Informax
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10/30/00 INMX InforMax Inc. Rated New 'Buy' at Bear Stearns(Correct) - Bloomberg
10/30/00 INMX InforMax Inc. Rated New 'Buy' at US Bancorp Piper - Bloomberg
10/30/00 INMX FBR Initiates Coverage of InforMax - PR Newswire
FBR Initiates Coverage of InforMax
10/30/00 7:09:00 AM
Source: PR Newswire
ARLINGTON, Va., Oct. 30 /PRNewswire/ -- The following is being issued by Friedman, Billings, Ramsey & Co. Inc., a member of the National Association of Securities Dealers, CRD number 25027: Friedman, Billings, Ramsey & Co., Inc. today initiated coverage of InforMax (Nasdaq: INMX) with a "buy" rating and a 12-18 month price target of $38 per share.
In the 22-page report, senior healthcare technology analyst James Ackerman identified InforMax as the leading provider of bioformatics software to the life sciences industry, with 20,000 desktop users and 20 enterprise users as well as penetration into 19 of the top 20 pharmaceutical companies.
"We believe that genomics, and related areas of research, have the potential to revolutionize the life sciences industry particularly in the areas of drug discovery and development and clinical diagnostics," Ackerman said. " Informax is moving toward dominance in the area of bioformatics software, which, in our opinion, is the key to unlocking the power and promise of genomics."
InforMax is headquartered in Bethesda, Md., the heart of the life sciences industry and home of the National Institutes of Health. The company has established a substantial customer base, from which it generated revenue of $10 million in 1999. As of September 27, 2000, InforMax employed a total of 205 people, including 54 in sales & marketing, 95 in research & development and 25 in implementation & support. The company was an early pioneer in the emerging bioinformatics area as it became operational in 1993, well before its primary competitors were founded.
InforMax closed Friday at $ 24 3/4. For a complete copy of this report, please visit fbr.com .
Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) -- the parent of Friedman, Billings, Ramsey & Co., Inc. -- is a holding company for investment banking, institutional brokerage, venture capital, and other specialized asset management products and services. FBR provides capital and financial expertise throughout a company's lifecycle and affords investors access to a full range of financial products and services. Headquartered in Northern Virginia, home to an array of leading global Internet companies, FBR has offices in Arlington and Reston, Va., Irvine, Ca., Boston, Charlotte, Chicago, Portland, Seattle, London, and Vienna. For more information, see fbr.com .
Friedman, Billings, Ramsey & Co., Inc. makes a market in the common shares of the subject company. FBR Technology Venture Partners II, LP owns 4,444,312 shares of common stock, which is subject to a 180-day lock up period following the offering. ETP/FBR Genomic Fund, LP owns 540,855 shares of common stock, which is subject to a 180-day lock up period following the offering.
10/30/00 INMX InforMax Inc. Rated New 'Strong Buy' at Adams, Harkness - Bloomberg
10/30/00 INMX Informax Inc. Rated New 'Buy' at Friedman, Billings - Bloomberg
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