Yesterday the United States Court of Appeals for the Federal Circuit did something rather curious. The Court reissued an opinion as precedential that was originally published on July 11, 2007 as non-precedential. In Daiichi Sankyo Co., LTD. v. Apotex, Inc., Apotex, Inc. appealed the judgment of the United States District Court for the District of New Jersey that Apotex infringed U.S. Pat. No. 5,401,741 and that the ’741 patent is not invalid or unenforceable. The Federal Circuit determined that the invention of the ’741 patent would have been obvious in view of the prior art and reversed. What is a little curious is why this has suddenly become a precedential opinion.
The Federal Circuit started off this obviousness determination by explaining the familiar four-part test for obviousness, which includes:
(1) the scope and content of the prior art; (2) the level of ordinary skill in the prior art; (3) the differences between the claimed invention and the prior art; and (4) objective evidence of nonobviousness.
For years this obviousness test has bothered me because the Federal Circuit has made objective evidence of nonobviousness required for every obviousness determination despite the fact that in Graham v. John Deere the Supreme Court specifically explained that such evidence "may" be helpful. How the permissive "may" has been turned into a mandatory "shall" never quite set well with me, but it is not the first time that the Federal Circuit has overruled the Supreme Court so what the heck, right?
After setting forth the obviousness factors, which are certainly not worthy of being a precedential opinion, the Court explained that they were going to focus their inquiry on the second factor, the level of ordinary skill in the prior art. This then lead the court to once again state the well established law relative to determining the level of ordinary skill, which include but are not limited to:
(1) the educational level of the inventor; (2) type of problems encountered in the art; (3) prior art solutions to those problems; (4) rapidity with which innovations are made; (5) sophistication of the technology; and (6) educational level of active workers in the field."
The Federal Circuit then went on to determine that the inventors of the ’741 patent were specialists in drug and ear treatments—not general practitioners or pediatricians. At the time of the invention, Inventor Sato was a university professor specializing in otorhinolaryngology; Inventor Handa was a clinical development department manager at Daiichi, where he was involved with new drug development and clinical trials; and Inventor Kitahara was a research scientist at Daiichi engaged in the research and development of antibiotics. Therefore, the Federal Circuit concluded that the level of ordinary skill in the art was that of a person engaged in developing pharmaceutical formulations and treatment methods for the ear or a specialist in ear treatments such as an otologist, otolaryngologist, or otorhinolaryngologist who also has training in pharmaceutical formulations.
Having made this determination relative to exactly what the level of skill in the art was, the Federal Circuit had little difficulty concluding that the claims had to fall because they were obvious. This was an easy conclusion given that there was a reference explaining that a ciprofloxacin compound would be effective and that it was well known that ofloxacin (the compound used in the claims) was a substitute for ciprofloxacin.
So why did the Federal Circuit make this a precedential opinion? Perhaps it was because the district court followed recent Federal Circuit precedent and, nevertheless, still managed to get it wrong in the eyes of the Federal Circuit.
Specifically, the district court concluded that the ordinary person skilled in the art pertaining to the ’741 patent "would have a medical degree, experience treating patients with ear infections, and knowledge of the pharmacology and use of antibiotics. This person would be . . . a pediatrician or general practitioner..." In reaching this determination the district court relied on Merck & Co. v. Teva Pharm. USA, Inc., 347 F.3d 1367 (Fed. Cir. 2003), a case in which the invention related to a method of treating, as did the invention in this case. Nevertheless, the Federal Circuit pointed out that even though the affirmed that in the Merck/Teva case where they affirmed that the the person having ordinary skill in the relevant art was a person having a medical degree, experience treating patients, and knowledge of the pharmacology and usage of biphosponates, the level of skill in the art was not disputed by the parties and, thus, the Federal Circuit simply accepted the district court’s finding.
So you are not convinced that is enough? Me either. So essentially what we have here is another situation where there is going to be Federal Circuit precedent going both ways. Sometimes when the invention relates to a method of treating the person of skill in the art will be a medical practitioner, and sometimes it will be a research scientist. I suppose that it will all depend upon who the inventors are, which as Dennis Crouch from Patently-O puts it means that in this case the invention was obvious because the inventors were experts. I'm not sure I would go that far, but if this case does stand for that proposition god help us all!
MELBOURNE'S biotechnology leaders were looking at each other in a new light after listening to Matt McNamara.
