Hi Johnalo,
With some compounds one can find sufficient academic material to make a punt. For example, Novogen's NV-128 compound has alot of complemtary research being done at Yale. In addition, phase 1 results are also useful enough to take a punt. I don't believe you need to be a chemist/researcher, but some degree of tertiary education in the sciences is very helpful.
Bionomics are another company where the research to date is very promising and taking a punt should be rewarding (but much less so given PRR current performance to date). I think their PR is not the best though.
buyers watchout, page-52
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