New Drugs from Achillion
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At cash-strapped biotechs, funding is as important as coming up with effective new cures. The $27 million cash stash at Achillion Pharmaceuticals (ACHN) is a needed cushion for its development of treatments for HIV and hepatitis C.
"Achillion has the potential to become a strong anti-infection player in biotech," says Edward Nash of investment firm Merriman Curhan Ford, who rates it a buy. The shares, now at 1.88, should hit 7 to 10 in a year, he says, based on the product pipeline. Achillion's elvucitabine for HIV has finished phase II clinical trials. Achillion hopes to team up with a big drugmaker to develop the drug further, says Nash.