The Intersuisse Bioscience Managers head told a group of chief executives yesterday they needed to get bigger to get noticed.
And the best way to do that was to buy another company or find other ways to break through the magic $100 million market capitalisation mark.
Matt said fewer than 30 of Australia's 130 listed biotechnology companies had crossed that mark, which put them on the radar of institutional investors.
"Size is important and if you are under that neat number, concentrate on trying to get over it."
Matt said the three best ways to add to a company's market capitalisation were to raise capital, grow organically or buy bolt-on businesses.
Some of the obstacles in the way of consolidation included weak and non-commercial boards, chief executives trying to protect their jobs, unrealistic valuations and pre-clinical technology.
While the Australian share market was less mature in valuing biotechnology than the US market, Matt said Australian biotechs were becoming well known for their good science and cheap valuations.
Which meant our companies were being noticed by large pharmaceutical companies that were shopping for breakthroughs further down the food chain.
Matt's advice for biotechs was to talk to big pharmaceutical companies as early as possible about things like the design of clinical trials.
"If you can save them repeating trials down the track it is a great idea - they are becoming much more consultative," he said.
As for the general health of the biotech sector, Matt said the usual complaints were a lack of capital, institutional coverage and experienced executives.
But with a lot more local companies funding phase three trials, it was "a very exciting time to be in the industry."That is assuming your company is a predator rather than prey, of course."
Biogen Idec (BIIB): Successful biotechnology practitioner
Biotechnology firms are judged on the basis of how successful they are at shepherding drug candidates through the clinical trial/regulatory approval process. With several approved formulations and more than twenty products currently in clinical development, there is a Cambridge, Massachusetts outfit that ranks with the best.
Biogen Idec (NASDAQ: BIIB) specializes in drugs for neurological disorders, autoimmune disorders and cancer. Products include multiple sclerosis treatments Avonex and Tysabri; psoriasis drug Fumaderm; cancer radioimmunotherapy Zevalin; and Rituxan, a cancer formulation developed with Genentech (NYSE: DNA). The company was formed in 2003, by the merger of Biogen and Idec Pharmaceuticals.
The firm pleased investors last week, when it affirmed expectations for full year EPS of $2.60-$2.70 and revenues of $3.12-$3.16 billion. Analysts had been looking for $2.68 and $3.13 billion. Management also said it expects to grow revenue by 15% each year from 2007 to 2010 and will increase earnings per share, before charges and expenses, by 20% annually for those years. The news kept BIIB shares cycling through a positive seven-week trading channel. The price is currently at the base of that channel, where oversold Stochastic and MACD technical parameters suggest the potential for a rise back toward the top.
Brokers recommend the issue with six "buys," nineteen "holds" and one "sell." Analysts see a 22 % growth rate through the next year. The BIIB Price to Book ratio (4.05), Price to Free Cash Flow ratio (25.72), EPS Growth rate (32.08%), Operating Margin (26.79%), Net Profit Margin (20.09%) and Net Income per Employee ($155.4k) compare favorably with industry, sector and S&P 500 averages.
Institutions hold about 95% of the outstanding shares. The stock is one of those used to calculate the S&P 500 Index. Over the past 12 months, it has traded between $42.86 and $67.85. A stop-loss of $55.25 looks good here. Note that the firm is expected to announce Q3 results in late October.Larry Schutts is a contributing editor for Theflyonthewall.com and the Vice-President of Stockwinners.com.
As Pfizer stated during the Bear Stearns presentation, "due to changing markets and political environments" (i.e. governments throughout the world less concerned about intellectual property rights and reimbursement for me-too follow-on drugs), the trend to combat lost patent exclusivity will focus on developing biologic compounds that are significantly harder to copy (make generically) than their small-molecule counterparts.
The movement toward development of biologics is why AstraZeneca acquired MedImmune for $15 billion earlier in the year and why Pfizer is beefing up its pipeline with 25 biopharmaceutical compounds in preclinical or later stages, and another 40 in discovery. As Amgen (Nasdaq: AMGN) has shown with Epogen, that good complex biologic can provide years of generic-free blockbuster sales even after expiration of its key patents."
