FRX Forest Road Acquisition Corp

ThinkEquity Partners LLC Transitions in Specialty Pharma Research Coverage SAN FRANCISCO, Aug. 4 /PRNewswire/ -- ThinkEquity Partners LLC TRANSFERING COVERAGE Forest Laboratories, Inc. (FRX) Novavax, Inc. (NVAX) Pain Therapeutics, Inc. (PTIE) Sepracor, Inc. (SEPR) TERMINATING COVERAGE Elan Corp. (ELN) Effective August 3, 2004 after the market close, ThinkEquity Partners: -- Transferred coverage of Forest Laboratories, Inc. (NYSE:FRX), Novavax, Inc. (NASDAQ:NVAX), Pain Therapeutics, Inc. (NASDAQ:PTIE), and Sepracor, Inc. (NASDAQ:SEPR) to analyst Jeffrey Long-McGie. -- Suspended rating and estimates for Novavax, Inc. (NASDAQ:NVAX) and Pain Therapeutics, Inc. (NASDAQ:PTIE) pending analyst review. -- Terminated coverage of Elan Corp. (NYSE:ELN). -- These actions are due to the departure of the coverage analyst and are neither reflective of an investment opinion nor indicative of any investment recommendation relative to the subject securities. Ticker Price New Old New Old New Old New Old Rating Rating Target Target FY04 FY04 FY05 FY05 Esti- Esti- Esti- Esti- mate mate mate mate ELN $20.40 -- Buy -- $30 -- ($0.98) -- ($0.48) FRX $50.20 Accum- Accum- $66 $66 $2.52 $2.52 NA NA ulate ulate NVAX $4.59 Susp- Buy Susp- $9 Susp- ($0.54) Susp- ($0.34) ended ended ended ended PTIE $8.41 Susp- Source Susp- $9 Susp- ($1.12) Susp- ($1.25) ended of ended ended ended Funds SEPR $44.42 Buy Buy $60 $60 ($3.12) ($3.12) ($0.58) ($0.58) The views expressed in this report correspond to the analyst's personal views on the subject securities and issuers, and no part of the analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations contained in this research report. The research analyst(s) principally responsible for preparation of this report receive(s) discretionary incentive compensation that includes (among other factors) TEP's investment banking revenues. Investors should assume that ThinkEquity Partners is, or will be seeking to provide investment banking services to the subject company within the next three months. ThinkEquity Partners usually makes a market in Elan Corp., Novavax, Inc., Pain Therapeutics, Inc., and Sepracor, Inc. securities; and/or associated persons will sell to or buy from customers on a principal basis. ThinkEquity Partners LLC and/or an affiliate managed or co-managed a public offering of securities for Pain Therapeutics in the past 12-months. ThinkEquity Partners LLC and/or an affiliate received compensation for investment banking services from Pain Therapeutics in the past 12 months. "Buy," "Hold," and "Sell" are not defined ThinkEquity Partners LLC ratings and should not be construed as investment opinions. Rather, these ratings are used illustratively to comply with applicable NASD and other securities regulatory organization regulations. This report does not purport to be a complete statement of all material facts related to any company, industry, or security mentioned. The information provided, while not guaranteed as to accuracy or completeness, has been obtained from sources believed to be reliable. The opinions expressed reflect our judgment at this time and are subject to change without notice and may or may not be updated. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. This notice shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which said offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. This research report was originally prepared and distributed to institutional clients of ThinkEquity Partners LLC. Recipients who are not market professionals or institutional clients of ThinkEquity Partners LLC should seek the advice of their personal financial advisor before making any investment decisions based on this report. Additional information on the securities mentioned is available on request. Member NASD and SIPC. Distribution of Ratings, Firmwide IB Serv./Past 12 Mos. Rating Count Percent Count Percent BUY [B] 72 48.32 3 4.17 HOLD [A] 58 38.93 0 0.00 SELL [SELL/SF] 19 12.75 2 10.53 DATASOURCE: ThinkEquity Partners LLC CONTACT: Traci Mangini of ThinkEquity Partners LLC, +1-415-249-1379, or

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