaceuticals Inc Phynova Group plc NPS Pharmaceuticals Inc. Physiomics plc Nucryst Pharmaceuticals Corp. PhytoMedical Technologies Inc. NuOncology Labs Inc. Phytopharm PLC Nutra Pharma Corp. PlasmaSelect AG NutraCea Plethora Solutions Holdings plc Nutraceutical International Pliva d.d. Corporation Pluristem Life Sciences Inc. Nutri Pharma ASA Point Therapeutics Inc. Nutrition 21 Inc. PolydeX Pharmaceuticals Ltd. Inc. Poniard Pharmaceuticals Inc. Nuvo Research Inc. PoWer3 Medical Products Inc. Nventa Biopharmaceuticals Corp. POZEN Inc NymoX Pharmaceutical Corporation PPD Inc. OmriX Biopharmaceuticals Inc. PRA International Inc. Oncolytics Biotech Inc. Praecis Pharmaceuticals OncoMethylome Sciences S.A. Incorporated Ondine Biopharma Corp Prana Biotechnology Ltd. Ono Pharmaceuticals Co. Ltd. PreMD Inc. Onyx Pharmaceuticals Inc. Prescient NeuroPharma Inc. OpeXa Therapeutics Inc Pressure BioSciences Inc. Oragenics Inc. Prima Biomed Ltd. Oramed Pharmaceuticals Inc Probi AB OraSure Technologies Inc. Procter & Gamble Company Orchid Cellmark Inc. Procyon Corp OreXo AB ProCyte Corp. Organic Recycling Technologies Inc Progen Industries Ltd. Orion Corp. Progenics Pharmaceuticals Inc. Ortec International Inc. ProMetic Life Sciences Inc. OrthoLogic Corporation Pro-Pharmaceuticals Inc. Orthovita Inc. ProStrakan Group plc Oscient Pharmaceuticals Corp. ProtaleX Inc. OSI Pharmaceuticals Inc. Protein Polymer Technologies Inc. Osteotech Inc. Proteo Inc. Oxford BioMedica plc Proteome Sciences plc OXiGENE INC Protherics PLC OXlS International Inc. ProtoX Therapeutics Inc. OXonica plc Provalis plc Paci?c Biometrics Inc NeW Provectus Pharmaceuticals Inc. Paci?cHealth Laboratories Inc ProXimagen Neuroscience plc Pain Therapeutics Inc. pSivida Ltd. Paion AG Psychemedics Corp Paladin Labs Inc. Qiagen N.V. Palatin Technologies Inc. QLT Inc. Paligent Inc Quest Diagnostics Inc. Pall Corp. Quest PharmaTech Inc. Panacos Pharmaceuticals Inc. Questcor Pharmaceuticals Inc. Par Pharmaceuticals Companies Inc. Quidel Corporation Paracelsian Inc. Quigley Corp. PareXel International Corp. Raptor Pharmaceutical Inc. Patheon Inc. Reckitt Benckiser plc PDL BioPharma Inc. ReGen Therapeutics plc PenWest Pharmaceuticals Co. Regeneration Technologies Inc Peplin Ltd. Regeneron Pharmaceuticals Inc. Peptech Ltd. RegeneRx Biopharmaceuticals Inc. Peregrine Pharmaceuticals Inc. ReNeuron Ltd. PerkinElmer Inc. Renovis Inc. Co Renovo Ltd. Replidyne Inc. Pharmacopeia Drug Discovery Inc. Repligen Corporation US 2007/0255633 A1 Nov. 1, 2007 13

-continued -continued Inc. SuperGen Inc. Resonance Health Ltd. SurModics Inc. Respironics Inc. Sygen International plc Response Biomedical Corp. Symbollon Pharmaceuticals Inc CL A ResverlogiX Corp. SymyX Technologies Inc. ReXahn Pharmaceuticals Inc. Synairgen plc Rigel Pharmaceuticals Inc. Synbiotics Corp. Roche Holdings Ltd Syngenta AG Rockeby Biomed Ltd. Synovics Pharmaceuticals Inc Ltd. SyntheMed Inc. Samaritan Pharmaceuticals Inc. Synthetech Inc. Sangamo BioSciences Inc. Synthetic Blood International Inc. Sangui BioTech International Inc. SyntopiX Group plc Sanguine Corp. Inc. Sanochemia Pharmazeutika AG Tapestry Pharmaceuticals Inc. Sano?