The Day In Review: Biotech Slumps Again

June 22, 2005 For the second day in a row, the general market closed flat to slightly higher, while biotech sank lower. Even rising bond prices and lower energy costs, usually a potent cocktail, could not get investors excited. The Centient Biotech 200 was off by almost 21 points at 3372.23, a loss of .61%. Protein Design Labs sublicensed a prostate cancer antibody to Genentech, Eyetech revised upward the 2005 sales goals for Macugen, Novartis won priority review for Exjade, Peregrine Pharma reported that Tarvacin was effective against 6 different viral families, the South Korean facility partly owned by VaxGen will produce drugs for Bristol-Myers Squibb, and Acadia Pharma announced positive results for a drug aimed at the treatment-related psychosis associated with Parkinson’s disease. More details...

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