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Cel-Sci's History of Disappearing Drugs: BioBuzz

Finally, "paid bashers," some of them residing in India, are also using the Yahoo! stock message boards to attack BioCryst, alleges Murphy.

Murphy doesn't provide any evidence in his letter to back up his claims but he concludes by urging BioCryst management to, "quietly complain to the SEC that you seem to be targeted by a RICO conspiracy to drive down your stock and damage the company. Do not put out a press release on this, as that just alerts the bad guys."

In response to Murphy's accusations, BioLogic's McNamara told me via email that, "BioLogic doesn't disclose contracts that don't exist nor does it take marching orders from anyone. In contrast to Murphy's business, which is tethered to the number of subscribers he can shepherd into his personal portfolio of hot stocks and the amount of hype he can generate to support those stocks, our business lives or dies based on the quality of our research."

McNamara added, "Moreover, the only 'conflicts' of interest that BioLogic doesn't disclose are those that arise when our paying clients, who frequently have long positions in stocks that we have sell ratings on, disagree with our opinions."

Murphy is a veteran technology and biotech stock newsletter writer with a long-term track record described as " grim" by Peter Brimelow, a MarketWatch investment newsletter columnist. Brimelow did praise Murphy for having a good 2009.

More recently, Murphy has been trying to attract subscribers to his newsletter with an investment scheme in which traders try to parlay $2,000 into $1 million by October 2010 through a sequence of stocks. Starting with profits made from an investment in Dendreon (DNDN), Murphy has recommended investors buy BioCryst, Electro-Optical Sciences (MELA), Paramount Gold & Silver (PZG) and Arena Pharmaceuticals (ARNA).

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