VentureBeat � Personal-genetics startup Navigenics, a competitor to Google-backed 23andMe, unstealths
Accenture and Bristol-Myers Squibb Launch Pharmaceutical Industry's First Joint Center for Pharmacovigilance
PharmaLive: Regeneron Announces Positive Results in Exploratory Proof-of-Concept Study of Rilonacept in Chronic Active Gout
TARRYTOWN, N.Y.--(BUSINESS WIRE)--Sep 10, 2007 - Regeneron Pharmaceuticals, Inc. (Nasdaq: REGN) today announced that treatment with rilonacept (IL-1 Trap) demonstrated a statistically significant reduction in patient pain scores in a single-blind, placebo run-in-controlled study of 10 patients with chronic active gout. Mean patients' pain scores, the key symptom measure in persistent gout, were substantially reduced during blinded active treatment (-41%, p=0.025, during the first two weeks of active treatment, and -56%, p less than 0.004, after six weeks of active treatment), as compared to changes during the blinded two-week placebo run-in period (-13%, which was not statistically significant). In this study in which safety was the primary endpoint measure, treatment with rilonacept was generally well tolerated with mild injection-site reaction being the only reported drug-related adverse event.
This study enrolled patients with chronic active gout, who had been suffering ongoing persistent joint pain and inflammation for at least four weeks and for whom standard therapies were ineffective or associated with risks related to side effects. Disease activity changes during a blinded placebo run-in period were compared to changes during subsequent blinded treatment with rilonacept. After six weeks of rilonacept treatment, 70 percent of patients achieved at least a 50 percent improvement in their pain scores; none of the patients achieved a 50 percent improvement in their pain scores during the placebo run-in period. Other efficacy measures, including patients' and physicians' global assessments of disease activity and joint assessment scores, were improved with rilonacept treatment. Detailed data from the study will be presented at an upcoming scientific conference.
"Rilonacept clearly improved patients' symptoms in this small pilot study that included refractory gout patients with chronic disease complicated by acute exacerbations," said Robert Terkeltaub, M.D., Professor of Medicine and Associate Division Director at the University of California at San Diego and Chief of Rheumatology at the Veterans Administration Medical Center. "These results are particularly noteworthy given that refractory patients such as these do not typically show spontaneous improvement in symptoms. Further studies of rilonacept are warranted in a variety of gout conditions, as large numbers of patients are dissatisfied with or intolerant to existing therapies."
"We are very pleased with the outcome of this exploratory proof-of-concept study. While this was a small study in a heterogeneous group of gout sufferers, it represents the first controlled and blinded study of an interleukin-1 (IL-1) blocking agent in gout. It is consistent with a wealth of preclinical data suggesting that IL-1 could be an important driver of pain and inflammation in gout," stated George D. Yancopoulos, M.D., Ph.D., President of Regeneron Research Laboratories. "Based upon these results, we are committed to further studying rilonacept in a variety of gout settings."
Regeneron is currently initiating a double-blind, placebo-controlled Phase 2 study of rilonacept in the prevention of gout flares induced by the initiation of uric acid-lowering drug therapy used to control the disease. Gout is often characterized by high blood levels of uric acid, a bodily waste product normally excreted by the kidneys. The uric acid can form crystals in the joints of the toes, ankles, knees, wrists, fingers, and elbows. Chronic treatment with uric acid-lowering medicines, such as allopurinol, is prescribed to eliminate the uric acid crystals and prevent reformation. During the first several months of therapy and before uric acid blood levels are sufficiently reduced, dissolution of the uric acid crystals can result in stimulation of inflammatory mediators, including IL-1, resulting in acute flares of joint pain and inflammation. This Phase 2 study will explore the safety and efficacy of rilonacept in preventing gout flares in patients initiating allopurinol therapy."
NEW YORK--(BUSINESS WIRE)--Sep 10, 2007 - ImClone Systems Incorporated (NASDAQ: IMCL) today announced that it has signed settlement and sublicensing agreements with the Massachusetts Institute of Technology (MIT) and Repligen Corporation to end litigation related to U.S. Patent No. 4,663,281, which is owned by MIT and exclusively licensed to Repligen. All terms of the agreements have been finalized and the parties will submit a stipulation of dismissal to the court. This settlement eliminates the need for the trial proceedings previously scheduled to begin today, as well as any further court proceedings or decisions relating to damages sought from ImClone by MIT and Repligen with respect to U.S. Patent No. 4,663,281.
Pursuant to the terms of the settlement, ImClone will pay a total of $65.0 million in cash for full and final settlement of the claims against ImClone in the matter, as well as for a royalty-free, irrevocable worldwide sublicense to technology patented under U.S. Patent No. 4,663,281. The $65.0 million lump-sum payment ImClone has made to Repligen represents the full amount ImClone will pay to settle its litigation with MIT and Repligen. Repligen is responsible for providing MIT with its portion of the settlement payment.
