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Biotech Posts Strong Third Quarter Performance as Capital Markets Go on a Tear
Date:10/1/2010

SAN FRANCISCO, Oct. 1 /PRNewswire/ -- Biotech posted its strongest monthly and quarterly performance in several years in what was hailed as the strongest September rally for equities in more than 70 years. The Burrill Biotech Select Index gained 7.8 percent in the month and 13 percent in the third quarter. The Dow Jones Industrial Average rose 777 points, or 7.7 percent, its biggest appreciation during what historically has been a bad month for the index since 1939, and was up 10.3 percent for the quarter. The Nasdaq Composite Index climbed 12 percent for the month and 12.3 percent for the quarter.

"The significant rise of share values was fueled by an easing of concerns about a double-dip recession as well as hopes for a better economic outlook," said G. Steven Burrill, CEO, Burrill & Company, a San Francisco based global leader in life sciences with activities in private equity, venture capital, merchant banking and media. "Biotech is now up 6 percent year-to-date and is well positioned for a strong fourth quarter.

"We did predict at the beginning of the year that the general markets would be choppy and that biotech companies would begin to perform well in the second half of the year. It appears that this scenario is beginning to play out as we enter the final quarter of the year, which is typically one of the industry's best.

"There will be a significant number of news stories to keep investors engaged for the rest of year," added Burrill. "Already we have seen research into stem cells enter the legal arena once again. Fortunately for the industry, federal funding for embryonic stem cell research will be allowed to continue while the federal government appeals a lower court injunction that would ban such financing. The recent ruling by the U.S. Court of Appeals in Washington overturns U.S. District Court Judge Royce Lamberth's August ruling that all funding should be suspended while its legality is challenged in the courts.

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SOURCE Burrill & Company
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