NEW YORK, NY--(Marketwire -05/04/12)- Biotech stocks have continued to provide investors with strong gains in 2012. The iShares NASDAQ Biotechnology Index (IBB) is up nearly 20 percent year-to-date. The passage of the America Invents Act will look to benefit the Biotechnology Industry going forward "by enhancing patent quality and the efficiency, objectivity, predictability and transparency of the U.S. patent system." BIO President and CEO Jim Greenwood stated in a press release. The Paragon Report examines investing opportunities in the Biotechnology Industry and provides equity research on Cell Therapeutics Inc. (CTIC - News) and Savient Pharmaceuticals, Inc. (SVNT - News).
"Small biotechnology companies rely heavily on their patents to attract investment," and "they will benefit from the improvements to our nation's patent system made by this legislation," added Greenwood. The America Invents Act (AIA) will shift the patent system from a "first to invent" to a "first to file" system, the first major change to the patent system in over 60 years. Under the "first to file" system the first inventor to file for a patent will be awarded priority, regardless if the inventor was the first to invent it. Most major countries are already following the "first to file" patent system.
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Cell Therapeutics is a biopharmaceutical company committed to developing an integrated portfolio of oncology products aimed at making cancer more treatable. The company reported that net loss attributable to common shareholders decreased 66% to $17.4 million for the quarter ended March 31, 2012 compared to a net loss attributable to common shareholders of $51.0 million for the same period in 2011. In April 2012, CTI entered into an agreement to acquire a highly selective JAK2 inhibitor, pacritinib, which is a phase 3 candidate for treating patients with myelofibrosis.
Savient Pharmaceuticals is a specialty biopharmaceutical company focused on developing and commercializing KRYSTEXXA (pegloticase) for the treatment of chronic gout in adult patients refractory to conventional therapy. Savient owns or co-owns U.S. and foreign patents and patent applications, which collectively form a broad portfolio of patents covering the composition, manufacture and methods of use and administration of KRYSTEXXA. The company recently announced that they will release first quarter financial results will prior to market open on Wednesday, May 9, 2012.
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