Importantly, pursuant to the terms of the settlement, Repligen also granted to ImClone a royalty-free, irrevocable worldwide sublicense for the future use of other patented technology, including U.S. Patent No. 5,665,578, which is owned by Abbott Laboratories, but to which Repligen has the power to sublicense under an agreement between Abbott Laboratories and Repligen. U.S. Patent No. 5,665,578 is the patent upon which Abbott Laboratories sued ImClone for patent infringement earlier this year.
ImClone's payment of $65.0 million to Repligen will be reflected in ImClone's third quarter 2007 financial results.
"ImClone is very pleased to have reached this settlement with Repligen and MIT," said John H. Johnson, Chief Executive Officer of ImClone. "We are happy to put this litigation behind us and move forward in our efforts to continue to grow worldwide sales of ERBITUX(R).""
"We'd like to give all of you an opportunity to meet your genome."
That was the offer made to a roomful of analysts by Jay Flatley, chief executive of biotech Illumina (nasdaq: ILMN - news - people ). And in his sales pitch, he spilled details on one of the most-watched start-ups in Silicon Valley ( This meeting was Webcast here).
Illumina makes tools used by scientists to study the genes of humans, other animals and plants, and it does a brisk business. Its sales have doubled since last year, and its stock is up 30% in 12 months and 250% over two years. Now Illumina has to convince Wall Street it can continue that winning streak. To help do that, Flatley talked about Illumina's partnership with 23andMe, a start-up that has raised about $10 million in venture capital.
23andMe isn't just any start-up. The company was co-founded by Anne Wojcicki, the new wife of Google (nasdaq: GOOG - news - people ) billionaire Sergey Brin. Google put $3.6 million into the start-up, and $2.6 million of 23andMe's funding went to pay back a loan from Brin to the new company. That was enough to get the gossips jabbering. Other investors include Genentech (nyse: DNA - news - people ) and tech investor Esther Dyson.
But despite the chatter, there hasn't been a lot of information about what 23andMe is going to do, or how it is going to make money. The name comes from the fact that every person has 23 pairs of chromosomes, tangles of DNA that contain our genes. (We each get one set of 23 from Mom, the other from Dad.)
23andMe's Web site says the company is "developing new ways to help you make sense of your own genetic information." It also promises "broad, secure and private access to trustworthy and accurate individual genetic information." Flatley went a lot farther, giving an outline of what 23andMe will offer and then giving the product its first public consumer review.
Costumers would give 23andMe a sample (it might be some spit or a Q-tip rubbed on the inside of the cheek). This would be sent to Illumina to be genotyped. Illumina and its main competitor, Affymetrix (nasdaq: AFFX - news - people ), make what are known as DNA chips, devices that can sample the genome in hundreds of places. These chips have been leading to a revolution in genetics, with dozens of DNA variations being potentially linked to diseases so far this year.
Illumina would then be able to tell 23andMe about hundreds of DNA variations, called single nucleotide polymorphisms, or SNPs, that each customer has. 23andME would make that information available through a password-protected Web site. And people would be able to log on and get information about what SNPs (pronounced "snips") they have.
Initially, Flatley said, the company will be more focused on ancestry--questions like which parent one got more traits from, or who your distant relatives are--than medicine. Many researchers say most genetic discoveries are so far only of limited medical utility.
Flatley said he has already been able to try out a dry run of this software. He described logging on to 23andMe with his wife standing over his shoulder, and she proceeded to barrage him with questions about which SNP variants he had. The site, he said, will also feature articles explaining what these variants mean. "It's actually quite intriguing," he said.
The CEO admitted he's an "early adopter"--he's going to be trying to get the $100 credit on his Apple (nasdaq: AAPL - news - people ) iPhone. But his iPhone has his genotype on it. And he showed a scan of his entire genome on a slide. Then he told the assembled analysts that anyone who wanted could sign up there to get 23andMe's services for free.
Illumina handed out sign-up cards, and told analysts to put them in a bowl in the back of the room if they were interested. Flatley said that 23andMe would be showing off its software over the next couple months. Illumina estimates that in several years the market in consumer genotyping will hit $1 billion. It's not clear, but it seems likely 23andMe might use the data it has collected to make new discoveries itself.
