Biotech: Still Sick
Biotech just can't heal itself. Last fall, Fidelity Investment's Select Biotechnology Fund Manager Karen Firestone said there could be a rebound if news on nine products in development was mostly good. Well, six months later, progress has been mixed. The American Stock Exchange Biotech Index is 38% off its 1994 high. Firestone's own fund is up a solid 8% for this year, thanks to bets on such outfits as Affymax and Chiron, both bought by big drug concerns.
BELLWETHER BIOTECHNOLOGY COMPANIES
Company Outlook Comment
CENTOCOR Positive Won approval to sell blood-clot preventer
NO. AM. VACCINE Positive New DTP vaccine looking good on tests
UNIVAX Positive Blood disorder treatment looks good
BIOGEN Mixed Beta interferon looks good; anticoagulant
COR Neutral Awaiting post-heart-attack drug data
CELLPRO Negative FDA questions bone-marrow treatment
CELTRIX Negative Eye treatment failed
TELIOS Negative Wound-healing product failed tests
DATA: BUSINESS WEEK
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