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Canada’s legendary natural resource investor, Eric Sprott, has got moly fever! His eponymous management firm is now preparing a molybdenum participation fund, which will buy and sell phy

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

sical molybdenum. The Sprott Molybdenum Participation Corp will also invest in companies that explore for, mine and process the metal.

Sound familiar? Uranium Participation Corp debuted

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

in late 2005, accumulating physical uranium for as low as US$20/pound range. Shares in the uranium fund nearly doubled in 2006 in tandem with the spot uranium price.

We interviewed Eri

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

c Sprott in October 2004, when he forecast the steep rise in uranium and offered his selection. As usual Sprott Asset Management had entered the uranium market through large, very specul

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

tive investments in complete unknowns. Since then, those unfamiliar penny stocks have begun boasting market capitalizations well above $1 billion. Examples include SXR Uranium One, which

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

recently announced a $5 billion merger with UrAsia, and Paladin Resources, which once traded at for three cents, and is now capitalized around C$3 billion.

We followed many ‘Sprott sto

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

cks,’ some trading sub-$1/share in 2004, and which have recently traded above $12/share – such as Energy Metals. At one point, the Sprott family of funds held more than 20 percent of the

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

shares in uranium companies such as Energy Metals and Strathmore Minerals. In late February, Jim Cramer recommended Energy Metals on his ‘Mad Money’ television show.

Last summer’s big

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

uestion in Canada’s financial circles and in the media was: ‘What will be Eric Sprott’s next big thing?’ We concluded it would be molybdenum stocks and reported on that in late July. We

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

interviewed Sprott Asset Management research associate Maria Smirnova and discussed how investing in molybdenum stocks might be another way to ride the energy bull.

While nickel, zinc a

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

nd uranium prices have soared, molybdenum lagged behind in 2006. After a stellar 2005, during which moly prices jumped to a record $40, increased byproduct mining from copper producers b

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

rought the moly price back into the twenties.

But that may not last long. Changes in China’s export laws may help the molybdenum price firm up, according to Ken Reser, one of the early

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

olybdenum mining commentators. In our email exchanges, Reser strongly believes the molybdenum price could go much higher. He’s backed Adanac Molybdenum Corp, a company which hopes to bri

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ng its large Ruby Creek deposit into production in 2009.

Early Sprott favorite, Blue Pearl Mining, has since become the world’s fifth largest primary molybdenum producer and is the worl

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

d’s largest publicly traded primary molybdenum company. The key word is “since.” After Eric Sprott began backing the company, Blue Pearl announced the acquisition of privately held Thomp

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

son Creek Metals Company for US$575 million. The acquisition brought the then-tiny company into the molybdenum mining spotlight. During 2007, the company plans to produce about 21 millio

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

pounds of molybdenum (gross value at Friday’s closing price: US$593 million). That’s about five percent of global molybdenum mining production!

Another Sprott favorite, Roca Mines hope

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

s to commence molybdenum mining operations this spring as a small-scale producer in British Columbia. The company hopes to expand its molybdenum deposit by pouring in some of the cash fl

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ow from its mining production during the first year in hopes of building a much bigger moly mine.

Judging from Eric Sprott’s keen investment eye, the molybdenum price may soon be rising

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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