Dutton Associates Announces Investment Opinion: Ciphergen Biosystems Initial Rating At Speculative Buy By Dutton Associates

  
    
  
  
    
      Dutton Associates initiates coverage of Ciphergen Biosystems 
      (Nasdaq:CIPH) with a Speculative Buy rating and a price target of $2.00. 
      The 14-page report by Dutton senior analyst Stephen L. Handley is 
      available at www.jmdutton.com as 
      well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other 
      leading financial portals.
    
    
      Ciphergen Biosystems has recently narrowed the scope of its business to 
      focus exclusively on developing proprietary diagnostic tests, and we 
      believe that this business offers an attractive opportunity for 
      investors. These differentiated tests are based on combinations of 
      protein biomarkers, and as such are expected to be capable not only of 
      more clearly identifying a particular disease, but also stratifying 
      patients according to the risk of developing the disease and responding 
      to specific therapy. In brief, Ciphergen’s 
      goal is to identify proteins that may be useful biomarker-based 
      diagnostic tests with sufficient sensitivity and specificity to aid the 
      physician considering treatment options for patients with complex 
      diseases. The Company has filed about 50 patents for its novel biomarker 
      discovery technology, most of which have been accepted for review, and 
      on January 25th announced the issuance of a 
      European patent covering a method for aiding prostate cancer diagnosis. 
      Management has chosen to focus primarily in the areas on oncology, 
      cardiovascular disease, and women’s health in 
      general, and expects to file applications with the FDA during 2H 2007 
      covering a test for ovarian cancer and peripheral artery disease (PAD). 
      The Quest and Bio-Rad alliances have been transforming events for 
      Ciphergen, and place the Company in a position to more fully capitalize 
      on its decade long investment in protein-based technology as well as on 
      current and prospective programs conducted with leading collaborators.
    
    
      About Dutton Associates
    
    
      Dutton Associates is one of the largest independent investment research 
      firms in the U.S. Its 31 senior analysts are primarily CFAs and have 
      expertise in many industries. Dutton Associates provides continuing 
      analyst coverage of over 140 enrolled companies, and its research, 
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      The cost of enrollment in our one-year continuing research program is US 
      $39,500 prepaid for 4 Research Reports, typically published quarterly, 
      and requisite Research Notes. The Firm does not accept any equity 
      compensation. We received $39,500 from the Company for 4 quarterly 
      Research Reports with coverage commencing on 03/28/2007. Our 
      principals and analysts are prohibited from owning or trading in 
      securities of covered companies. The views expressed in this research 
      report accurately reflect the analyst's personal views about the subject 
      securities or issuer. Neither the analyst's compensation nor the 
      compensation received by us is in any way related to the specific 
      ratings or views contained in this research report or note. Please read 
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      before investing.