June 9, 2005 Fed Chairman Greenspan told a joint Congressional committee that everything was pretty solid in the economy, but he refused to say when the Fed would end its program of periodic interest rate hikes. Biotech was higher from the get-go, outpacing the advances of the broader market. The Centient Biotech 200 was up 41points to 3339.21, a rise of 1.25% and the first gain after 4 losing sessions. Genentech reported Rituxan showed efficacy against rheumatoid arthritis, Biogen Idec suggested a blood test could keep Tysabri patients safe, Venus Pharma raised a monster $98 million in an A round, Able Labs laid off more employees, and Isis said its anti-cholesterol drug performed well in an early trial. More details...
