Main Story - Medical Devices - pgs. 1-10
Macro Market Commentary - "Welcome to 2001" - pgs. 11-14
BSR Coverage Update - pgs. 15-27
BSR Model Portfolio Update - pgs. 28-29

In this month's issue of Biotech Monthly, we provide a briefing on medical devices. This is not an area we've covered before, but will start covering beginning in 2009.

Why? "Safety" concerns for new drugs under development are elongating the drug development cycle at the precise time investor time horizons are shrinking. A rogue FDA has made it difficult to predict approval decisions, dramatically increasing risk -- again when investor tolerance for risk is decreasing.

This month's Main Story describes the basics of the medical device business through the lens of a private company called Pathway Medical. We've been familiar with Pathway for some time, and figured it would be fitting to introduce them to our Subscribers at the same time we embark on a new coverage area.

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

Adolor (ADLR)
BioMarin (BMRN)
CombinatoRx (CRXX)
Dendreon (DNDN)
Indevus (IDEV)
Medarex (MEDX)
Osmetech (London:OMH)
Oncolytics Biotech (ONCY)
Resverlogix (Toronto:RVX)
Seattle Genetics (SGEN)
Targeted Genetics (TGEN)
ZymoGenetics (ZGEN)