A good quarter for biotech investors

The numbers speak for themselves. It was a good quarter to invest in biotech - and in fact it's been a good year to invest in biotech. Fueled by a long-awaited confluence of good news - mixed in with a little bad news, but not enough to hurt - the BioCentury 100 Price Level index was up 12 percent for the second quarter.

So far this year, the BioCentury 100, which is based on the price movement of the 100 largest market cap companies as of June 30, 1994, is up 17 percent. By comparison, the Standard & Poor's 500 has gained about 19 percent on the year...