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Biotech Cools Off in August But Capital Markets Remain Positive
Date:9/1/2009

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  • 136 public biotech companies (41%) have a market cap below $100 million
  • Approximately $530 million venture capital was raised by US biotech companies in August. Notable deals included: Pacific Biosciences (Menlo Park, CA) $65M; Complete Genomics (Mountain View, CA) $45M; and Adamas Pharmaceuticals (Emeryville, CA) $40M.
  • YTD the Burrill Biotech Select Index is up 3 percent. In August the gainers and decliners in the group balanced each other out. Notable gainers were:
    • Emergent Biosolutions, a biopharmaceutical company focused on the development, manufacture and commercialization of vaccines and therapeutics. The company's shares jumped 28 percent in August on strong sales growth for its BioThrax(R) (Anthrax Vaccine Adsorbed), the company's FDA licensed vaccine for the prevention of anthrax. Emergent is predicting a strong second half of the year and reaffirmed its 2009 financial outlook of 25 percent to 35 percent growth.
    • Osiris Therapeutics posted a healthy 19 percent gain in August. The company announced the creation of a new Biosurgery Division focused on developing and marketing high-end biological products for use in surgical procedures. For the second quarter of 2009 Osiris reported revenues of $10.5 million, compared to $2.5 million for the same period of the prior year. Current year revenue primarily reflects the recognition of $10.0 million in amortized license fees from Genzyme.

    • Among the decliners was Onyx Pharmaceuticals Inc., whose 12 percent drop was precipitated by an analyst's downgrade. During the month the company raised $122 million in common shares and $200 million in senior notes. Also, after an excellent run up in share value over the past few months, Affymetrix came up short in August dropping 13 percent in value.

    August Biotech Indices

                               
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    SOURCE  Burrill & Company
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