SOURCE: Research Driven Investing
NEW YORK, NY--(Marketwire - Feb 25, 2013) - A sharp increase in drug approvals and mergers and acquisitions combined to create a bull market for the Biotechnology Industry in 2012. The iShares NASDAQ Biotechnology Index (IBB), the SPDR S&P Biotech ETF (XBI) and the First Trust Amex Biotechnology Index ETF (FBT) have all gained over 20 percent in the past year, outperforming the broader markets by a good margin. Research Driven Investing examines investing opportunities in the Biotech Industry and provides equity research on Cardium Therapeutics Inc. (NYSE: CXM) and Immunomedics, Inc. (NASDAQ: IMMU).
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Bloomberg recently reported drug approvals by the U.S. Food and Drug Administration reached a 15 year high in 2012. The FDA approved a total of 39 novel medicines last year, an increase of 30 percent when compared to a year ago. Oncology drugs lead the way with 11 new drugs approved last year. Over the last ten years the number of FDA approvals had averaged roughly 23 a year. The passage of the Prescription Drug User Fee Act (PDUFA) played a major role in the sharp increase in approvals.
The PDUFA "has provided critical resources for improving the quality and timeliness of premarket review of drugs," said FDA spokeswoman, Sandy Walsh. "These accomplishments could not have been achieved without the innovations of the biopharmaceutical industry and the dedication and skill of FDA's drug review staff."
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Cardium's current portfolio includes the Tissue Repair Company and Cardium Biologics, companies primarily focused on the development of innovative therapeutic products for wound healing and cardiovascular indications, and the To Go Brands healthy nutraceutical supplement business. The company's advanced wound care product, Excellagen, has recent received the American Podiatric Medical Association's seal of approval.
Immunomedics is a New Jersey-based biopharmaceutical company primarily focused on the development of monoclonal antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases. The company holds approximately 210 active patents in the U.S. and more than 400 foreign patents.
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