Cygnus is one of 1999's few great turnaround stories. A year ago, it was on the verge of collapse, but now it is about to get FDA approval of the first non-invasive glucose monitor for diabetes. Next, Cygnus needs to find a corporate partner without giving up too much, and to determine the true market potential of its device, the GlucoWatch Biographer, which got approved as an adjunct to, not a replacement for, traditional blood-glucose testing.

Diabetes seems like a great clinical and commercial opportunity but it's been a technological nightmare for many small device and diagnostic companies. Still, there's enough good news coming out of R&D to keep entrepreneurs going

Plenty of start-ups have attempted to develop less-invasive systems for diabetes testing with very little success. MiniMed Inc. appears to be the farthest along; it is awaiting FDA approval for a continuous real-time blood glucose monitor which can be implanted under the skin.

Banking on a new trend in consumer-financed heatlh care, Genus Aesthetic Medical is a PPM that focuses on cosmetic surgery and reconstructive dental services