Saturday, November 27, 2004

Canada Biotech Sector Growth

An article on Reuters nicely summarize the state of the Canadian Biotech sector. Promise of growth (or should we say recovery) of the Toronto Stock Exchange health sector rely on 30 or so Biotechs successfully delivering products they are developing.

Among them :

"High on the list is Cardiome Pharma Corp. (COM.TO: Quote, Profile, Research) , which is due to report data from the first of its pivotal studies of its RSD1235 treatment for atrial fibrillation, a coronary disorder that can result in a stroke.

Inex Pharmaceuticals Inc. (IEX.TO: Quote, Profile, Research) expects to find out on Jan. 15 whether the U.S. Food and Drug Administration will approve its lead product, Marqibo, which treats non-Hodgkins lymphoma, a group of malignant diseases that develops from the lymphatic system."

Anormed Inc. (AOM.TO: Quote, Profile, Research) , fresh from receiving an $18 million payment for the kidney medicine it patented, hopes to start pivotal trials in the new year for AMD3100, a drug designed to stimulate stem cell production.

Note that the whole Canadian Biotech sector represent bout 4% of the global marketshare, compared to 77 percent for the USA. More good news for research folks :

The Canadian government has been forecasting growth for biotechnology. It poured C$695 million ($585 million) into the industry in the year ended on March 31, 2003, a 24.8 percent increase from the previous year and a 60.8 percent jump from fiscal 2000 and 2001.

Ottawa also plans to double its investment in research and development, including biotech.

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