-Aventis Targacept Inc. Santarus Inc. Targeted Genetics Corp. Sareum Holdings plc Taro Pharmaceutical Industries Ltd Savient Pharmaceuticals Inc. Tecan AG Schering AG Techne Corp. Schering-Plough Corp Telik Inc. SchWarZ Pharma Ag Tepnel Life Sciences plc SciClone Pharmaceuticals Inc. Tercica Inc. Sciele Pharma, Inc. Teva Pharmaceutical Industries Ltd. SCOLR Pharma Inc The Immune Response Corp. Scolr Pharma Inc. The Medicines Co. Seattle Genetics Inc. The Quigley Corporation SemBioSys Genetics Inc. Theragenics Corp. Senesco Technologies Inc. Theratase plc Senetek Plc Theratechnologies Inc. SenomyX Inc. Theravance Inc. Sepracor Inc. Thermogenesis Corp. Sepragen Corp. Third Wave Technologies Inc. Sequenom Inc. Threshold Pharmaceuticals Inc. SeraCare Life Sciences Inc. ThromboGenics Ltd. Serono S.A. Tissera Inc. SFBC International Inc Tissue Science Laboratories plc SGX Pharmaceuticals Inc. Inc. Shaman Pharmaceuticals Inc. Tm Bioscience Corp. Sheffield Pharmaceuticals Inc TopoTarget NS Shire Pharmaceuticals Group plc Transgene S.A. SIGA Technologies Inc Transgenomic Inc. Siga Technologies Inc. Transition Therapeutics Inc. Sigma-Aldrich Corp. Trimeris Inc. Sinclair Pharma plc Trinity Biotech plc Sinovac Biotech Ltd. Trinity Medical Group USA Inc. Sirna Therapeutics Inc. Tripep AB Sirtex Medical Ltd. Tripos Inc. SkyePharma Plc Tutogen Medical Inc Smith & NepheW Plc UCB Group Solbec Pharmaceuticals Ltd Uluru Inc. SoleXa Inc. Unigene Laboratories Inc. Solvay S.A. United Therapeutics Corp. SomaXon Pharmaceuticals Inc. United-Guardian Inc SonoSite Inc USANA Health Sciences Inc Sontra Medical Corp. Valeant Pharmaceuticals Sontra Medical Corporation International Sonus Pharmaceuticals Inc. Valentis Inc. Sosei Co. Ltd. Valera Pharmaceuticals Inc. Spectral Diagnostics Inc. Vanda Pharmaceuticals Inc Spectranetics Corporation Vanda Pharmaceuticals Inc. Inc. Vascular Solutions Inc SpectRX Inc. Vaso Active Pharmaceuticals Inc Speedel Vasogen Inc. SpheriX Inc. Vasomedical Inc SR Pharma plc VASToX plc Stallergenes S.A. VaXGen Inc. Starpharma Holdings Ltd. plc StatSure Diagnostic Systems Inc. Ventana Medical Systems Inc. Stellar Pharmaceuticals Inc Vernalis Plc ADR Stem Cell Sciences plc Inc. Stem Cell Therapeutics Corp. ViaCell Inc. StemCells Inc. Vical Inc. Stratagene Corp. Inc. Strategic Diagnostics Inc. VioQuest Pharmaceuticals Inc. Sunesis Pharmaceuticals Inc. Viragen Inc. US 2007/0255633 A1 Nov. 1, 2007 14

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Viral Genetics Inc. ADVENTRX Pharmaceuticals Inc Virax Holdings Ltd. Aeolus Pharmaceuticals Inc VIRBAC CORPORATION AEterna Zentaris Inc ViReXX Medical Corp. Akzo Nobel NV ViroPharma Inc. Alchemia Pty. Ltd. VitaCube Systems Holdings Inc AleXion Pharmaceuticals Inc Vital Living Inc Alfacell Corp. Vitro Diagnostics Inc. Alkermes Inc Vivus Inc. Allergan Inc Vyrex Corp. Allos Therapeutics Inc. Vyteris Holdings Inc. Alpharma Inc WarneX Inc. AlphaRx Inc Watson Pharmaceuticals Inc. Amarin Corporation plc West Pharmaceutical Services Inc. Ambrilia