NEW YORK, NY--(Marketwire -03/23/12)- Biotechnology stocks continue to be some of the strongest performers in the markets as favorable legislation out of Washington boosts the sector's reach. The iShares NASDAQ Biotechnology Index (IBB) is currently up more than 16 percent year to date, reflecting an uptick in investor sentiment. The Paragon Report examines investing opportunities in the Biotechnology Industry and provides equity research on Galena Biopharma Inc. (NASDAQ: GALE - News) & CytRX Corporation (NASDAQ: CYTR - News). Access to the full company reports can be found at:
Earlier this month the Biotechnology Industry Organization applauded the Faster Access to Specialized Treatments (FAST) Act. According to BIO the legislation will modernize the Accelerated Approval pathway to expedite the development of modern, targeted, and personalized therapies for patients suffering from serious and life-threatening diseases.
BIO President and CEO Jim Greenwood says the FAST act will speed access to innovative new therapies and cures to patients living with debilitating and life-threatening diseases such as Parkinson's, Alzheimer's, diabetes and numerous rare diseases for which there is currently no treatment or cure.
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Galena Biopharma, Inc., a biotechnology company, engages in discovering, developing, and commercializing innovative therapies addressing unmet medical needs using targeted bio therapeutics. Earlier this week Galena announced that the U.S. Patent and Trademark Office agreed to award it another patent on NeuVax as a treatment for breast cancer. The patent covers the use of NeuVax in women with HER-2 positive breast cancer.
CytRx Corporation, a biopharmaceutical research and development company, engages in the development of human therapeutics, specializing in oncology. The company's net loss for the year ended December 31, 2011 was $14.4 million, or $0.11 per share, which included a recognized gain of $7.9 million on the valuation of warrant derivative liability.
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