The Day In Review: Positive Coley IPO Not Enough For Biotech

August 10, 2005 Biotech held a very successful IPO today, but the optimistic spillover from the happy event was overwhelmed by a dour general market, which faced sharply higher oil prices. The Centient Biotech 200™ traded 11 points lower to 3691.13, a loss of .31%. Coley Pharmaceutical gained 15% in open market trading after pricing its IPO at the high end of expectations, Pfizer filed for FDA approval of its highly touted cancer drug, Gilead reported its combination HIV drug was not equivalent to the two drugs taken separately, NeuroSearch said its Alzheimer's drug flunked a Phase II test, and CytRx got clarification from the FDA on the clinical hold for its ALS drug. More details...

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