May 11, 2005 -- After trading lower for most of the day, biotech rallied into positive territory during the final hours of the session. In the middle of the day, prices spiked lower upon news that the White House had been evacuated when an airplane invaded restricted airspace. Prices recovered quickly when the incursion proved innocent, and the market, having fully vented its pessimism, began to move higher. The Centient Biotech 200 closed up 19 points at 3310.47, a rise of .58%. Arena Pharma reported that its anti-obesity drug produced good data in a Phase II trial, Geron said stem cells repaired spinal cord injuries in rats, Schering will have to wait until 2008 for data to get a cancer drug approved, the FDA delayed for three months its approval decision of an antibiotic from Vicuron, and ViroPharma, Oxigene and Aphton all made big moves today. More details...
