January 24, 2005 -- The Centient Biotech 200 took a very large hit in the opening session of the week, dropping 2.69% or 89.30 points, to close at 3230.88. Market-wide indexes also moved lower, but their percentage losses were much smaller. Given the loss, the CBT 200 is now almost 10% lower so far in 2005. The losses come just as companies are beginning to make their earnings announcements for Q4 of 2004 (see story), and the losses are paradoxical as money seems to be flowing into biotech companies that need it (see story). StemCells led the charge lower today, after at least one of the lines of embryonic stem cells was found to be contaminated, Barr must wait longer to hear whether the FDA will approve the “morning after” contraceptive for OTC use, Crucell announced improved earnings, GTC Bio placed a secondary offering, and Marshall Edwards announced some promising results for a cancer drug.
