NEW YORK, NY--(Marketwire -10/21/11)- Drug approvals from administrative bodies in both the U.S. and Europe have been pivotal for biotech companies recently. Investors have been particularly sensitive to decisions made on new drugs considering the state of the global economic recovery. The Paragon Report examines investing opportunities in the Biotechnology Industry and provides equity research on OXiGENE, Inc. (NASDAQ: OXGN - News) and Neoprobe Corporation (AMEX: NEOP - News). Access to the full company reports can be found at:
While there are some success stories in the industry, a number of players are having trouble dealing with the volatile nature of biotechnologies. Research and development costs are extremely high, and the success of a product can sometimes not be measured until late in development. According to Krishan Maggon, a Geneva-based pharmaceuticals consultant, the number of new biotech drugs approved in the U.S. has remained in the 20 to 25 range during the past four years, while in Europe the figure was a record-low 14 last year.
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Neoprobe Corporation is a biomedical company focused on enhancing oncology patient care and improving patient benefit through radiopharmaceutical product development. Shares of the company skyrocketed after it announced that its New Drug Application for its radiopharmaceutical Lymphoseek (tilmanocept) has been accepted for review by the U.S. Food and Drug Administration (FDA). CEO Mark Pykett called FDA acceptance of the Lymphoseek application a "positive step" for the company.
Shares of OXiGENE have also trended higher of late after the company announced the termination of a Material Definitive Agreement with Kingsbridge Capital Limited of its Committed Equity Financing Facility in which Kingsbridge committed to purchase up to $40 million of the company's common stock, subject to certain conditions.
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