Just to note to readers that I have taken a small position in Inovio (INO), www.inovio.com.
Inovio is a biotechnology company developing a number of vaccine therapies using new techniques. It has a very small market capitalization and is very speculative, more suitable to venture capital than to ordinary investors. Despite that I think that its technology platform has a number of shots on goal coming up (data points for Phase I and II trials in 2012 and 2013). I would say don't buy Inovio unless you are good at managing risk.
I am buying because the very preliminary results are that the technology does work. If it really works, in large, double-blind, Phase III trials, it should be very valuable. Inovio would most likely partner with a larger pharmaceutical company rather than taking any commercial product to market itself.
Buying Inovio this early will force me to keep a closer eye on developments. However, for most investors, if Inovio is successful it is probably more of a 2015 story. Any negative trial results in the meantime could send the stock lower.
You can follow my analysis at my OpenIcon Inovio page.