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Beaverton, OR–
June 3, 2003 With all the recent good news about Genentech,
Imclone and Millennium's cancer drugs, and a supportive boost in
the Wall Street Journal and Business Week
have provided a tremendous impetus for investors to again look
seriously at the biotech sector. Wall Street is caught up with all
the potential and excitement associated with these results, and is
fearful of being left behind - as biotech stock prices are
reaching new levels. We have always advocated patience when it
comes to investing biotechs. Always pick a price to buy and to
sell - never get greedy. Remember, Wall Street has given biotech
stocks the reputation of being a painted lady. But it is the
market that will take advantage of major medical breakthroughs,
only to turn around and forget the accomplishments that are being
made.
Take for instance
Genentech's Avastin, which had been written off by many of Wall
Street's pundits. Clinical results now indicate that Avastin
surprisingly extended the lives of some advanced colorectal cancer
patients by choking off the blood supply of tumors. These results
in essence vindicate Genentech. While Millennium's early approval
was a bolt from the blue and a delightful sign that the FDA is
becoming proactive in its regulatory proceedings.
Too often Wall
Street tends to neglect, or take for granted, that the gains made
in medical science are long lasting and that the advances in
technology increase productivity. It is these gains rather than
the quarterly earnings of corporations or the policies of
government agencies that predict how successful we are as a
society and how competitive we shall be as an economy. Biotech has
had its share of disappointments, but lately there has been a rush
of successful clinical trials and positive regulatory actions by
the FDA that will make a difference for the biotech sector.
Nonetheless, the market's enthusiasm will gradually fade until the
next flux of news invigorates the biotech sector and the cycle
repeats itself.
Contact:
Contact: Nadine
Wong
Company:
BioTech Stock Report
Voice:
503-649-1355
Fax:
503-649-4490
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