The Day In Review: Biotech Makes Gain In Quiet Trading

March 23, 2005 –In quiet trading today, perhaps the most outstanding feature of the session was its steadiness. That is, there was no follow-through to yesterday’s late, Fed-driven decline. Although broad market indexes were mixed, the Centient Biotech 200 was higher, gaining 5 points to 3187.90, a .17% rise. That was certainly not a huge gain, but it was close to the maximum move for the session, showing how little volatility the day possessed. Protein Design Labs said it will back off fast-tracking its ulcerative colitis drug, Nuvion, Angiotech licensed its Holly Graft Stystem, a paclitaxel-eluting stent, to CABG Medical, and Savient Pharma sold its biologics business to a private Swiss company, then signed a deal to co-promote one of its former drugs. More details...