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Initially, the thought of establishing a long position in a developmental stage biopharmaceutical company, currently trading at a penny stock level, seems reckless. In the vast majority of instances, just considering such an investment could lead to an analyst being declared "audaciously hopeful" or "irresponsibly naïve". Such an opinion wouldn't be unreasonable. The list of biopharmaceutical entities that have failed to deliver on expectations and promises is not only long, but is adding new names to its collection on a near daily basis. Biotechnology is, after all, a high risk endeavor.

However, every once and a while a company long on potential and short on resources does something inexplicable; it succeeds. In recent times, the biotechnology company most...

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