ThinkEquity Partners LLC Transitions in Specialty Pharma


                         Research Coverage
      SAN FRANCISCO, Aug. 4 /PRNewswire/ --
                             ThinkEquity Partners LLC
                               TRANSFERING COVERAGE
                         Forest Laboratories, Inc. (FRX)
                             Novavax, Inc. (NVAX)
                        Pain Therapeutics, Inc. (PTIE)
                            Sepracor, Inc. (SEPR)
                               TERMINATING COVERAGE
                                 Elan Corp. (ELN)
      Effective August 3, 2004 after the market close, ThinkEquity Partners:
      -- Transferred coverage of Forest Laboratories, Inc. (NYSE: FRX),
       Novavax, Inc. (Nasdaq: NVAX), Pain Therapeutics, Inc. (Nasdaq: PTIE),
       and Sepracor, Inc. (Nasdaq: SEPR) to analyst Jeffrey Long-McGie.
    -- Suspended rating and estimates for Novavax, Inc. (Nasdaq: NVAX) and
       Pain Therapeutics, Inc. (Nasdaq: PTIE) pending analyst review.
    -- Terminated coverage of Elan Corp. (NYSE: ELN).
    -- These actions are due to the departure of the coverage analyst and are
       neither reflective of an investment opinion nor indicative of any
       investment recommendation relative to the subject securities.
        Ticker Price  New     Old     New    Old     New    Old    New     Old
                  Rating  Rating  Target Target  FY04   FY04   FY05    FY05
                                                 Esti-  Esti-  Esti-   Esti-
                                                 mate   mate   mate    mate
      ELN    $20.40 --      Buy     --     $30     --    ($0.98) --      ($0.48)
    FRX    $50.20 Accum-  Accum-  $66    $66    $2.52   $2.52  NA       NA
                  ulate   ulate
    NVAX   $4.59  Susp-   Buy     Susp-  $9     Susp-  ($0.54) Susp-   ($0.34)
                  ended           ended         ended          ended
    PTIE   $8.41  Susp-   Source  Susp-  $9     Susp-  ($1.12) Susp-   ($1.25)
                  ended   of      ended         ended          ended
                          Funds
    SEPR   $44.42 Buy     Buy     $60    $60   ($3.12) ($3.12) ($0.58) ($0.58)


    The views expressed in this report correspond to the analyst's personal
views on the subject securities and issuers, and no part of the analyst's
compensation was, is, or will be directly or indirectly related to the
specific recommendations contained in this research report. 
The research analyst(s) principally responsible for preparation of this
report receive(s) discretionary incentive compensation that includes (among
other factors) TEP's investment banking revenues. Investors should assume that
ThinkEquity Partners is, or will be seeking to provide investment banking
services to the subject company within the next three months. 
ThinkEquity Partners usually makes a market in Elan Corp., Novavax, Inc.,
Pain Therapeutics, Inc., and Sepracor, Inc. securities; and/or associated
persons will sell to or buy from customers on a principal basis. 
ThinkEquity Partners LLC and/or an affiliate managed or co-managed a
public offering of securities for Pain Therapeutics in the past 12-months. 
ThinkEquity Partners LLC and/or an affiliate received compensation for
investment banking services from Pain Therapeutics in the past 12 months. 
"Buy," "Hold," and "Sell" are not defined ThinkEquity Partners LLC ratings
and should not be construed as investment opinions. Rather, these ratings are
used illustratively to comply with applicable NASD and other securities
regulatory organization regulations. This report does not purport to be a
complete statement of all material facts related to any company, industry, or
security mentioned. The information provided, while not guaranteed as to
accuracy or completeness, has been obtained from sources believed to be
reliable. The opinions expressed reflect our judgment at this time and are
subject to change without notice and may or may not be updated. Past
performance should not be taken as an indication or guarantee of future
performance, and no representation or warranty, express or implied, is made
regarding future performance. This notice shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any sale of
these securities in any state in which said offer, solicitation, or sale would
be unlawful prior to registration or qualification under the securities laws
of any such state. This research report was originally prepared and
distributed to institutional clients of ThinkEquity Partners LLC. Recipients
who are not market professionals or institutional clients of ThinkEquity
Partners LLC should seek the advice of their personal financial advisor before
making any investment decisions based on this report. Additional information
on the securities mentioned is available on request. Member NASD and SIPC. 


                        Distribution of Ratings, Firmwide
                                       IB Serv./Past 12 Mos.
    Rating             Count   Percent   Count   Percent
    BUY [B]               72     48.32       3      4.17
    HOLD [A]              58     38.93       0      0.00


SELL [SELL/SF]        19     12.75       2     10.53
  

SOURCE  ThinkEquity Partners LLC 
-0-                             08/04/2004 
/CONTACT:  Traci Mangini of ThinkEquity Partners LLC, +1-415-249-1379, or
tmangini@thinkequity.com/ 
(FRX NVAX PTIE SEPR NVAX PTIE ELN) 
CO:  ThinkEquity Partners LLC; Forest Laboratories, Inc.; Novavax, Inc.; Pain 
 Therapeutics, Inc.; Sepracor, Inc.; Elan Corp.
ST:  California
IN:  FIN MTC HEA BIO
SU:  RTG INO
-0- Aug/04/2004 20:30 GMT
 
 
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