After suffering a regulatory and investor thrashing that knocked 70 percent off the company's value last week, Maxim's market cap of $185.9 million now stands below the $190.4 million in cash it had on the balance sheet at the end of September.

The sell-off began on Tuesday, with the shares diving $13.313 (44 percent) to $16.75 on 7 million shares after the FDA posted online its review of the company's Maxamine histamine immune stimulant, raising questions about the product's efficacy in combination with interleukin-2 to treat advanced metastatic melanoma.

Maxim (MAXM; SSE:MAXM) lost another $3.625 (22 percent) to $13.125 on 3.7 million shares on Wednesday, after the agency's Oncologic Drugs Advisory Committee voted unanimously not to recommend approval. MAXM finished Friday at $8.188, down $19.375 on the week. In Stockholm, the stock finished down SKK183.5 at SKK77.5.

MAXM, which had soared to a 52-week high of $79.50 from a bottom of $7.6875 this year, lost $9.2 million in the fourth quarter ended Sept. 30, and $82.5 million on the year ended Sept. 30 (see Cover Story).

By contrast, investors flocked to Millennium (MLNM) and Ilex (ILXO) after ODAC voted 14-1 to recommend accelerated approval of Campath alemtuzumab, a monoclonal antibody developed by the companies as a third-line treatment for chronic lymphocytic leukemia (CLL). Each stock added 8 percent on the news, with MLNM gaining $4.50 to $60.125 on 4.3 million shares, and ILXO jumping $2.25 to $28.75 on 1.4 million shares. MLNM moved up to $67.50 on 11.6 million shares on Friday, putting it up $10 (17 percent) on the week. ILXO closed Friday at $29.188, up $3.50 (14 percent) on the week.

Goodwill hunting

Biotech dealmakers shouldn't get too excited over news that the U.S. Financial Accounting Standards Board has reconsidered how it will deal with goodwill in M&A transactions. Scott Morrison, director of life sciences for the Pacific Northwest at Ernst & Young, points out that very

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