Biopharma Inc. WeX Pharmaceuticals Inc. Amgen Inc Whatman plc Anadys Pharmaceuticals Inc. Wockhardt Ltd. Andrx Corp Anesiva, Inc. Xechem International Inc. AnorMED Inc Xenogen Corp. Antigenics Inc. Xenomics Inc. Antisoma plc XenoPort Inc. Antisoma PLC XllllX Technologies Corp. AP Pharma Inc XOMA Ltd Aphton Corp. XTL Biopharmaceuticals Ltd. Ariad Pharmaceuticals Inc. YM BioSciences Inc. Arius Research Inc. York Pharma plc Ark Therapeutics Group plc Zeltia S.A. ArQule Inc. Zenyth Therapeutics Ltd. Array BioPharma Inc. Zeria Pharmaceutical Co. Ltd. ArroWhead Research Corp. Zila Inc. Ascentia Biomedical Corp. Ziopharm Oncology Inc. AstraZeneca Plc ZymeTX Inc. Avalon Pharmaceuticals Inc. ZymoGenetics Inc. AVANIR Pharmaceuticals Avantogen Ltd. Avantogen Oncology Inc. AvaX Technologies Inc. Step 2iIdenti?cation of Companies in the Cancer Subsec AVI BioPharma Inc. tor AXcan Pharma Inc AXM Pharma Inc. Barr Pharmaceuticals Inc. [0084] Equities are then limited those that are developing Bavarian Nordic AS at any stage, products in a speci?c major disease, healthcare Baxter International Inc service, and/or healthcare technology area. A Cancer com Bayer Ag pany is de?ned as a larger company involved in the research, Bentley Pharmaceuticals Inc BioAlliance Pharma S.A. clinical development and/or commercialization of therapeu Biocompatibles International plc tic agents for the treatment of a Wide variety of cancers, and BioCryst Pharmaceuticals Inc. generally include those With substantial revenues and large, BioDelivery Sciences International Inc deep research and development programs. The data set Bioenvision Inc. Biogen Idec Inc generated by this rule is based upon information and cat Biomira Inc. egorization contained in the Widely available healthcare BioMS Medical Corp. industry speci?c databases MEDTRACK and BioCentury. Bioniche Life Sciences Inc. The following is the list of companies in the Cancer sub Bionomics Ltd. Bionovo Inc. sector as identi?ed by reference to those databases. Bioprogress plc BioSphere Medical Inc. Biosyntech Inc Boston Life Sciences Inc 4SC AG Bradmer Pharmaceuticals Inc. 3M Company Bristol-Myers Squibb Company Aastrom Biosciences Inc Callisto Pharmaceuticals Inc. Abbott Laboratories Cambridge Antibody Technology Abraxis BioScience Inc. Group plc Accentia Biopharmaceuticals Inc. Can-Fite BioPharma Ltd. Access Pharmaceuticals Inc. Cangene Corp. ACI Global Corp Celera Genomics Group Actelion Ltd Celgene Corp. Active Biotech AB Cell Genesys Inc. Acusphere Inc Cell Therapeutics Inc. AdhereX Technologies Inc. Cellegy Pharmaceuticals Inc Advanced Life Sciences Holdings Inc CEL-SCI Corporation Advanced Plant Pharmaceuticals Inc Celsion Corp. Advanced Viral Research Corp CeNeS Pharmaceuticals Plc AdvaXis Inc. Cephalon Inc. US 2007/0255633 Al Nov. 1, 2007 15

