Main Story - "ARYx Therapeutics " - pgs. 1-11
Macro Market Commentary - "Going according to plan " - pgs. 12-14
BSR Coverage Update - pgs. 15-30
BSR Model Portfolio Update - pgs. 31-32

In this issue of Biotech Monthly, we examine ARYx Therapeutics. This biotech is days away from a binary event that could trigger significant partnership dollars as well as significant investor interest. Their approach of creating drugs that are superior to currently approved medicines - not just comparable -- fits well with current regulatory and reimbursement themes.

David's columnupdates our recent call that the market has reached the bottom and takes a quick look at some policy issues coming out of D.C.

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

BioMarin (BMRN)
Corcept (CORT)
Dendreon (DNDN)
Raptor (RPTP)