SOURCE: The Bedford Report

The Bedford Report

December 07, 2010 08:46 ET

Biotech Stocks on the Upswing as FDA Relationships Improve

The Bedford Report Provides Analyst Research on Cell Therapeutics & Sunesis Pharmaceuticals

NEW YORK, NY--(Marketwire - December 7, 2010) -  Biotech companies haven't been impervious to the economic downturn but they have endured better than most. This is partly due to the fact that demand for pharmaceuticals remains fairly constant even during recession. At the moment there is plenty of optimism regarding the Biotech Industry as firmer pricing and new products have improved sales and earnings trends this year. While healthcare reform is likely to shake up this industry, gestures of goodwill from the Obama administration have curtailed some concern. The Bedford Report examines the outlook for companies in the Biotechnology Industry and provides research reports on Cell Therapeutics, Inc. (NASDAQ: CTIC) and Sunesis Pharmaceuticals, Inc. (NASDAQ: SNSS). Access to the full company reports can be found at:

Recently the Obama administration pressed congress to revamp a research and development tax credit by increasing it by about 20 percent and making it permanent. The Pharmaceutical Research and Manufacturers of America, PhRMA, as well as the Advanced Medical Technology Association expressed support for the tax credit.

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A recent survey from PricewaterhouseCoopers found that life sciences firms believe that industry-FDA relationships have improved since Obama took office. In fact, 80% of those surveyed said in the last two years the FDA has provided better guidance about its expectations.

In recent FDA-Biotech news, Cell Therapeutics announced this month that it has filed an appeal of the FDA's decision regarding the company's "pixantrone" drug for non-Hodgkin's lymphoma. Back in April the FDA recommended that cell Therapeutics conduct another trial of pixantrone "to demonstrate the safety and effectiveness of its product."

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