Word: biotechs
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...what went virtually unmentioned in press accounts of the licensing agreement--the terms of which were kept secret--is that Essex holds office on Cambridge Bioscience's scientific advisory board. It is unclear whether Essex possesses a financial stake in the biotech firm. Also unclear is what role Essex played in Cambridge Bioscience's decision to buy the license and in Harvard's decision to grant the license to the Worcester firm. But what is clear is that the GP120 deal is another example of the dangers and difficulties which arise when universities and industry "cooperate," especially in the biotechnology...
When biotechnology first burst onto the national scene in the late 1970s, Harvard underwent a series of wrenching crises to thrash out its policy toward industry. President Bok's plan to accept stock in a professor's biotech company was rejected by the Faculty, while University Professor Walter Gilbert had to resign his post in order to pursue his private business, Biogen. Out of this period came the detailed faculty research policy that still rules today...
...legal battle when a British high court failed to uphold a patent that the company had received in Britain on t-PA, a substance that dissolves blood clots, a cause of heart attacks. Some industry experts think the British case could be a harbinger of more patent troubles for biotech firms. In the aftermath of the London ruling, the prices of biotech stocks generally fell...
...where biotechnology stocks had been big winners. After the FDA ruling, the price of Genentech's shares plunged 11 1/2 points in one day, to 36 3/4. By the end of last week the price stood at 37 3/4. A domino effect also knocked down the stocks of rival biotech firms, some of which are developing drugs similar to t-PA. Such futuristic- sounding companies as Amgen, Biogen, Centocor, Cetus and Chiron saw their shares drop anywhere from 7% to 11% before recovering some of those losses...
Opponents, captained by Washington-based Activist Jeremy Rifkin, have raised legitimate questions about how well these experiments are regulated and monitored. But Rifkin and his supporters have also played on public fears by painting the specter of a biotech Chernobyl -- an experiment gone haywire, spreading man-made germs that could ruin crops, change rain patterns and render large swatches of California uninhabitable...