ACRUX (ACR, $3.65) The testosterone-spray company Acrux set a milestone last year by becoming the first small biotech stock to pay a dividend, but something more distinguishes it from its peers. As a pooled development fund, neither the dividend nor any future capital gains are taxable. "It had a 10 per cent market share six months after [its male hormone treatment Axiron's] launch and is likely to end up dominating the whole market," Blake says. Acrux's partner is the giant drug company Eli Lilly, which manufactures the spray and pays a royalty, with Nomura suggesting the big pharma might buy Acrux sometime. In any case, in an ageing population Acrux's product can only be a growing market. Although Acrux is a one-drug wonder, it's working on an animal-health product. In the past year the price has swung between $2.49 and $4.30
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