Viratek's first NDA approval, at the end of 1985, excited Wall Street for the first month of 1986. With its Virazole (ribavirin) approval in hand, the ICN subsidiary advanced 5-1/4 points in January to close at 26-1/2, a nearly 25% gain. The first antiviral approved by FDA for synctial virus-caused lower respiratory infections, the aerosol product has a target population of almost 100,000 infant and pediatric, hospitalized patients. In addition, Virazole is being examined, in conjunction with Eastman Kodak, as an agent for AIDS related complex. A multicenter, 400-patient trial is currently planned. Genentech (up 8-1/2 to 78-1/4) and Centocor (up 4 to 25-3/4) led a strong biotech group that has continued its market rally into the new year. Out of eleven biotech issues on the "F-D-C" Monthly OTC Index, only Cetus (down 1-3/4 to 24-3/4) and Damon Biotech (down 3/8 to 7-3/4) lost ground. After frenetic trading activity in the last quarter of 1985 and a 200%-plus price gain in 1985, Cetus may have been ready for a market correction. Centocor and Damon Biotech are two of twelve firms appearing on the Monthly Index for the first time. Joining the two monoclonal antibody companies in the Diversified Component are two other biotech firms, Integrated Genetics (up 1-1/2 to 6-3/4) and Moleculon Biotech (up 1/2 to 4), along with the Swedish drug manufacturer, Pharmacia (down 1-1/8 to 17-3/8). With the inclusion of the Irish firm Elan (unchanged at 12-1/2) on the Pharmaceutical Component, along with Pharmacia, the number of foreign-based firms on the Index is now up to five. Glaxo (up 1/8 to 12-1/4), Beecham (up 1/8 to 5-1/4) and Teva (down 1/8 to 3-3/8) comprise the rest of the foreign contingent. Elan is one of six new companies on the Pharmaceutical Component. Biotech firms Amgen (up 3/4 to 14-1/4), California Biotech (up 3-1/2 to 16-1/2) and Chiron (up 1-1/8 to 13-7/8) also make their Index debut, as do the drug delivery technology firm Pharmacontrol (down 7/8 to 7-3/8) and the basic research/drug receptor technology company Nova (up 1-1/2 to 8-1/4). Drug Systems (up 1/4 to 4-7/8) is the lone addition to the Chain Component, joining Begley (up 1/2 to 16-3/4) and Medicine Shoppe (down 2 to 22). Overall, Index issues performed well in the January market, with gainers outnumbering losers better than two to one. The Composite's 1.6% gain to 255, was in direct contrast to the Standard & Poors 400 average, which declined a fractional .6% to 233.28. A strong wholesaler group, paced by Alco Health Services (up 4 to 19-1/2), led all other components with a 9.2% advance. Chart omitted.
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