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November 17, 2009

Big money biotech guru to speak @ RAEDI meeting

This is interesting (to me, anyway).

G. Steven Burrill, one of the top biotechnology evangelists in the U.S. and a backer of the Elk Run bio park by Pine Island, is headlining the annual meeting of the Rochester Area Economic Development entity.

Burrill The event is Feb. 12, 2010 at the Rochester International Event Center. Here's some from an editorial by Burrill that I read in the Nov. 1 issue of the Genetic Engineering & Biotechnology News:

There are 328 biotechs that are publicly traded on major U.S. markets (down 7.8% year-to-date), and at the end of September the group of public biotech companies had an aggregate market cap of $352 billion (up 10.4% for the quarter).

In addition, there are 51 companies that have market caps greater than $1 billion (up 4% year-to-date); 36 companies that have market caps between $500 and $999 million (up 38% year-to-date); and 136 public biotech companies (41%) that have a market cap below $100 million.

While the data is encouraging, we don’t yet believe biotech is fully back on track, as many companies are still struggling to find the necessary funding to maintain their operations.

Almost half of U.S. public biotechs have market caps below $100 million and we are seeing companies still consistently turning off their lights for the last time.

It is important to remind ourselves that the biotech industry is undergoing a major transition, a process that will likely continue for at least another two quarters.


This is because we do not yet know how President Obama’s proposal for healthcare reform will fully impact the biotechnology industry, and the status of biosimiliars legislation (follow-on biologics) is also still unresolved.

There are fears that these issues will drive the prices of innovative drugs lower and eat away at biotech company profits. Despite the market uncertainties, we will likely see the industry build on the momentum it has gained over the past several months.

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Now the county has announced it will cost 13M for their share of the interchange and other improvements, I don't think I can afford this guy coming to town. Maybe we should pay him to stay away.

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