Biotech blues
It is a bad time for biotechnology firms. Since the start of 2002, biotech stocks have gone down and as a consequence, biotech funds have dipped too. The American Stock Exchange Biotechnology Index is being recorded at 415.90 points. It was at a high of 657.67 points last June. The latest casualty of this slump is Icos Corporation, which is developing a drug to compete with Viagra. The Food and Drug Administration has said that the drug, called Cialis, is approvable but needs more review. Delay in introducing Cialis has hit Eli Lilly & Co too, which will market the drug. Last December, the federal drug agency had declined to even consider the proposed cancer drug manufactured by ImoClone System Incorporate. Biofirms blame it on the agency which they say has become conservative about safety standard.