Healthcare >> Analyst Interviews >> January 6, 2003

Outlook For Biotechnology Stocks: J. Tanner – Leerink Swann & Company

J. WILLIAM TANNER is Managing Director of Leerink Swann & Company. He was previously with SG Cowen and Victor Securities International. Dr. Tanner began his career in equities research as Vice President and Biotechnology Analyst at Principal Financial Securities in Dallas. Prior to joining Principal, he was a Research Associate in the Department of Pathology in the Center for Immunology at Washington University Medical School. Dr. Tanner is the recipient of a National Research Service Award from the National Institutes of Health and a Postdoctoral Fellowship from the Juvenile Diabetes Foundation. He received a BS in Animal Science from Texas A&M University, an MS in Nutrition from Texas A&M University, a PhD in Physiology from Texas A&M University, and an MBA from Washington University. Profile
TWST: Tell us what has been most striking about the performance

of the biotech stocks over the past year.

Dr. Tanner: I guess the performance of the stocks is not so

surprising to me, given