Main Story - SciClone (SCLN), HCV, & Melanoma - pgs. 1-26
Macro Market Commentary - "Oddly Bearish " - pgs. 27-29
BSR Coverage Update - pgs. 30-40
Biotech Sector Short Interest - pg. 41
BSR Model Portfolio Update - pgs. 42-43

A conversation with SciClone Pharma's (SCLN) CEO prompted a review of the Hepatitis C Virus (HCV) space and the melanoma space, beyond just SciClone's involvement in them. We hunted down the Phase II and Phase II programs for both HCV and melanoma, and present them in convenient tables for your reference.

We also comment on some of the recent activity in the HCV space, plus brief you on the latest failures in the melanoma space. Commentary on SciClone, which is rarely mentioned in connection with either melanoma or HCV, is sprinkled throughout.

In this month's Macro Market Commentary column, BSR's CEO David Miller takes a look at his oddly bearish viewpoint and discusses some trends in the short interest numbers since the last issue..

We also update our coverage of the following companies in our coverage universe:

Adolor (ADLR)
BioMarin (BMRN)
Dendreon (DNDN)
Discovery Labs (DSCO)
Hana Biosciences (HNAB)
Indevus (IDEV)
Medarex (MEDX)
Oncolytics Biotech (ONCY)
Resverlogix (TSE:RVX)
Targeted Genetics (TGEN)
YM Biosciences (YMI)
ZymoGenetics (ZGEN)