A week to forget
Biotech stocks survived relatively unscathed last week despite a spate of truly bad news. One FDA panel's recommendation for approval of Neurex's Corlopam hypertension treatment on Thursday was not enough to buoy the biotech market after another FDA panel's turndown plus three disappointing Phase III trials earlier in the week. On Monday, the oncology advisory panel voted against approval of Ilex's (ILXO) Zyrkamine for non-Hodgkin's lymphoma in AIDS. On Tuesday, Cambridge NeuroScience (CNSI) and Idec (IDPH) both stopped Phase III trials - CNSI in stroke and IDPH in rheumatoid arthritis - only to be followed on Wednesday by Liposome'sdisappointing Phase III data in acute respiratory distress syndrome (see BioCentury Extras, June 24, 25 and 26).
ILXO slipped $3.625