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January Market Jitters Fails to Derail Biotech
Date:2/1/2008

the economic woes. The Index closed the month down 11%.

"Investors also seemed to be satisfied with biotech fourth-quarter results, noted Burrill, "although they weren't over-generous in their rewards but they certainly were quick to penalize any companies falling short of expectations." Amgen, for example, hit its projected numbers, but its 2008 outlook fell well below forecasts as sales of anemia drug Aranesp continue to slow in the wake of stricter safety warnings and reimbursement rates. Amgen's shares closed the month unchanged. Genentech reported solid quarterly results, and its shares jumped 5% in January.

On the other side of the coin, shares of Amylin Pharmaceuticals Inc. took a major hit, dropping 20% in January on the news of a wider fourth-quarter loss. Human Genome Sciences shares lost almost half its value (47%) on the news that the company had scaled back dosing of its experimental hepatitis drug, citing potential health risks. Patients in the final phase of testing of Albuferon will now receive 900 microgram doses of the drug, instead of 1,200 micrograms. Human Genome Sciences is developing its Albuferon with Novartis for the treatment of Hepatitis C. The company believes the drug is as effective as Roche Holdings' Hepatitis C treatment, Pegasys, and would require half as many monthly injections. The company said it continues to expect to

have all phase III data available to support the filing of global marketing authorization applications by fall 2009.

Biotech IPOs on hold

The tough economic environment kept biotech IPO "hopefuls" grounded on the runway in January and only one company -- Phenomix, a biopharmaceutical company focused on the development of novel small-molecule product candidates for treatment of Type 2 diabetes and hepatitis C, filed with the SEC for an IPO.

"We will see biotech IPOs continuing to getting done," noted Burrill, "although valuations will still be problematic and timing challeng
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SOURCE Burrill & Company
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