SOURCE: The Bedford Report

The Bedford Report

August 25, 2011 08:16 ET

Cell Therapeutics and Xoma Aim to Avoid "Dendreon Effect"

The Bedford Report Provides Equity Research on Cell Therapeutics and Xoma

NEW YORK, NY--(Marketwire - Aug 25, 2011) - The importance of maintaining a steady pipeline of drugs to market is having varied effects on the biotechnology industry. Analysis by the professional services firm BDO argues that larger pharmaceutical firms are increasing reliance on biotech companies to fill their pipelines, which has been a net positive for small biotech companies. The Bedford Report examines the outlook for companies in the Biotechnology Industry and provides investment research on Cell Therapeutics, Inc. (NASDAQ: CTIC) and Xoma Ltd. (NASDAQ: XOMA). Access to the full company reports can be found at:

While the positive fundamentals are there, this month small cap biotech stocks have suffered from what MarketWatch's Val Brickates Kennedy calls the "Dendreon Effect." The article reports that biotech companies whose stocks have taken heavy hits include those that are at early stages of marketing new treatments.

"Pretty much every company that had just launched a product or was about to launch a product got crushed," Leerink Swann analyst Howard Liang explains.

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Cell Therapeutics says it plans to resubmit its New Drug Application for pixantrone to the FDA during the fourth quarter of 2011. According to Cell Therapeutics, "Pixantrone is a novel aza-anthracenedione that has distinct structural and physio-chemical properties that make its anti-tumor activity unique in this class of agents."

On August 2, the US Patent and Trademark Office issued XOMA a new patent covering methods of treating certain coronary conditions including myocardial infarction, or heart attack, using XOMA 052 and interleukin-1 beta antibodies with similar binding properties.

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