Andrew S. Forman

ANDREW S. FORMAN is Managing Director of the healthcare research
group at Friedman, Billings, Ramsey Group, Inc. He has nearly 20
years of experience in both the healthcare and financial services
industries. Mr. Forman’s concentration is the specialty
pharmaceutical sector. Since joining FBR in July 2001, he has
built a team of seven professionals covering 22 companies, which
is expected to grow to a team of 10 following more than 30
companies in 2003. In 2000, Mr. Forman ranked No. 9 in the
Institutional Investor’s poll in the specialty pharmaceutical
category. In 1999, he was ranked the No. 1 analyst by Reuters
Survey of small to mid-size pharmaceutical companies, and chosen
as one of 10 analysts on Zack’s All Star Team for healthcare
stock picking in 1999’2000. Mr. Forman’s accomplishments are a
testament to his deep understanding of the healthcare industry,
where he worked for more than 10 years. He was a pharmaceutical
sales representative for Bristol-Myers, a business development
manager in the biotechnology systems division of DuPont, and
later the director of business development at Cygnus, a drug
delivery company, where he was responsible for forging alliances
with pharmaceutical companies. Mr. Forman began his Wall Street
career when he joined Dillon Read as a drug delivery analyst in
1996. He later worked with UBS Warburg, where he covered
specialty pharmaceutical companies for five years, before joining
FBR in 2001. Mr. Forman received his BA in physiology from
Rutgers, and his MBA from Columbia Business School.