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NEWS OF THE WEEK PHARMACEUTICALS
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production of biofuels and the defeat ofbans on therapeutic applications for cloning. G. Steven Burrill, CEO of Burrill & Co., a life sciences merchant bank, says 2003 was the sector's second-best year forfinancing.Burrill's biotech stock index ended the year up 66%. Seven biotechnologyfirmslaunched successful initial public offerings last year, and 14 others filed for IPOs with the Se56% from the previous year, accurities & Exchange Commission cording to the trade association. by the end of the year, according "The upswing in approvals in part reflects the new 0 to Burrill. ° Burrill says that while energy at FDA under o product approvals and the leadership of Comearnings will create missioner Mark B. Mcnear-term value for the Clellan, who brought a sector, more significant deep commitment to innovation and a sensivalue will be generated ble risk-benefit analysis five to 10 years out. to the agency in 2003," "We'll see all of this says Carl B. Feldbaum, technology translating president of BIO. into dramatically more Feldbaum . efficient discovery and BIO claimed victoleading the way down the pathway ries on several legislative fronts to personalized medicine," he says. last year, according to Feldbaum, -RICKMULLIN including new incentives for the
BIOTECH RIDES A BULL INTO 2004
Spike in drug approvals and investment heralds industry revival
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ITH A SURGE IN APPROVES for new drugs from FDA and renewed interest from capital markets, industry watchers say biotechnology made a solid comeback in 2003 and has plenty of momentum going forward. According to the Biotechnology Industry Organization (BIO), FDA approved 25 new biotech drugs in the past year, an increase of 25% over 2 0 0 2 . FDA also stamped "go" on 12 newindications for previously approved biotech products in 2003. Companies in the sector raisedmore than $16 billion in new financing in 2003, up
ETHICS
NIH RESPONDS TO HILL PROBE Zerhouni requests meeting with Rep. Tauzin to discuss conflicts of interest
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N RESPONSE TO ALLEGATIONS OF
conflicts of interest by N I H employees, N I H Director Elias A. Zerhouni has sent a letter to House Energy & Commerce Committee Chairman W J. (Billy) Tauzin (R-La.) requesting a meeting to discuss Zerhouni's plan to remove any real or perceived conflicts. Zerhouni's letter came less than a month after the committee requested a series of N I H records and related materials and just days before the Jan. 8 deadline for this information (C&EN, Dec. 15,2003, page 10). HTTP://WWW.CEN-ONLINE.ORG
Zerhouni noted in his letter that he has already initiated several measures to address the committee's concerns. First, he has begun to collect details of situations where N I H staff received compensation from outside sources since Jan. 1, 1999. He has also implemented an Ethics Advisory Committee to oversee compensation from outside sources across N I H and to advise ethics officials and employees on conflicts of interest. A special blue ribbon panel also has been set up to review ethical policies and practices at N I H .
'We'll see all of this technology translating into dramatically more efficient discovery" —G. Steven Burrill, CEO, Burrill & Co.
According to Zerhouni, the panel is expected to "propose recommendations for improving such policies and practices within 90 days." Finally, he says a review has been ordered to study the financial disclosure requirements for N I H . "I believe that the public's interest is best served by complete transparency, full disclosure, independent review, and proactive management and monitoring of all outside relationships," Zerhouni wrote in the letter. "It is my goal, through the steps outlined {in this letter], to erase any doubts in the minds of Congress or the public that we remain worthy of the trust and confidence you have placed in us." The House is not expected to take any action or schedule any hearings on this matter until after it reconvenes onjan. 20. The Senate Appropriations Committee, however, has scheduled a hearing for Jan. 22.-SUSAN M0RRISSEY C&EN / JANUARY
12. 2004
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