Trucept, Inc. (TREP)

[sweet crude]

TEDG ---> target $1.46 (bird flu vaccine)

TEDG ----> price target = $1.46

PRICE TARGET VALUE OF $1.46

TEDG reported around $10 million in vaccines sales last fiscal year, with $1.5 million in net income profit. Based on other biotech 'bird flu' plays within the sector, we feel TEDG should have a fair market cap value of at least $120 million. This still would only give TEDG a price/sales ratio of 12 as compared to others in the sector ranging from 17 to 1,060 times sales.

The market cap for stocks within the bird flu sector range from $72 million up to $335 million, with TEDG only having a current market cap of $35 million. We feel $120 million market cap for a Chinese vaccine biotech generating $10 million in vaccine sales, and a net profit of $1.5 million should fairly reflect a $120 million in market cap value, at least. Thus, with 82 million shares outstanding TEDG should be trading around a fair value of $1.46 a share in the open market.

($120 million market cap / 82 million outstanding = $1.46 a share)

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

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RANK BY SECTOR MARKET CAP

Ranked by market caps dated May 02, 2006. NOTE: TEDG currently has one of lowest market caps at $35 million for this sector group.

AVII = $335 million
NVAX = $311 million
GNBT = $275 million
HEB = $204 million
VICL = $203 million
SVA = $169 million
STTK = $72 million
TEDG = $35 million


RANK BY PRICE/SALES RATIO

Ranked by price to sales ratio dated May 02, 2006. P/S ratio tells investors how many times sales a stock is currently trading at.

GNBT = 1,060
HEB = 192
AVII = 70
NVAX = 43
SVA = 25
VICL = 17
TEDG = 4
STTK = NA