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TWST: Will you begin by telling us about the approach that you’ve taken to the science of genomics and to evaluating the investment opportunities associated with the sector?

Dr. Duncan: First of all, I have a scientific background. I have training in pharmacology, a PhD in neuro pharmacology. I understand molecular biology well because of my experiences in the past with that discipline. So we focus on technology and try to understand how companies are differentiating their technology platform from others. But unlike some of the analysts on the Street, we are not simply taken with technologies. We try to emphasize understanding management’s expertise and, most importantly, understanding the business strategy that is being articulated by management. So we look for a broad-based business model that is supported by both management expertise and an enabling technology.

TWST: What’s the case for Myriad?

Dr. Duncan: Myriad Genetics (Nasdaq:MYGN) is what we refer to as our single best idea, because this is a real hybrid company. It’s the only company in the genomics world, besides the technology providers — and like the equipment providers — that actually drives product sales-based revenue off genomics-derived discovery, which is, as we spoke of earlier, their predisposition testing. They have three products on the market. One is BRACAnalysis, a product for determining hereditary predisposition for breast and ovarian cancer. They also have COLARIS, the test for hereditary predisposition to colon cancer, which they just introduced in September, the last for hereditary predisposition to colon cancer. And finally, they have a molecular diagnostic called CardiaRisk on the market, which is looking for certain types of cardiovascular disease. So one, they have product sales, and two, they have the upside that can be provided by drug development. They have one drug in Phase II testing now, and we expect another lead candidate, in fact their first lead candidate to emerge out of their genomics-enabled discovery platform, by the end of this year. So it’s a hybrid model. It’s a genomics-enabled model and I think it serves several different investor appetites.