Q: What's your opinion of Millennium Pharmaceuticals (MLNM ) and Genentech (DNA )?
DiLorenzo:: For MLNM we have an accumulate ranking, but we consider it speculative because it's a very risky stock. The primary story there is an experimental treatment for cancer called Velcade. Right now, it's being reviewed by the Food & Drug Administration for treatment of multiple myeloma. We think the drug could potentially be approved in the third quarter of 2003, and our rating is predicated on approval and a successful launch. [Note: The FDA approved Velcade on May 14.] However, the company's spend rate on R&D is overly high in our opinion.