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Ceragenix Phamaceuticals Inc Hana Biosciences Inc. Cerus Corp. Helix BioPharma Corp. Chelsea Therapeutics International Hemispherx Biopharma Inc Ltd. Hemosol Corp ChemGenex Pharmaceuticals Ltd. Hollis-Eden Pharmaceuticals Inc Chemokine Therapeutics Corp. Human Genome Sciences Inc. Clavis Pharma AS Hutchison China MediTech Ltd. Cleveland BioLabs Inc. Ibex Technologies Inc. Coley Pharmaceutical Group Inc ICOS Corp CollaGenex Pharmaceuticals Inc Idera Pharmaceuticals Inc. CombinatoRx Inc. IDM Pharma Inc. Corautus Genetics Inc ImClone Systems Inc. Crucell N V Immune Response Corporation CuraGen Corp. ImmunoGen Inc. Curis Inc. Immunomedics Inc Cyclacel Pharmaceuticals Inc. Immunomedics Inc. Cytogen Corp. Incyte Corp. CYTOGEN Corporation Inex Pharmaceuticals Corp. Cytogenix Inc In?azyme Pharmaceuticals Ltd. Cytokinetics Inc. Innovata Plc Cytos Biotechnology AG Inovio Biomedical Corp. CytRx Corporation Insmed Incorporated Delcath Systems Inc InterMune Inc Deltagen Inc Introgen Therapeutics Inc. Dendreon Corp. Ipsen Group Diamyd Medical AB Isis Pharmaceuticals Inc. Diomed Holdings Inc IsoRay Inc Dnaprint Genomics Inc Johnson & Johnson DOR BioPharma Inc Keryx Biopharmaceuticals Inc. Dragon Pharmaceutical Inc King Pharmaceuticals Inc DRAXIS Health Inc Kosan Biosciences Inc. DURECT Corporation Kyto BioPharma Inc DUSA Pharmaceuticals Inc. Large Scale Biology Corporation Dyax Corp Lescarden Inc Dynavax Technologies Corp. Lexicon Genetics Incorporated Ecopia BioSciences Inc. Ligand Pharmaceuticals Inc. EiRx Therapeutics plc Liponex Inc. Elan Corp Plc Lorus Therapeutics Inc. Eli Lilly & Co Lpath Inc. Emisphere Technologies Inc MannKind Corp. Encysive Pharmaceuticals Inc Marc Pharmaceuticals Inc. Endo Pharmaceuticals Holdings Inc Marshall EdWards Inc. EntreMed Inc. Matritech Inc. EnZon Pharmaceuticals Inc. Maxygen Inc. EpiCept Corp Medarex Inc. Epigenomics AG Medical Discoveries Inc Exact Sciences Corp. MediGene AG eXegenics Inc. Mudimmune Inc. Exelixis Inc. Meditech Research Ltd. ExonHit Therapeutics S.A. Medivation Inc Favrille Inc. Merck & Co Inc Flamel Technologies SA ADS Metabasis Therapeutics Inc. Fresenius AG MethylGene Inc. GammaCan International Inc. MGI Pharma Inc. Gedeon Richter Ltd Micromet Inc. Genaera Corp. Millennium Pharmaceuticals Inc. Genaera Corporation Momenta Pharmaceuticals Inc. Genelabs Technologies Inc Monogram Biosciences Inc. GeneMax Corp. MorphoSys AG Genentech Inc Mylan Laboratories Inc Generex Biotechnology Corporation Myriad Genetics Inc. Genitope Corp. Nabi Biopharmaceuticals Genmab NS Nastech Pharmaceutical Co Inc Genta Inc. Nektar Therapeutics Gentium S.p.A NeoPharm Inc. GenVec Inc. Neurobiological Technologies Inc GenZyme Corporation Neurocrine Biosciences Inc Geron Corp. NexMed Inc Gilead Sciences Inc Nitromed Inc GlaxoSmithKline plc North American Scienti?c Inc. GlycoGenesys Inc. Northwest Biotherapeutics Inc. GPC Biotech AG NorWood Immunology Ltd. GTC Biotherapeutics Inc Novacea Inc. GTx Inc. Novadel Pharma Inc GW Pharmaceuticals PLC Novartis AG HaloZyme Therapeutics Inc. Novavax Inc US 2007/0255633 A1 Nov. 1, 2007 16

