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Hello Readers,

Since the last Newsletter, we have closed three more positions; two for some very nice gains and one for a bad loss.

DYADIC INTER’L (9/20/05). Closed position 3/22/06 at $4.13 for a 72% GAIN.

AUTHENDIDATE (12/20/05). Closed position 3/16/06 at $3.42 for a 71% GAIN.

XCYTE PHARMA (1/20/05). Closed position 3/16/06 at 72ยข for a 70% LOSS.

It is rare when a stock soars based upon a new hire, but when Dyadic named the former president of Novozymes as its chief scientific officer, the stock jump nearly a dollar in one day. In the last Newsletter, we said that we would be closing AuthendiDate, and, in fact, we did it on the same day we posted the last issue. Ever since we picked ADAT, it traded mostly on the upside, and then surged in mid-March for no apparent reason. As its merger with Cyclacel neared, it was time to close Xcyte for an ugly loss.

Despite both rising oil prices and interest rates, the Dow and NASDAQ are making five-year highs, while the Russell 2000 keeps going off the charts as it approaches a jaw-dropping 770. Is all this froth cause for concern? We are still bullish on 2006, however, for the markets to really get juiced, NASDAQ needs to have a frenetic run to 3000.

Here are the headlines since the last Newsletter about companies in the Current Portfolio. Dates in parenthesis are when we first recommended them.

Cytogen (CYTO) (3/20/06). Announces schedule for clinical data presentations at upcoming medical conferences.

Q Comm (QMM) (3/5/06). Releases 4th QT and full year FY 2005 results; balance sheet seems okay. Forms partnership with Global Business Services in Middle East.

Lipid Sciences (LIPD) (2/20/06). Article at gives the company a mixed review.

Adherex (ADH) (2/20/06). Receives Canadian regulatory clearance for Phase II weekly dosing schedule. Recent balance sheet still looks healthy.

Gateway (GTW) (2/5/06). There’s a flurry of news articles. Judge sanctions company for destroying evidence, but, on the positive side, GTW unveils its IT-friendly lightweight performance notebook.

8×8 (EGHT) (1/20/06). Packet8 and Uniden launch new VoIP phone exclusively at The Home Depot.

Ceragon Networks (CRNT) (1/5/06). Schedules earnings release for May 1.

Castelle (CSTL) (1/5/06). FaxPress fax servers okayed by Fujitsu as an “Interstate Enabled” product in Japan. Releases new FaxPress Enterprise fax server for the digital market.

Digital Angel (DOC) (12/20/05). Lands South African livestock-tracking deal. Tag sales increase in Argentina by 20% year-to-date over full-year orders for 2005.

Fusion Telecom (FSN) (12/5/05). Year-end numbers almost comparable to last year; balance sheet still looks okay.

Memory Pharma (MEMY) (11/5/05). Will present at CIBC biotech confab on April 5.

IONA Technologies (IONA) (11/5/05). Validates on BEA platform to expand mainframe integration capabilities.

Westell (WSTL) (10/20/05). Subsidiary offering new ViewPlus features and services. Announces TriLink IMS gateway to deliver seamless fixed mobile convergence solutions.

RAE Systems (RAE) (10/5/05). Files 10K submission extension.

EntreMed (ENMD) (9/5/05). Presents preclinical data supporting 2ME2’s DMARD activity in rheumatoid arthritis. Gets license for Panzem patent.

N.A. Scientific (NASI) (8/5/05). Secures line of credit agreement. Launches breast brachytherapy initiative. Receives non-compliance notice from NASDAQ.

Zi Corporation (ZICA) (8/5/05). Year-end report pretty optimistic; balance sheet still looks good. Sony Ericsson selects ZICA to improve its new M600 phone and taps Zi’s solutions for its new P990 smartphone.

Electric City (ELC) (7/5/05). Year-end report upbeat; balance sheet weakens as new long-term debt shows up. That makes us a little nervous. Wait and see.

Tele Systems (TSYS) (6/20/05). Receives 42nd patent. Partners with Vodafone Spain to deliver real-time financial information. Teams with SAP to provide wireless access to critical SAP solutions. Adds 20/20 Home Health Delivery to wireless enterprise technology offerings. Partners with COOP Systems to offer myCOOP continuity planning software. TSYS seems to have had a pretty good month.

Commerce Energy Group (EGR) (6/5/05). Files demand for arbitration.

Verticalnet (VERT) (4/5/05). Several releases about product and personnel.

Loudeye (LOUD) (4/5/05). Provides update on auditor opinion.

B.O.S. (BOSC) (1/5/05). Announces the BOSaNOVA mobile system connectivity with iSeries computers makes the cell phone a work station. 4th QT results were breakeven; balance sheet so-so.

Applied Micro Circuits (AMCC) (11/20/04). Mentioned in several online articles. Story on a strategic partnership with UDTech.

Nova Measuring (NVMI) (11/5/04). Nanometrics files suit against Nova for patent infringement.

Aviza Technology (AVZA) (10/5/04). Ships Omega fxP DSi process module to Fraunhofer IPMS. Receives order for its thermal processing system from a Chinese semiconductor factory. Announces multiple system order from SMIC. Enters into a property sale pact with HOME Safe Bay, Inc.

Chordiant (CHRD) (9/20/04). Will co-host a Webinar with the American Marketing Association on April 4. Releases enhanced edition of decision management software with adaptive decisioning.

AIXTRON (AIXG) (7/5/04). Receives repeat orders from Korean IC; manufacturer extends its high volume DRAM production.

NexMed (NEXM) (4/5/04). Year-end balance sheet not good, but company says it has $9 million in cash. This one’s on the “Endangered List”.

