Biotech Industry Skyrockets in 2012 as FDA New Drug Approval Rate Increases
Five Star Equities Provides Stock Research on Incyte and Oncolytics Biotech
NEW YORK, NY -- (Marketwire) -- 01/02/13 -- 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 30 percent year-to-date. Five Star Equities examines the outlook for companies in the Biotech Industry and provides equity research on Incyte Corp. (NASDAQ: INCY) and Oncolytics Biotech, Inc. (NASDAQ: ONCY) (TSX: ONC).
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"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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Incyte's vision is to become a leading drug discovery, development and commercial company by building a proprietary product pipeline of novel small molecule drugs for serious unmet medical needs. The company's pipeline is focused on oncology and inflammation and includes compounds in various stages of development. Shares of the company have gained over 10 percent in 2012.
Oncolytics Biotech Inc. is focused on the development of oncolytic viruses for use as cancer therapeutics. The company last month reported initial positive top line data from the first endpoint in its double-blinded randomized Phase III clinical study of REOLYSIN, their head and neck cancer treatment. Shares of Oncolytics Biotech have gained over 60 percent in the past month.
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