NEW YORK, NY -- (Marketwire) -- 12/12/12 -- The Biotech Industry has skyrocketed in 2012 as an increase in the number of new drug approvals has boosted investor optimism within the industry. The iShares Nasdaq Biotechnology Index Fund (IBB) and the SPDR S&P Biotech ETF (XBI) have both gained over 25 percent year-to-date. Five Star Equities examines the outlook for companies in the Biotech Industry and provides equity research on BG Medicine, Inc. (NASDAQ: BGMD) and Cardiome Pharma Corp. (NASDAQ: CRME).
"In 2011, the U.S. FDA approved 30 new drugs, compared to 21 in 2010," S&P Capital IQ wrote in a note. "Through September 2012, the year-to-date total was 22. We see an improving trend for FDA first cycle review approvals and a rise in the rate of new drug approvals for rare diseases, which we think is helping to boost investor sentiment for the agency, after years of criticism stemming from inconsistency in making and communicating its decisions."
Another key factor in the Biotech Industry's success has been the "patent cliff" major pharmaceuticals have faced in 2012. Major drug manufacturers have looked to biotech companies to help offset major revenue losses from expiring patents as it is less time consuming than developing new drugs through R&D.
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BG Medicine is a diagnostics company focused on the development and commercialization of novel cardiovascular diagnostics to address significant unmet medical needs, improve patient outcomes and reduce healthcare costs. Shares of the company spiked sharply Tuesday after reporting their CardioSCORE test has received the CE Mark.
Cardiome currently has one marketed product, BRINAVESSTM, approved in Europe and other territories for the rapid conversion of recent onset atrial fibrillation to sinus rhythm in adults. Shares of the company spiked 40 percent Tuesday after announcing an agreement with Merck to settle their debt obligations and terminate their credit facility.
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