Beaverton, OR– July 14, 2003. So far, the summer season has been good for the biotech sector with some moments of a breather. That’s okay to experience some summer-related selling, investors will find reasons to lock in profits. At the same time, it will create opportunities as valuations for biotech stocks will be more reasonable.

As we mentioned in our reports, the biotech market usually takes a breather in the summer months. Medical conferences follow the academic calendar, picking up again when school starts. So we envision a short-term correction here and there, as the news flow becomes a trickle. Dips will more than likely be relatively light and short-lived which is necessary to sustain the rally in the biotech sector.

Nevertheless, for the biotechnology sector to continue its momentum, it is important for the large biotech cap companies, like Amgen or Genentech, to perform well. During the past few years, Amgen's business has been strong while Wall Street was overly concern on Genentech’s ability to sustain growth. However, with the recent Avastin clinical data, Genentech is now one of the best biotech stories. The company is capable of have strong sustainable growth with a new major product. Amgen's growth continues to be driven by three key products and the company has also provided upside to earnings estimates. Therefore, both Amgen and Genentech will generate interest in biotechs for new investors by leading the way to help drive the sector higher.

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