Smallcap Recap

. . . New Parent for Orphan - Orphan Medical (Nasdaq:ORPH) has entered into an agreement to be acquired by Jazz Pharmaceuticals. Recently, Orphan reported record revenues for the quarter ended March 31, 2005. Orphan Medical develops and markets pharmaceuticals for inadequately treated and uncommon central nervous system diseases treated by specialist physicians. The lead product for the company is Xyrem, which is the first and only approved treatment for cataplexy associated with narcolepsy.

. . . Does your medication talk to you? More and more people are benefiting from prescription pill bottles which "talk" to the patient, allowing them to distinguish what type of medication is in the bottle and to hear critical information on dosage amounts and refill parameters. But the market for Rex-The talking pill bottle, made by Wizzard Software (OTCBB:WIZD), extends well beyond the visually-impaired. As the population ages, and as directions and labeling, become denser and more complex, the ability of talking pill bottles to tell people what to do may eliminate myriad drug errors, including fatal ones. Wizzard Software develops a range of products in the speech technology application market.

. . . Bagels are big. And while they are no longer just a New York phenomenon, bagels associated with the Big Apple are perceived to be superior. BAB (OTCBB:BABB) which offers Big Apple Bagels, benefits from the NY brand halo effect, though it is based in Iowa. Now BAB is opening the first Big Apple Bagels and Cousins Subs location in Cedar Rapids, Iowa. The company operates, franchises, and licenses Big Apple Bagels ®, My Favorite Muffin ®, Brewster's ® Coffee and Jacob Bros. Bagels , and is looking at expanding in other locations in the Midwest.

. . . Volvo, a global leader in transportation-related products, has selected MDI (NASDAQ:MDII) in partnership with Diebold (NYSE:DBD) to manage the security operations of their global enterprise. The MDI/Diebold team will begin by constructing a state-of-the-art global security command and control center to monitor and manage Volvo's security data at its worldwide headquarters. A critical factor in Volvo's selection of the MDI solution was its ability to seamlessly integrate access control, alarm management, video assessment and systems control into a centralized management platform that is securely accessible to clients anywhere across the globe.

. . . Ultrasound to Go - SonoSite (Nasdaq:SONO) announced the launch of its MicroMaxx(TM) ultrasound system, the company's third generation hand-carried ultrasound product. At less than eight pounds and the size of a laptop computer, the MicroMaxx system delivers image resolution and performance comparable to much larger and more costly ultrasound systems. MicroMaxx provides caregivers with more flexibility and efficiency in using ultrasound in both hospital and office-based settings. Citing performance improvements of this new system, Delafield Hambrecht recently upgraded to a buy.

From: The Smallcap Recap Report - www.smallcaprecap.com

REIT Report

. . . "Would you like a jet with that loan, sir?" The S.F. office leasing market, which had slumped along with Silicon Valley, is getting tight again. Now lenders are offering extravagant perks to buyers to do business with them . . . According to the Wall Street Journal, Jones Lang LaSalle (NYSE: JLL) is expected to reach an agreement to purchase an interest in two properties in San Francisco from Equity Office Properties Trust (NYSE: EOP), which will likely maintain an interest in the two buildings.

. . . More closet room - FirstService Corporation (Nasdaq: FSRV) completed the acquisition of two California Closets franchises, adding $5 million of annualized revenue to its rapidly growing Property Improvement Services division. The company now owns eight California Closets franchises, generating approximately $40 million in annual revenues. The company provides services in a number of areas, including commercial real estate; residential property management; and property improvement.

. . . Record growth in D.C. - In Q1 of 2005, regional homebuilder Comstock Homebuilding Companies (Nasdaq: CHCI) achieved record growth in every category reported. Compared to the same quarter the previous year, new orders increased 86.4%, new order rose 119.2% and backlog revenue went up 291.0%. One of Comstock's main markets is Washington D.C, which has been the nation's fastest growing job market in terms of total new jobs over the past five years..

. . . "You can't have a crash without oversupply." That was Sam Zell's take on the current real estate situation at a panel discussion at the Milken Institute in Beverly Hills. The theme of supply and demand has been an oft-stated reason why builders believe this real estate boom will continue to have legs. In a recent appearance on Jim Cramer's Mad Money on CNBC, D.R. Horton, chairman of DHI (NYSE: DHI) said that the supply of building lots in key markets such as New Jersey and California has continued to decrease. It is one of the reasons why, he stated, homebuilding was no longer cyclical for companies like his. The evidence, at least for a company like DHI, is pretty compelling. DHI is on track in fiscal 2005 to reach its 28th consecutive year of record revenues and earnings. Net income for the quarter ended March 31, rose 56% over the previous year, revenue rose 24% and sales-order backlog increased 33% to an all-time record for the company. The company was recently upgraded to Outperform by Friedman Billings and to a Strong Buy by JMP Securities...

. . . Out with the non-core. In with the core. Ashford Hospitality Trust (NYSE: AHT) completed the sale of three properties it has designated as noncore, including Ramada Inn Hyannis Regency in Hyannis, Massachusetts and the Ramada Inn Warner Robins. The company is currently looking to sell five remaining non-core hotels. Ashford is a REIT focused on investing in the hospitality industry, and expects to redeploy the sale proceeds to higher return investments.. . .

. . . Rental rate growth - Average Rental Rates in Q1 for apartments owned by AvalonBay Communities (NYSE: AVB) increased year-over-year for the first time in three years and increased sequentially for the second consecutive quarter. It was largest increase in established communities rental revenue in three and a half years. AvalonBay is a REIT focusing on apartment communities in high barrier-to-entry markets of the United States. The company was recently upgraded by Smith Barney Citigroup.

From: www.InvestingIN.com/realestate

Intellectual Property Program ... New In Vitro Fertilization Product...Safe to Continue

. . . Intellectual Property Program - in its second agreement in what it calls its "LabChip Driven" program, Caliper Life Sciences (Nasdaq: CALP) will license its Microfuidics technology to Affymetrix (Nasdaq: AFFX), a leader in molecular biology research. The LabChip program is designed to broaden and accelerate the availability and application of its technologies.

. . . New In Vitro Fertilization Product - Halozyme Therapeutics (Amex: HTI) received FDA clearance to market Cumulase for certain in vitro fertilization procedures. Cumulase provides the IVF specialist with a safer, purer and more reliable alternative to bovine and ovine extracts that are currently used to prepare oocytes before IVF during sperm injection. Halozyme received approval in late 2004 to market Cumulase throughout the European Union. The company has a number of agreements in place to distribute Cumulase worldwide.

. . . Safe to Continue - Medicure (TSX:MPH; AMEX:MCU) received a recommendation to continue its Phase II/III MEND-CABG trial from an independent Data Safety Monitoring Board (DSMB). The Board reviewed safety data in patients who have completed 30 days of treatment following Coronary Artery Bypass Graft (CABG) surgery. The MEND-CABG clinical trial is evaluating the cardioprotective and neuroprotective effects of MC-1 in patients undergoing high-risk Coronary Artery Bypass Graft (CABG) surgery. Medicure Inc. is a cardiovascular drug discovery and development company focused on developing effective therapeutics for unmet needs in the field of cardiovascular medicine.

From: www.InvestingIN.com/biotech