Day In Review: Fed Move Sends Biotech Lower

June 30, 2005 Once again, right on cue, the Federal Reserve today raised short-term interest rates by a quarter of a point. The move put the kibosh on stock market prices, which went from unchanged at the time of the announcement to sharply lower by the close. The Centient Biotech 200 was off more than 20 points at 3355.31, a .61% drop. Elan and Biogen Idec said that Tysabri was effective against Crohns disease, a moot point since the drug is currently off the market, Barrier got hammered after Hyphanox failed a Phase III trial, Penwest got a not approvable letter for its beta blocker, GlaxoSmithKline pushed its line of upcoming vaccines, Schering-Plough added an indication to Avelox, J&J won the right to indicate Topomax to adolescents from 10 on up, and Arrow licensed a RSV drug to Novartis. More details...

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