The Day In Review: Biotech Takes Another Loss

June 8, 2005 A small downward revision in the expected rate of GDP growth took the wind out of stocks on Wednesday, transforming a decent-sized gain into a small loss. Biotech marched to the beat of the larger market, losing 15 points to 3298.13, a drop of .45%. The S&P 500 was down .22%, and Nasdaq slipped .34%. ImClone rose 15% on good trial data and news that Carl Icahn was buying the stock, Vicel out-licensed its gene delivery technology to Merck, Genaera has completed enrollment in a Phase II trial of Evizon, Novavax said its transdermal drug delivery technology worked in the lab, Connetics started another Phase III trial for Extina, which received a not approvable letter from the FDA last year, Osiris raised $50 million to further its stem cell drugs, and SciClone mysteriously gained 21%. More details...

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