July 11, 2006 – Genentech kicked off the biotech earnings season with Q2 financial numbers that were well ahead of the year-ago figures; Merck received FDA approval for Emend, its therapy for postoperative nausea and vomiting; Valentis imploded upon news its lead drug candidate failed a Phase IIb test; Roche won European approval of Rituxan to treat rheumatoid arthritis; Avandamet, a GlaxoSmithKline drug, is now approved for first-line treatment of type 2 diabetes; Myogen announced a two-year extension of its collaboration with Novartis; and ImmunoGen out-licensed its Tumor-Activated Prodrug technology to Biotest AG. The Centient Biotech 200™ rose 11 points to 3656, an increase of .30%. More details...