23andMe, which has been keeping very quiet about its plans, declined to comment for this story. But it is looking like one of the first companies to start figuring out what an explosion of genetic data will mean for the average consumer.
In genetics, a lot is happening very fast. Dyson, the 23andMe investor and board member, is one of 10 people who have agreed to have their DNA sequenced and put on the Internet as part of the Personal Genome Project. That project's lead investigator, George Church of Harvard Medical School, is an adviser to 23andMe."
Marvin Caruthers, a University of Colorado professor who became a biotechnology multimillionaire, donated $20 million to the university Tuesday to help construct a biotechnology center on Boulder's east campus.
"I live here, and I want this community to grow and be productive," Caruthers said.
Caruthers described his vision of the center as a place where physicists will lunch with biologists, mathematicians will occupy offices next to chemists, and students will learn about cell signaling, prosthetics design and the physics of the heart.
"People living next door to each other - that's really what you need to do modern molecular biology that solves real- world problems," Caruthers said.
The gift is the largest ever given to CU-Boulder by a faculty member, the university reported, and one of the largest gifts the university has received.
The $115 million research and teaching building, covering 260,000 square feet, will be named, pending approval of the University of Colorado Board of Regents, for Caruthers' late wife, Jennie Smoly Caruthers, who died of cancer last year.
Chancellor G.P. "Bud" Peterson said construction could begin in 12 to 18 months, depending on fundraising, which will include a $25 million request to the Colorado legislature this session.
The university asked for $23 million in construction assistance in the past legislative session and was denied, Peterson said.
This year's increase reflects inflation and the rising cost of building materials, he said.
The new facility would eventually house about 60 faculty members in the Colorado Initiative in Molecular Biotechnology.
The group, supported by other donations and grants, today involves about 20 faculty members scattered across the campus, said director Leslie Leinwand.
Caruthers, a biochemist, earned his fortune in biotechnology - both in drug development and the design of new research instruments.
He co-founded Amgen Inc. and Applied Biosystems Inc. in Boulder in the early 1980s, and more recently, Array Biopharma Inc. and Dharmacon Research Inc.
The pharmaceutical company Amgen, now based in Thousand Oaks, Calif, is the largest biotechnology company in the world, employing nearly 20,000 people.
Caruthers received a National Medal of Science from the White House earlier this year, for his work designing techniques to build DNA and RNA - the molecules of heredity.
Jennie Smoly Caruthers was also a Ph.D. scientist and researcher and studied cellular energy processing, then neurobiology, and later worked as a patent agent, Caruthers said.
Denise Brown, director of the Colorado Bioscience Association, said Caruthers' gift is an enormous investment in an interdisciplinary effort with real-life utility in mind.
Brown compared the effort to interdisciplinary programs at the University of Colorado Health Sciences Center and Colorado State University.
"I think all three of these efforts will end up with profound impacts on human health," Brown said. "The talent is there, now the organization and resources are being added."
Staff writer Katy Human can be reached at 303-954-1910 or email@example.com."
New Cure for Depression: FearPeter Pitts
According to a new study, the rates of diagnosis and treatment of depression among adults have declined significantly since the FDA's warning about the possible risk of suicide among teens when they're treated with SSRIs.
"While some degree of decline in antidepressant prescribing was not unexpected after the black box warning was issued, few if any had predicted diagnosing to decline, or that other modes of treatment (psychotherapy or other medications) would remain relatively unchanged," Dr. Robert J. Valuck told Reuters Health. "It was thought that the latter two may increase to compensate for fewer antidepressant prescriptions being written."
That's worth repeating -- the black box warning has resulted in a decline not only in prescribing (no surprise there) but in diagnosis.
Does this meant that we can rid our nation of depression via fear of pharmaceuticals? That's a pretty frightening proposition.
Valuck, from the University of Colorado at Denver, and colleagues examined data relating to depression among 400,000 adult patients enrolled in managed care plans.
Hmm -- "in managed care plans." Is cost once again trumping care? Or is depression really one of those "made-up" diseaese we're reading about so much these days?
In the five years before the SSRI warning about teen suicide, the rate of diagnosed episodes of depression increased steadily from 6 to 11 per 1000 enrollees, the investigators report in the American Journal of Psychiatry.
The percentage of patients who had at least one psychotherapy session, and the percentage of depressive episodes for which possible alternatives to antidepressants were prescribed, did not change significantly after the advisory, the researchers found.
