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5/16/2004

Biotech industry showing resilience

The Associated Press

DENVER — Colorado’s eight publicly traded biotechnology companies boosted their revenue by 28 percent last year, signaling a resurgence in the industry, according to a new report.
The companies’ market capitalization increased by 153 percent to $1.74 billion, the Ernst & Young’s 18th Annual Biotech report said.
In addition, Pharmion Inc. and Myogen went public last year, increasing the number of biotechnology firms by 33 percent.
“Colorado rode a wave very similar to what we see across the country for the biotech industry,” Rich Mejia, director of Ernst & Young’s life science practice, said Wednesday.
Interest in biotech companies is up and venture capital investors are positive, said Ken Dienes, a consultant to the industry and principal of Fort Collins-based Capital Funding Strategies.
For the year, the industry posted $134 million in revenue and reduced its losses by 244 percent, or $134 million, the report said. Assets totaled $482 million, up 26 percent from 2002.
Westminster-based Myogen has licensed drugs for cardiovascular diseases and is developing a robust basic research program. It went public on Oct. 30, and its stock price rose to $14.90 in the first day of trading, up 6 percent from the offering price.