Our guts, which are not quantifiable, have been telling us since the beginning of the summer that the biotech sector has hit bottom. Of course, there was reason to be nervous about that prognosis, given the seemingly endless ways in which bad news continued to rear up. The week ended July 22 certainly left many in the industry wondering, as both Synergen and Cortech provided a big deja vu on sepsis, coming only two weeks after Oppenheimer's biotech fund decided to change its approach away from the sector.

But since then, Biogen has provided a big boost with its beta interferon announcement, Gensia's closing of its Phase III Protara trial is widely considered a positive, Molecular Biosystems finally was awarded its FDA approval for