"We believe that there are likely to be many factors involved in the changes that we observed, and that they are very deserving of further study," Valuck said. "Physicians and policy makers should be aware of the power of these regulatory tools, both for the intended and unintended consequences that they may cause."
Did somebody say "unintended consequences?"
Indeed, let's not forget that in the June issue of the journal PLos Medicine a study reported that rather than boosting suicide rates, SSRIs have actually saved thousands of lives by preventing suicides since they were introduced in 1988.
For this study, the authors analyzed federal data on suicide rates since 1960, along with sales of fluoxetine (Prozac) since it became available in 1988. Analysis was continued through 2002. Prozac was used as a benchmark for the broader class of drugs.
Between the early 1960s and 1988, suicide rates held relatively steady, fluctuating between 12.2 per 100,000 and 13.7 per 100,000.
Since 1988, however, suicide rates have been on a gradual decline, with the lowest point being 10.4 per 100,000 in 2000. During the same time frame, Prozac prescriptions rose, from 2,469,000 in 1988 to 33,320,000 in 2002.
Using mathematical modeling, the investigators estimated the rates of suicide if the pre-1988 trends had continued, estimating that there would have been an additional 33,600 suicides if the pre-1988 trends had been maintained.
With that in mind, moves to restrict the use of SSRI antidepressants could have a harmful effect, the authors stated.
“I don’t think these claims that antidepressants increase suicide have a solid base,” said Dr. Julio Licinio, lead author of the study and Chairman of the Department of Psychiatry and Behavioral Sciences at the University of Miami.
“If you have a drug that’s supposed to be causing something, the more of the drug that’s used, the more of the bad outcome you would have. What we show is the converse.”
But, hey, if we just stop diagnosing the disease, then the problem will go away all by itself, right? Wrong!
This should serve as another wake-up call to those who applaud the wholesale expansion of FDA black box warnings."
|1) In the context of individual investing, it is the process of contributing cash to invest in securities over a period of time in order to build a portfolio of desired value. Dividends and capital gains are also reinvested during this process. |
2) In institutional investing, it is the action of a large investor buying up many shares of a public company over an extended period of time.
3) In corporate finance, the retention of company profits for reinvestment in business operations, as opposed to the payout of earnings as dividends to shareholders.
|1) When an individual investor is attempting to build up the value of their portfolio, they are said to be accumulating wealth. The reinvestment of profits over the course of the investment time horizon can greatly boost the pace of accumulation through the benefits of compounding.|
2) Large investors and financial institutions are limited in their ability to move in and out of securities, since they deal with large numbers of shares which would drive the price of a security up if ordered all at once. In order to completely buy their intended number of shares, institutional investors spread their accumulation of shares over a period of time.
3) Rather than pay dividends out to investors, accumulation of earnings within the corporation boosts the ability for business expansion and growth, hopefully producing extra value for shareholders in the long run.
Add-On Certificate of Deposit
Adjusted Balance Method
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Registered Retirement Savings Plan Deduction - RRSP Deduction
Registered Retirement Savings Plan Deduction Limit - RRSP Deduction Limit
Relocation Mortgage - Relo
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Required Minimum Distribution - RMD
Right of Rescission
Risk-Based Mortgage Pricing
Routing Transit Number - RTN
Rule Of 72
Rule Of 78
S&P 500 Mini
Salary Reduction Contribution
Same Property Rule
Second Chance Loan
Section 1035 Exchange
Secure Option ARM
Series HH Bond
Simple Interest Bi-Weekly Mortgage
Social Security Number - SSN
Stated Income / Stated Asset Mortgage - SISA
Stock Savings Plan
Store Of Value
Straight Life Annuity
Strategic Asset Allocation
Student Loan Interest Deduction
Substandard Health Annuity
Systematic Withdrawal Schedule
Tactical Asset Allocation - TAA
Tenancy In Common
Term Certain Annuity
Thrift Savings Plan - TSP
Total Debt Service Ratio - TDS
Total Housing Expense
Traditional Whole Life Policy
Transfer Of Risk
Transfer On Death - TOD
Unified Managed Account - UMA
Uniform Premarital Agreement Act
Universal Life Insurance
Variable Death Benefit
Vendor Take-Back Mortgage
With Approved Credit - WAC
Yield Spread Premium
Zone Of Possible Agreement"