-continued -continued Novelos Therapeutics Inc. Targeted Genetics Corp Novogen Ltd. Telik Inc. Novo-Nordisk A Tercica Inc NuOncology Labs Inc. Teva Pharmaceutical Industries Ltd Nuvelo Inc. Theragenics Corp. Nventa Biopharmaceuticals Corp Threshold Pharmaceuticals Inc. Oncolytics Biotech Inc. Titan Pharmaceuticals Inc Onyx Pharmaceuticals Inc. TopoTarget NS OSI Pharmaceuticals Inc. Transgene S.A. Oxford BioMedica plc Unigene Laboratories Inc OXiGENE INC United Therapeutics Corp. Palatin Technologies Inc Valeant Pharmaceuticals Paligent Inc International Par Pharmaceutical Companies Inc Valentis Inc PDL BioPharma Inc. Valera Pharmaceuticals Inc. Peplin Ltd. VaxGen Inc Peregrine Pharmaceuticals Inc. Vernalis Plc ADR P?zer Inc Vertex Pharmaceuticals Inc. Pharmacopeia Drug Discovery Inc ViaCell Inc Pharmacyclics Inc. Vical Inc. PharmaGap Inc. Vion Pharmaceuticals Inc. Pharmexa NS VioQuest Pharmaceuticals Inc. Pharmion Corp. Viragen Inc. PhotoCure ASA Virax Holdings Ltd. Phylogica Ltd ViRexx Medical Corp. Phynova Group plc Watson Pharmaceuticals Inc Phytopharm PLC Wyeth Point Therapeutics Inc. Xechem International Inc. Poniard Pharmaceuticals Inc. Xenoport Inc Praecis Pharmaceuticals XOMA Ltd Incorporated YM BioSciences Inc. Prescient NeuroPharma Inc. Zeltia S.A. Prima Biomed Ltd. Zenyth Therapeutics Ltd. Progen Industries Ltd. Ziopharm Oncology Inc. Progenics Pharmaceuticals Inc. ZymoGenetics Inc. ProMetic Life Sciences Inc. Pro-Pharmaceuticals Inc. Protherics PLC Protox Therapeutics Inc. Step 3ildenti?cation of Companies in the Cancer Subsec Provectus Pharmaceuticals Inc. QLT Inc. tor Within a Market Capitalization Range Quest PharmaTech Inc. Questcor Pharmaceuticals Inc [0085] Equities are then limited to those With a minimum Quigley Corp. market capitalization of $100 million and maximum market Raptor Pharmaceutical Inc. capitalization of $15 billion. The data set generated by this Regeneron Pharmaceuticals Inc. Repros Therapeutics Inc rule is based upon information and categorization contained Resverlogix Corp. in the Widely available healthcare industry speci?c databases Rexahn Pharmaceuticals Inc. MEDTRACK and BioCentury. The following is the list of Rigel Pharmaceuticals Inc. companies in the Cancer subsector With the prescribed Roche Holdings Ltd Salix Pharmaceuticals Ltd market capitalization. Samaritan Pharmaceuticals Inc. Sangamo BioSciences Inc Sano?-Aventis Savient Pharmaceuticals Inc Aastrom Biosciences Inc Schering-Plough Corp Abraxis BioScience Inc SchWarz Pharma Ag Accentia Biopharmaceuticals Inc. SciClone Pharmaceuticals Inc. ACI Global Corp Seattle Genetics Inc. Actelion Ltd Senesco Technologies Inc. Active Biotech AB Serono S.A ADVENTRX Pharmaceuticals Inc SGX Pharmaceuticals Inc. Adventrx Pharmaceuticals Inc. Shire plc AEterna Zentaris Inc Sirna Therapeutics Inc Alchemia Pty. Ltd. Sirtex Medical Ltd. Alexion Pharmaceuticals Inc SkyePharma Plc Alkermes Inc Solbec Pharmaceuticals Ltd Allos Therapeutics Inc. Sonus Pharmaceuticals Inc. Alpharma Inc Spectrum Pharmaceuticals Inc. Amarin Corporation plc SR Pharma plc Anadys Pharmaceuticals Inc. Sunesis Pharmaceuticals Inc. Andrx Corp SuperGen Inc. Anesiva, Inc. Tanox Inc AnorMED Inc Tanox Inc. Ariad Pharmaceuticals Inc. Tapestry Pharmaceuticals Inc. Ark Therapeutics Group plc US 2007/0255633 A1 Nov. 1, 2007 17

