March 30, 2005 – While the broad market threw a party today, biotech played the wallflower. Major indexes moved higher, but biotech largely refused to join in. The Centient Biotech 200™ added on just 9.54 points, climbing .30% to 3170.90. Meanwhile, the NYSE Composite climbed a very solid 1.24%, and Nasdaq was higher by an even more impressive 1.61%. Kos Pharma moved higher after burying the litigation hatchet with Barr Pharma over a generic version of Niaspan, Corgentech lost half its value after its lead drug failed a Phase III trial, Biovail must put its pain medication through more trials before the FDA will approve it, and NeoRx released its 2004 earnings, showing it has less than 12 months of cash left. In the newsletter, we printed Part II of “Nanotechnology and Biotech: The Cosmic Convergence.” More details...
