Stockwatch: Yard sale drug development

Investors have long memories. In the UK, generalist fund managers still speak in typically pejorative terms of the companies and drugs that have lost them money, the experience of which has deterred them from ever investing in the sector again. In the US however, either investors have shorter memories, are more forgiving, or are keen to reward failure with further investment as this week saw two drugs resurrected from the trash can to form the basis of new companies.