NEW YORK, NY--(Marketwire -05/21/12)- 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. 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 Keryx Biopharmaceuticals (KERX) and CytRx Corporation (CYTR).
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"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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Keryx Biopharmaceuticals is a biopharmaceutical company focused on the acquisition, development and commercialization of pharmaceutical products for the treatment of cancer and renal disease. At March 31, 2012, the Company had cash, cash equivalents, interest receivable, and investment securities of $31.0 million, as compared to $39.5 million at December 31, 2011.
CytRx Corporation is a biopharmaceutical research and development company specializing in oncology. The CytRx oncology pipeline includes three programs in clinical development for cancer indications: INNO-206, tamibarotene and bafetinib. The company recently announced a reverse split of its common stock at a ratio of 1-for-7. The reverse split will reduce the number of outstanding shares of the Company's common stock from approximately 149.1 million shares to approximately 21.3 million shares.
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