The Day In Review: Renovis, Inc. Crushed After Cerovive Failure

October 26, 2006 -- Renovis dropped 76% after the company reported its stroke drug failed a Phase III test; Idenix won FDA approval of Tyzeka, an oral drug for hepatitis B; Achillion Pharma priced its IPO at $11.50; Impax won approval for a generic version of Colestid Tablets; Vion will present data on Cloretazine as a treatment for relapsed/refractory small cell lung cancer; Human Genome Sciences received an SPA to guide a Phase III trial for its lupus drug; Ortho Biotech will join Millennium to promote multiple myeloma drug Velcade; and CuraGen reported its anti-cancer drug performed well in a series of three clinical trials. Biotech had a huge up day, outrunning the broad market indexes. The Centient Biotech 200™ gained 48 points to move atop the 4000 level for the first time since early spring, closing at 4013, a gain of 1.22%. More details...