Trucept, Inc. (TREP)

[sweet crude]

STTK, HEB, GNBT, SVA, TEDG

RANK BY SECTOR MARKET CAP

Ranked by market caps dated April 12, 2006. NOTE: TEDG currently has one of lowest market caps at $41 million for this sector group.

GNBT = $235 million
HEB = $180 million
SVA = $158 million
STTK = $68.9 million
TEDG = $41 million


RANK BY FISCAL 2005 REVENUES

Revenues for the trailing 12 months. NOTE: TEDG did the most revenue at $10 million for this sector group. Investors are advised to check current SEC filings as some of these numbers may have changed over the running quarter.

TEDG = $10 million
SVA = $6.8 million
HEB = $1 million
STTK = $756k
GNBT = $260k


RANK BY SHARE PRICE

NOTE: TEDG is trading for the lowest price in this sector group as of closing bell on April 12, 2006.

HEB = $2.95
GNBT = $2.65
SVA = $1.95
STTK = $0.64
TEDG = $0.50


SHARE PRICE IF TEDG TRADED AT COMPETITOR MARKET CAPS

GNBT ($235 mrkt cap) = $2.86 a share
HEB ($180 mrkt cap) = $2.19 a share
SVA ($158 mrkt cap) = $1.95 a share
STTK ($68.9 mrkt cap) = $0.84 a share

TEDG (current price) = $0.50


The best comparison should be with SVA, as it's also a vaccine research company based out of China like TEDG, and did around $6.8 million in revenues for fiscal 2005. We should give SVA a premium above TEDG for being on the AMEX exchange, lets say 50% to be conservative. SVA is currently trading at $1.95 share price. If TEDG were trading at say $1.30 a share, then 50% above that price is SVA at $1.95. (50% of $1.30 = .65 + $1.30 = $1.95 or SVA current share price). Note: TEDG did almost 50% more in sales revenue as compared to SVA for fiscal 2005. TEDG should be trading, fairly, around $1.30 per share compared to others in the bird flu sector.

http://www.theasianinvestor.com/reports/tedg.htm