The volatile market has made these stocks look cheap--at least for investors 
with long time horizons.

                                        FDA           STOCK
COMPANY/SYMBOL         PRODUCT          APPROVAL      PRICE*

AVIRON AVIR            FluMist          Expected      $26.50
Mountain View, Calif.  for flu          2001

CELGENE CELG           Thalomide        Approved      92.20
Warren, N.J.           for cancer

CEPHALON CEPH          Provigil for     Approved      40.80
West Chester, Pa.      sleep disorders

ILEX ONCOLOGY ILXO     Campath          Expected      35.10
San Antonio            for cancer       summer 2000

QLT PHOTOTHER. QLTI    Visudyne         Expected      58.50
Vancouver, B.C.        for macular      spring 2000
                       degeneration


                                   52-WEEK             % OFF
COMPANY/SYMBOL                     HIGHS               52-WEEK HIGH

AVIRON AVIR                       $54.40              -54%
Mountain View, Calif.

CELGENE CELG                      187.00              -54%
Warren, N.J.

CEPHALON CEPH                      74.40              -47%
West Chester, Pa.

ILEX ONCOLOGY ILXO                 54.10               -41%
San Antonio

QLT PHOTOTHER. QLTI                85.75              -34%
Vancouver, B.C.


*As of April 7