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ArQule Inc. InterMune Inc Array BioPharma Inc. Introgen Therapeutics Inc. AVANIR Pharmaceuticals Ipsen Group AVI BioPharma Inc. Isis Pharmaceuticals Inc. Axcan Pharma Inc Keryx Biopharmaceuticals Inc. Barr Pharmaceuticals Inc King Pharmaceuticals Inc Bavarian Nordic AS Kosan Biosciences Inc. Bentley Pharmaceuticals Inc Lexicon Genetics Incorporated BioAlliance Pharma S.A. Ligand Pharmaceuticals Inc. Biocompatibles International plc MannKind Corp. BioCryst Pharmaceuticals Inc. Marshall EdWards Inc. Bioenvision Inc. Maxygen Inc. Biogen Idec Inc Medarex Inc. BioMS Medical Corp. MediGene AG BioSphere Medical Inc. MedImmune Inc. Cambridge Antibody Technology Metabasis Therapeutics Inc. Group plc MGI Pharma Inc. Cangene Corp. Micromet Inc. Celera Genomics Group Millennium Pharmaceuticals Inc. Celgene Corp. Momenta Pharmaceuticals Inc. Cell Genesys Inc. Monogram Biosciences Inc. Cell Therapeutics Inc. MorphoSys AG Cephalon Inc. Mylan Laboratories Inc Cerus Corp. Myriad Genetics Inc. Cerus Corporation Nabi Biopharmaceuticals Clavis Pharma AS Nastech Pharmaceutical Co Inc Coley Pharmaceutical Group Inc Nektar Therapeutics CollaGenex Pharmaceuticals Inc NeoPharm Inc. CombinatoRx Inc. Neurocrine Biosciences Inc Crucell N V Nitromed Inc CuraGen Corp. Novacea Inc. Cyclacel Pharmaceuticals Inc. Novavax Inc Cytogenix Inc Novogen Ltd. Cytokinetics Inc. Nuvelo Inc. Cytos Biotechnology AG Onyx Pharmaceuticals Inc. Delcath Systems Inc OSI Pharmaceuticals Inc. Dendreon Corp. Oxford BioMedica plc DRAXIS Health Inc Palatin Technologies Inc DURECT Corporation Par Pharmaceutical Companies Inc Dyax Corp PDL BioPharma Inc. Dynavax Technologies Corp. Peplin Ltd. Elan Corp Plc Peregrine Pharmaceuticals Inc. Encysive Pharmaceuticals Inc Pharmexa NS Endo Pharmaceuticals Holdings Inc Pharmion Corp. EntreMed Inc. PhotoCure ASA EnZon Pharmaceuticals Inc. Poniard Pharmaceuticals Inc. Exelixis Inc. Progenics Pharmaceuticals Inc. ExonHit Therapeutics S.A. Protherics PLC Favrille Inc. QLT Inc. Flamel Technologies SA ADS Regeneron Pharmaceuticals Inc. Gedeon Richter Ltd Resverlogix Corp. Generex Biotechnology Corporation Rigel Pharmaceuticals Inc. Genitope Corp. Salix Pharmaceuticals Ltd Genmab NS Sangamo BioSciences Inc Genta Inc. Savient Pharmaceuticals Inc Genta Incorporated SchWarZ Pharma Ag Gentium S.p.A Seattle Genetics Inc. Geron Corp. Serono S.A Geron Corporation Shire plc GPC Biotech AG Sirna Therapeutics Inc GTx Inc. SkyePharma Plc GW Pharmaceuticals PLC Sonus Pharmaceuticals Inc. HaloZyme Therapeutics Inc. Sunesis Pharmaceuticals Inc. Hana Biosciences Inc. SuperGen Inc. Hemispherx Biopharma Inc Tanox Inc. Hollis-Eden Pharmaceuticals Inc Telik Inc. Human Genome Sciences Inc. Tercica Inc Hutchison China MediTech Ltd. Threshold Pharmaceuticals Inc. ICOS Corp TopoTarget NS ImClone Systems Inc. Transgene S.A. ImmunoGen Inc. Unigene Laboratories Inc Immunomedics Inc. United Therapeutics Corp. Incyte Corp. Valeant Pharmaceuticals Incyte Corporation International Innovata Plc Valera Pharmaceuticals Inc. Insmed Incorporated Vernalis Plc ADR