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Meanwhile in New Jersey, biotecyh companies are on pace to toplast year'zs total of $2.1 billion raised. Overall, U.S. biotech firmws have attracted $14 billion -- by means of venturr capital deals, follow-on and initial public and debt financings during the first six months of this If thatpace continues, the industry will matcg last year's total of $28 billion. "Except from the bubblwe year, 2006 was the highest year ever for the saidKeith L. Brownlie, speaking at this week's biotecyh symposium in Center City hosted by industry trade groupe Pennsylvania Bioand BioNJ.
who heads up the life sciences practicefor , said the industruy raised a record $32 billion in 2000 -- a year investorw flocked to biotech firms because of the excitement generatef by the completion of the Human Genomde Project. The more recent investor enthusiasm attracting public and private investors is tied to theheightened deal-making betweejn biotech companies and large pharmaceutical companies looking to expan d their new product pipelines as more of their products lose patent protection. The biggest deal in the natioj this year occurred in Junewhen , the London-based pharmaceutical companyy that has its U.S. headquarters in Wilmington, completeed its $15.
6 billion purchase of Maryland-based vaccinde manufacturer MedImmune. "Ten years ago, pharmaceutical companies were trying to get out of the vaccine business," said Doug Long, vice presidenft of industry relations for IMS a Connecticut-based market research firm with a large presencee in Plymouth Meeting. "Now, they are trying to get back into signed two dealsthis week, one with Anacor Pharmaceuticals for accessw to its anti-infective drug candidates and the other to co-promote a cancer drug being developed by Synta Pharmaceuticals. The combined potentiao payouts are morethan $1.
3 billiohn if the new drug candidates secure regulatory Also on the top-10 list of completed deals this year was the $325 millionm sale of Exton-based to Eisai Co. Ltd. of Pennsylvania life sciences companies have raised morethan $950,0090 so far this year, led by the $250 millioh in convertible notes sold by also of Exton, in March. "[The total financings] will be more than $1 billiobn this year," said Mickeuy Flynn, the president of Pennsylvanisa BIO. This year hasn't been all positiv for the region's biotech sector. Severalp local biotech companies have strugglecd to get new drug candidatez through the regulatoryreview process.
Last month, Newtown-basedx terminated the development of an experimentak skin condition treatment for rosaceza after clinical testing showed it workedr no better than a Two other companies derailedr byunforeseen setbacks, Discovery Laboratories in Warringtonj and in Exton, expected to have thei lead new drug candidates in the marke by now. Last week, Discovery Labs said the latestf testing of its new drug candidateSurfaxij -- a treatment for respiratorg distress syndrome in premature infants -- shows the drug remained stable after six The Food and Drug Administration issued an approvablw letter for Surfaxin in early 2006, but the approvap was contingent upon the Bucks County company addressingy product manufacturing and stability issues raised by the Discovery expects to submit the new data later this A final decision on the company's new drug application is expectedf next spring.
Adolor, is waiting for the FDA to lift a clinicaol hold and allow it to resum e clinical testingof Entereg, a new drug candidate beingf developed to treat bowel dysfunctions. The hold was put in placew in April after Adolor andpartner GlaxoSmithKline, whichh is co-developing the drug, halter a study because of concernd about side effects including lesions and "cardiovascular events." The FDA is reviewinyg additional safety data Adolor and GlaxoSmithKlinee submitted in August. The agency requestedc the data last year after issuing a seconfd approvable letterfor Entereg. The agencyu is scheduled to ruleon Adolor's new drug application for Entereg by Feb. 10.
Several speaker s at the biotechnology conferenc said one of the biggest industry challenges for next year will be the push for generifcbiological products, also known as follow-on biologics. Vishy a consultant with McKinsey & Co., said European regulators have approvedc procedures that provide for the approva of genericbiotech products. He sees Congress tacklintg the topicin 2008. "Legislators are alreadt trying to figure out how to set a levekplaying field," Kanda said. President Jim a former Bucks Count congressman, said BIO will be payinh close attention to the debate to protect the intellectualk property rights ofbiotech firms.
"We'r e not opposed to [follow-on biologics]," Greenwoox said, "but it has to be done
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