Sunday, July 01, 2007
I took some time off after starting my latest job in the biotech industry. A lot has gone on. Dendreon received a favorable evaluation from an advisory panel evaluating their Provenge drug. The stock from 7 bucks a share to over 20. Then the FDA asked decided more trials were in order sending the stock back down to 7 bucks again. Later a grass roots effort was put in motion where investors and prostate cancer advocacy groups started lobbying to get the FDA to change their minds. Hmm. Cramer (Mad Money) has stopped touting Nastech now that the stock has been sinking slowly but surely for the past month. Luckily Cramer picks stocks left and right and never has to discuss the ones that tank. He reminds the one of John Edwards amazing ability to speak with dead people. I'm seeing a hot company. Nazzzzzz... a nasal spray company... anyone??? Zymogenetics signed a deal with Bayer to market their Thrombin drug which will be competing with the already approved Thrombin drug from King Pharmaceutical. The deal was amazingly underwhelming financially leading one to wonder if the executive staff has a clause in their contracts to bring a drug to market or else. In general, nothing scientifically interesting has happened, just the same old tricks.
The real excitement for the Cargo Cult Scientist is to be around industry insiders who have their own stories to tell. Forging data, hoodwinking investors, and all of the usual subjects are alive and well. In the future I will try to get a few good stories. We have the GE Healthcare sales staff who point out the lack of activity coming from Amgen. We have the ex-Icos employees struggling to find new work. We have the re-structuring of R&D at a couple companies. We have plenty to work out.