FBR Identifies Companies Set to Gain from Central Nervous System

                         Drug Boom; 
         Market Outpaces Growth of Overall World Pharmaceutical Sales 

  ARLINGTON, Va., May 31 /PRNewswire/ -- Friedman, Billings, Ramsey & Co., 
Inc., a subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR), 
today identified 12 mid- and small-capitalization companies that are expected 
to benefit from trends that are driving an increase in the demand for central 
nervous system drugs, including advances in biotechnology and health problems 
faced by an aging population.  
The 48-page report by Equity Analyst Jesse Schulman, Ph.D, identifies the 
$48.4 billion market for pharmaceuticals that treat conditions that afflict 
the central nervous system (CNS) including strokes, schizophrenia, multiple 
sclerosis, and depression.  Among the factors driving demand are the lack of 
good treatments for many CNS disorders, such as Alzheimer's disease, which 
leaves the market wide open for new and more effective drugs, and the aging 
Baby Boom population who face increasing risk of age-related CNS disorders, 
such as stroke.  
"Central nervous system drug discovery and development is an attractive 
field for investors," said Dr. Schulman.  "The coming years are likely to 
bring important new therapies into the marketplace from which far-sighted 
investors can benefit," he said.  
Mid- and small-capitalization companies have the most to gain from CNS 
drug discovery and development.  Although several major pharmaceutical 
companies have extensive and successful franchises in CNS therapeutics, many 
find their research establishment unable to create new drugs at the rate 
needed to maintain acceptable growth.  They are therefore forced to outsource 
to small biotechnology companies.  
The report is the first in a series of in-depth research reports from 
FBR's expanding London office.  The 12 companies covered in this report are H 
Lundbeck A/S (LUN DC); Elan Corporation, Plc (NYSE: ELN) (ELA LN); Shire 
Pharmaceuticals Group Plc (SHP LN); Vernalis Group Plc (VER LN) 
(Nasdaq: VNGPF); Sanochemia Pharmazeutika AG (SAC NM); NeuroSearch A/S (NRSH 
DC); CeNeS Pharmaceuticals Plc (CEN LN); ReNeuron Limited (REN LN); Genset SA 
(GNST FP); deCODE genetics, Inc. (Nasdaq: DCGN); NicOx SA (NICO FP); and 
Oxford BioMedica Plc (OXB LN).  
  Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR), the parent company of 
Friedman, Billings, Ramsey & Co., Inc., is a financial holding company for 
investment banking, institutional brokerage, specialized asset management, and 
banking products and services.  FBR provides capital and financial expertise 
throughout a company's lifecycle and affords investors access to a range of 
proprietary financial products and services.  Headquartered in the Washington 
metropolitan area, FBR has offices in Arlington and Reston, Va., Bethesda, 
Md., Boston, Charlotte, Chicago, Cleveland, Dallas, Irvine, Ca., New York 
City, Portland, Seattle, London, and Vienna.  Bank products and services are 
offered by FBR National Bank & Trust, member FDIC and an Equal Housing Lender. 
For more information, see http://www.fbr.com .  
This report was prepared by Friedman Billings Ramsey & Co., Inc. (FBR & 
Co) or one of its affiliates (collectively FBR) based on information available 
to the public.   This report does not represent an offer or a solicitation to 
buy or sell any security or to pursue any trading strategy.  The information 
included herein is believed to be reliable, but FBR makes no representation as 
to the accuracy or completeness of such information. The opinions expressed 
herein are subject to change without notice.  
Additional information concerning the securities mentioned in this report 
is available upon request.  FBR, and or its affiliates, or their respective 
officers, directors, and employees (and their family members) may hold long or 
short positions in the securities discussed herein.  Securities discussed are 
not FDIC insured, guaranteed by any bank, and may lose value.  Because of 
differing client objectives, this report should not be construed as advice 
designed to meet the particular needs of any investor.  Securities denominated 
in foreign currency typically involve certain currency risks, which may affect 
the value of the security and the income derived therefrom.  In the U.S. this 
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report is approved and distributed by Friedman Billings Ramsey International 
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SOURCE  Friedman, Billings, Ramsey & Co., Inc.  
-0-                             05/31/2001  
/CONTACT:  Michael W. Robinson of Friedman, Billings, Ramsey & Co., Inc., 
703-312-1830 or mrobinson@fbr.com/  
/Web site:  http://www.fbr.com/  
CO:  Friedman, Billings, Ramsey & Co., Inc.; Friedman, Billings, Ramsey Group,  

     Inc.; H Lundbeck A-S; Elan Corporation, Plc; Shire Pharmaceuticals Group 
     Plc; Vernalis Group Plc; Sanochemia Pharmazeutika AG; NeuroSearch A/S; 
     CeNeS Pharmaceuticals Plc; ReNeuron Limited; Genset SA; deCODE genetics, 

 Inc.; NicOx SA; Oxford BioMedica Plc 
ST:  Virginia, England 
-0- May/31/2001 18:12 GMT
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