Monday, July 7, 1997
As the vacation season begins, it seems like everyone (markets
included) would benefit from a little time off. The BioCentury 100 managed to
post a 5.5 percent gain in the second quarter despite a landslide of bad news
at the end, including a failed Phase III study by Liposome (LIPO), Phase
III trials put on hold by Cambridge NeuroScience (CNSI) and Idec
(IDPH), and an FDA panel vote against approving Ilex Oncology
(ILXO) non-Hodgkin's lymphoma product in AIDS.
But the BioCentury 100 is still 2 points shy of its 1996 close
of 985.54, and the group's gains were dimmed by the performance of the NASDAQ
Composite (up 18 percent), the S&P 500 (16.9 percent) and the Dow Jones
Industrials (16.5 percent).