Releases Review of 1Q:2000 Business Editors NOTE TO EDITORS: The following is an investment opinion issued by NeuroInvestment RYE, N.H.--(BW HealthWire)--April 10, 2000--NeuroInvestment today released its review of the first quarter of 2000, regarding biotech/pharmaceutical companies targeting neurological and psychiatric disorders. The first quarter was stunningly volatile, late March's rollback left the NI Index up 33.8% for the quarter. As has been the case for the past two years, NeuroInvestment's A List Recommendations again dramatically outperformed the sector, with an average gain of 65.5%. The A List was led by Pharmos (NASDAQ:PARS), which rose 363% in ten weeks to reach its price target. Significant 1Q:2000 developments included 1) Cephalon's (NASDAQ:CEPH) successful completion of Phase II studies showing the effectiveness of Provigil in the treatment of sleep apnea and fatigue associated with MS and with shiftwork; 2) Neurobiological Technologies (OTC:NTII) memantine had success in Phase II studies in neuropathic pain and pivotal studies in Alzheimer's; 3) The influx of capital into the neuro sector provided many of these companies with a financial cushion that will finance R&D projects and gives them leverage in partnership talks; NPS (NASDAQ:NPSP), Titan Pharmaceuticals (AMEX:TTP), Cephalon, Pharmos, NeoTherapeutics (NASDAQ:NEOT), Diacrin (NASDAQ:DCRN), and Neurocrine Bioscience (NASDAQ:NBIX) all significantly enhanced their fiscal positions. 4) The quest for Alzheimer's therapies took a step forward as Elan (NYSE:ELN) initiated human trials for its amyloid vaccine and NeoTherapeutics (NASDAQ:NEOT) announced positive interim data for its Phase II trial of Neotrofin. 5) The cutting-edge area of neural stem cell research saw research advances by CytoTherapeutics (NASDAQ:CTII), as well as patent and licensing progress for privately-held NeuralStem and Layton Biosciences. But media attention tended to be distracted by the high-profile race to sequence the human genome, Celera (NYSE:CRA) and Human Genome Sciences (NASDAQ:HGSI) vying for position in a pack perhaps a decade away from clinical relevance. "It was queasily bemusing to watch the blind pursuit of genomics companies spill over into such undiscriminating Biomania until late March," commented Dr. Harry Tracy, publisher of NeuroInvestment. "And the abrupt exit of those same mindless momentum players illustrates the pitfalls of dartboard investing in biotech. We anticipate that dramatic valuation increases will be more selective in the next two quarters, oriented to companies that either have products marketed, or have late stage drugs in development that could reach the market in the next two to three years. The rush to stake claims in the Terra Incognita of the human genome is not going to generate usable drugs for CNS disorders for another five to ten years, if then. Large pharmaceutical firms suffering from pipeline fatigue and patent expirations need products to sell sooner, rather than later, and cannot wait for human genomics to become something more substantive than a contest of academic egos." Dr. Tracy Added; "With the vulnerability of dot.com and e-commerce companies now showing itself, maturing biotech companies display growth potential unavailable elsewhere. During the quarter, we are looking for a strong expansion of revenues for Sephalon (NASDAQ:CEPH), and Gliatech (NASDAQ:GLIA), while Cortex (OTC:CORX) and NeoTherapeutics (NASDAQ:NEOT) should reach important collaborative and clinical milestones." NeuroInvestment is the leading publisher of independent research regarding companies specializing in the development of therapeutics for neurological/psychiatric disorders. NeuroInvestment is published monthly. Subscription Rates: Individual: 1 year $420, 2 year $720. 3-month trial $120. Institutional: 1 year $590, 2 year $1020. 3-month trial $150. Outside the US/Canada add $30. Email and fax delivery available. Contact:NeuroInvestment, P.O. Box 458, Rye, N.H. 03870; 603-964-9640; fax: 603-964-7561; e-mail: email@example.com Web Site: www.neuroinvestment.com
NeuroInvestment Announces Investment Opinion; NeuroInvestment
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