BSMD BioSphere Medical Inc. June 24th Buy Opinion: 2.85 - 3.20 Short-term Sell: 4.35 - 4.85 Long-term Sell: 4.85 - 5.90 Outlook - A highly speculative bio-tech firm, BioSphere Medical Inc's (BSMD) primary mission is to be the global leader in embolotherapy; a multi-billion dollar industry. Judging by the acceptance of BSMD’s products both domestically and internationally, the company’s objective is a real and tangible one. Embolotherapy is a process in which materials are injected through a catheter into the bloodstream to cut blood flow to tumors. By selectively blocking the target tissue's blood supply, the deprived tissue will either become destroyed or devitalized. Uterine fibroid embolization (UFE) is the occlusion (absorption) of the blood supply to uterine fibroids to reduce their size and alleviate associated symptoms. Uterine fibroids afflict approximately 25 million women in the U.S.; industry sources indicate that up to 50% of the 600,000 hysterectomies performed in the U.S. each year are due to fibroids. Driven by demand from women for minimally invasive procedures, the UFE market is projected to grow from 5,000 procedures and under $10 million in 1998 to more than 300,000 procedures and over $500 million by 2004. Targeted liver embolization (TLE) is the occlusion of the blood supply to liver tumors to deprive them of the nutrients they require to survive. Over four million people in the U.S. are positive for Hepatitis C which is thought to be a precursor to liver cancer in 10 to 20 percent of these individuals. As a result, BSMD believes that there will be a significant increase in the incidence of liver cancer in the U.S. in the coming years.