NEW YORK, NY--(Marketwire -05/29/12)- The Biotechnology Industry has shown investors some impressive gains this year. The SPDR S&P Biotech ETF (XBI) is up nearly 25 percent year-to-date. As large pharmaceuticals face major patent expirations in 2012 they have looked to biotech companies to provide new streams of revenue. A flurry of mergers & acquisitions activity and a growing number of FDA approvals have been contributing factors to the industry's recent boom. The Paragon Report examines investing opportunities in the Biotech Industry and provides equity research on Amarin Corporation plc (AMRN) and Idenix Pharmaceuticals, Inc. (IDIX).
"In 2011, the U.S. FDA approved 30 new drugs, compared to 21 in 2010. We see an improving trend for FDA first cycle approvals and a rise in the rate of new drug approvals for rare diseases. We think these trends are helping to boost investor sentiment toward the agency, after years of criticism stemming from its inconsistency in making and communicating its decisions," Steven Silver, S&P Capital IQ Analyst, said in a recent note.
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Amarin Corporation plc is a late-stage biopharmaceutical company with expertise in lipid science focused on the treatment of cardiovascular disease. Amarin has filed a New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) for the use of its lead product candidate, AMR101, in the treatment of patients with very high triglyceride levels, and the FDA has assigned a Prescription Drug User Fee Act (PDUFA) date of July 26, 2012.
Idenix Pharmaceuticals is a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases. Idenix's current focus is on the treatment of patients with hepatitis C infection. For the first quarter ended March 31, 2012, Idenix reported total revenues of $35.6 million, compared to total revenues of $4.0 million in the first quarter of 2011.
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