Abstract
Biogen has pulled the plug on one of its leading drug development candidates, adding to the recent woes of the biotechnology industry. The Cambridge, Mass.-based firm decided to stop development of its anticoagulant, Hirulog, after disappointing clinical trials. The past year is notable for the number of leading biopharmaceutical products halted in development. Among them: antisepsis drugs from Synergen, Cortech, Chiron, and Immunex; BetaKine, a tissue repair agent from Celtrix; Protara, a heart drug from Gensia; RespiGam, an antiviral agent from Medlmmune; and an amyotrophic lateral sclerosis treatment from Regeneron. In each case, company stock prices dropped. Biogen's stock fell 18% on Nov. 1 to $40 a share and hadn't recovered at press time. Small young companies still are building and betting their reputations on only one or two development-stage products. If there is any take-home message, it's that biopharmaceuticals offer no assurance of success just because they are based on advanced technology o...
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