| | Nanotechnology: Non-traditional Methods for Valuation of |
| | 0,91 | | MB | Nanotechnology Producers Introducing the Innovest |
| | 124 | | stron | Nanotechnology Index for the Value Investor |
| | 5963 | | ID | Innovest Strategic Value Advisors, Inc. |
| | 2005 | | rok |
| | Table of Contents |
| | 1. The Innovest Nanotechnology Index and Research Group 6 |
| | 2. Overview: The potential materiality of public perception risk for Nanotechnology 9 |
| | Other forward looking indicators are also important in evaluating nanotechnology firms 9 |
| | The Investment Landscape and its relevance to our analysis . 10 |
| | Analytical Focus 17 |
| | With any new technology, revenues may not happen right away…. 19 |
| | Conclusion 20 |
| | 3. Market Viability 21 |
| | Viable Product Strategy.22 |
| | Consensus timeline for commercialization of products .22 |
| | Perception Risk May Cause Delays in Lead Times and Diminished Demand .23 |
| | Perception risk impact to various types of nano firms .23 |
| | Demonstrating the Benefits - a Key Aspect of a Viable Product Strategy25 |
| | Risk mitigation 25 |
| | Investment Strategy26 |
| | Strategic Profit Opportunity in the Analytical Set.29 |
| | 4. Product Related Risk.34 |
| | Product safety.34 |
| | Innovest Analysis on Hazards .35 |
| | Innovest Analysis on Exposure Risk35 |
| | The Insurer’s Perspective 37 |
| | Investment Strategy. 37 |
| | Investors will need to remain abreast of scientific developments . 38 |
| | EHS Science Funding is Critical to Limiting Uncertainty.39 |
| | Relevance of NGO Comments for Shareholders: 41 |
| | Regulators’ Reticence to Act, Impact to Firms 42 |
| | A model to support viable markets: Cambridge, MA44 |
| | Chinese officials believe standards support viable markets 44 |
| | Standards Setting . 45 |
| | Regulatory Outlook: United States 46 |
| | Environmental Protection Agency 46 |
| | Food and Drug Administration. 46 |
| | Occupational Safety and Health Administration. 48 |
| | Regulatory Outlook: International 49 |
| | Issues to Consider . 49 |
| | Unanswered Questions50 |
| | 5. Product Stewardship. 51 |
| | Testing 51 |
| | Agency . 51 |
| | University . 51 |
| | Independent 51 |
| | Disclosure.52 |
| | Life Cycle Analysis 52 |
| | Operational Quality .53 |
| | Small Business Innovation Research53 |
| | Teaming up with Environmental Defense .53 |
| | HPV.54 |
| | 6. Conclusions.55 |
| | 7. Profiles of Index Constituents57 |
| | Altair Nanotechnologies, Inc 58 |
| | ApNano. 61 |
| | BASF AG62 |
| | BioSante Pharmaceuticals, Inc.65 |
| | FEI Company.67 |
| | Flamel Technologies S.A. . 69 |
| | General Electric Company . 71 |
| | Headwaters Incorporated 73 |
| | JMAR Technologies, Inc. 76 |
| | Lumera Corporation.78 |
| | Nalco Holding Company. 80 |
| | Plug Power, Inc.82 |
| | Spire Corporation 84 |
| | Starpharma Group 86 |
| | Veeco Instruments, Inc 89 |
| | 8. Brief Profiles of Research Group . 91 |
| | Ener1, Inc. 91 |
| | Konarka Technologies, Inc. . 91 |
| | MEMS USA 91 |
| | Nanodynamics 92 |
| | Nanomix92 |
| | Nanosight .92 |
| | Nanosolar, Inc.93 |
| | Nanosys, Inc. .93 |
| | 9. Explanation of Analytical Set.94 |
| | 10. Appendices 95 |
| | Appendix 1: Characterization of the Nanoparticle 95 |
| | Appendix 2: Detection Methods Available 97 |
| | Appendix 3: Potential exposure routes of Nanoparticles. 98 |
| | Appendix 4: Nanoparticle Potential for Environmental Interaction . 102 |
| | Appendix 5: Overview of Regulatory Landscape. 103 |
| | United States . 103 |
| | Toxic substances control act . 103 |
| | European Union 104 |
| | Registration.105 |
| | Evaluation .105 |
| | Authorization106 |
| | Chemical Safety Report 106 |
| | Appendix 6 – About Innovest 107 |
| | Appendix 7 - Leading-Edge Investment Research: “Non-Traditional” Risk |
| | Factors . 109 |
| | Appendix 8 - Innovest Rating Methodologies 119 |