Socket Communications (SCKT) (3/20/04). Enhances Developer Program. Teams with 3G Touch to deliver inventory tracking and order fulfillment solution.

Actuate (ACTU) (1/5/04). Performancesoft selected by Sunderland Teaching Primary Care Trust. Acquires license to source code for Databeacon open client.

Active Power (ACPW) (11/20/03). Receives UL certification for CoolAir DC product line.

Insmed (INSM) (11/5/03). Auditor doubts company’s viability, but INSM just raised $42.8 million.

Our picks this time are another software company and a medical device maker, both trading on NASDAQ.

CLICKSOFTWARE TECHNOLOGIES, LTD. (NASDAQ: CKSW) – $1.58. Twelve-month hi-low has been $2.44 – $1.20. Located in Burlington, MA and Tel Aviv, Israel, with about 150 employees, this software company has 27.5 million shares outstanding, $18.77 million in total current assets, $21 million in total assets, and $11.74 million in total liabilities, of which $1.79 million are long-term liabilities. Institutional ownership is around 27%. One analyst rates the stock a “moderate buy”.

Yes, another Israeli company added to the Current Portfolio, and most of you know why; over our nearly ten-year history, most of them have done pretty well for us. It also helps that ClickSoftware Technologies, LTD. has a good looking balance sheet.

Founded in 1979, and public for over five years, ClickSoftware provides workforce and service optimization solutions with special emphasis on field service operations. Its solutions support various levels of clients’ management and operations, including execution, operational planning, tactical planning, and strategic planning levels. The company has a wide diversity of 80 customers worldwide, such as Fujitsu, HP, Siemens Medical, Mobile Gas, EDF Energy, PacificCorp, Bell Canada, Vodafone, Telekom Austria, Caterpillar, Electrolux, and the Ohio Department of Commerce.

ClickSoftware’s products include ClickSchedule, which enables service scheduling and routing; ClickAnalyze provides service business analytics; ClickPlan offers interactive and automated workforce planning; ClickForecast provides field service workload forecasting; ClickFix provides trouble shooting solutions at multiple levels of service contact; and ClickMobile offers wireless workforce management for monitoring field workforce activities. The company also offers various consulting services.

At the end of March, a large global energy service provider chose ClickSoftware to increase productivity for potentially thousands of mobile field resources. In February, the company announced the availability of location-based services (LBS) to augment its ServiceOptimization suite. During January, a leading Hong Kong utility chose CKSW for a workforce management study, which, though is not large, could pave the way to other opportunities in the Chinese markets.

For FY2005, ending 12/31/05, revenues were $24.06 million with $1.99 million in losses compared to FY2004 revenues of $22.7 million and $913,000 in net profits. The company claims that backlogs are at record levels and believes that revenues for 2006 should grow about 15% over 2005. That would be good.

Our 24-month target for the stock is $2.75 to $3.25.

For more information, contact CKSW at 781-272-5903;

THERMOGENESIS CORPORATION (NASDAQ: KOOL) – $3.95. Twelve-month hi-low has been $5.80 – $3.07. Based in Rancho Cordova, with about 65 employees, this medical device maker has 46 million shares outstanding, $13.36 million in total current assets, $14.65 million in total assets, little debt, and $3.47 million in total liabilities. Institutional ownership is around 33%. Two analysts rate the stock a “strong buy”.

Many times we add a company to the Current Portfolio mainly because it seems that they have some nifty technology. It also helps that ThermoGenesis Corp. has a half-decent balance sheet. Founded in 1985 and public for nearly ten years, ThermoGenesis makes blood processing devices and single-use sterile blood processing disposables that help in manufacturing therapeutic biological products. In simpler form, the company provides a means to micro-manufacture potentially life saving/enhancing products from individual units of blood. These technologies are sold into two markets: blood processing and hospital/wound care. KOOL’s therapeutic products include hematopoietic stem cells from placental/cord blood for bone marrow rescue transplants; blood protein surgical sealants to ease surgical bleeding or bond excised tissue; and platelet gels to accelerate the healing of damaged bones and chronic dermal wounds.

ThermoGenesis’ products portfolio include its BioArchive System, a robotic liquid nitrogen storage system to cryopreserve and archive units of cord blood stem cells in liquid nitrogen; ThermoLine Ultra-Rapid Plasma Thawers used for thawing red blood cells or fresh frozen plasma before transfusion; Ultra-Rapid Plasma Freezers that can freeze up to 84 units of blood plasma; AXP AutoXpress, designed to provide cord blood banks a semiautomated means of collecting mono-nuclear cells from cord blood into a fixed volume within a closed sterile bag; CryoSeal FS System, which produces autologous fibrin sealant components from a single unit of a patient’s blood plasma in about an hour; and Thrombin Processing Device, designed for the rapid production of autologous thrombin in a busy operating room.

In mid-March, KOOL’s AXP AutoXpress platform was launched by GE Healthcare as the first automated functionally closed sterile system for processing cord blood stem cells, which is now performed using manual methods. Also, around that time, the company announced expansion of its CryoSeal FS System distribution in Europe to Spain, Portugal, Lithuania, and Latvia. Earlier in the month, KOOL raised $3.2 million through equity financing, which should juice the balance sheet a little bit.

For FY2005, ending 6/30/05, revenue was $10.17 million with losses of $8.22 million. During the first six months of FY2006, revenues were $5.24 million with $3.77 million in losses.

During the last few months, the company seems to have made some giant inroads on the marketing front.

Our 24-month target for the stock is $6.50 to $7.00.

For more information, contact KOOL at 916-858-5100;

Look for the April 20, 2006 Newsletter to be posted on 4/17 or 4/18.

Thank you, George

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