Biotech Establishes New Record for Market Cap in April

Biotech Establishes New Record for Market Cap in April: "SAN FRANCISCO, May 1 /PRNewswire/ -- It wasn't only the Dow Jones Industrial Average that established a new record in April, breaking through the 13,000 barrier: the collective market cap of the 360 public biotech listed on the Nasdaq and Amex, and monitored by Burrill & Company, soared above $500 billion for the first time in its history. The new mark was set April 17 and since that date it went on to close the month at $507 billion. 'The biotech industry has been growing steadily since its last 'down cycle' ended in 2003,' said G. Steven Burrill CEO, Burrill & Company, a San Francisco based global leader in life sciences whose principal activities are in Venture Capital, Merchant Banking and Media. 'The growth is even more remarkable when you take into account the fact that we have seen several leading biotechnology companies, with multibillion dollar market caps, being acquired by big pharma and their market cap value removed from the industry's collective total."