SOURCE: The Bedford Report

The Bedford Report

December 05, 2011 08:16 ET

Exelixis and Cardium on the Rise as Biotechnology Industry Stays Strong in Volatile Market

The Bedford Report Provides Equity Research on Exelixis & Cardium Therapeutics

NEW YORK, NY--(Marketwire - Dec 5, 2011) - Despite a volatile market, the biotechnology industry has performed admirably in recent months. In November the sector was supported by victories with encouraging clinical developments, three drug approvals, Gilead's $11 billion acquisition of Pharmasset and two IPOs. The BedfordReport examines the outlook for companies in the biotechnology industry and provides investment research onExelixis, Inc. (NASDAQ: EXEL) and Cardium Therapeutics, Inc. (NYSE Amex: CXM). Access to the full company reports can be found at:

In the third quarter The Biotechnology Industry Organization spent almost $2 million lobbying Congress, the White House, and more than a dozen federal agencies on topics including funding and patent laws. According to the Associated Press, the industry's interests included funding for biofuels projects, funding for the Food and Drug Administration, National Institutes of Health, the Centers for Disease Control and Prevention, emergency preparedness programs, defense from bioterror attacks, patent regulations, renewable fuels, Medicaid rates, investment rules, and tax credits.

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Exelixis is focusing its proprietary resources and development efforts exclusively on "cabozantinib," its most advanced solely owned product candidate, in order to maximize the therapeutic and commercial potential of this compound. Last month the company entered into a Cooperative Research and Development Agreement (CRADA) with the National Cancer Institute's Cancer Therapy Evaluation Program (CTEP) for further evaluation of cabozantinib.

Cabozantinib is an investigational agent that provides coordinated inhibition of metastasis and angiogenesis to kill tumor cells while blocking their escape pathways.

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