DNAprint Genomics (DNAG)

[mingwan0]

I think that the most telling part of the 10Q for me is the "Summary" section, which has not changed one iota from the last 10Q. Apart from noting the benefit to the eye color product from the Rick Sturm publication, and the additional ancestry sub-groups in ABD 2.5, there is also no tangible statement about progress of the other products. This seems to be the extent of the communication in relation to pharmacogenomics products:

"...we continued to evaluate and analyze our preliminary results and to extend those results to other patients' samples for Taxol, Statins, and Ace inhibitor work."

and:

"In order to advance our pharmacogenomic product, OvanomeTM, to commercialization, it is anticipated that development costs for this product will increase throughout 2004."

Increasingly the SEC returns seem to contain the bare minimum of information required for their purpose. There is no other disclosure of information of interest to shareholders other than that contained in the recent shareholder's letter (which actually didn't mention the pharmacogenomic products other than in terms of the broad strategy the company intends to adopt) - for the reasons given by Richard Gabriel in this letter. Specifically, the company will not announce publicly information about research and development that "we do not believe is ripe for release" in relation to shareholder enquiries. The result is that shareholders would seem to have no way to judge progress (or delay) of the development of products such as Ovanome and Statinome. All we can tell from the above is that work is ongoing and, for Ovanome, this work will continue throughout 2004. Given such lack of communication, and consequent lack of transparency, I do not personally see how shareholders (or potential shareholders) can take informed decisions about their investment.