Genetic Engineering News Reports California Companies Top Molecular Millionaires List

Business Wire, April 2, 2003

Business Editors/Health/Medical Writers

LARCHMONT, N.Y.--(BUSINESS WIRE)--April 2, 2003

California biotech companies drew most of the investments made by the shareholders listed in Genetic Engineering News' (GEN) annual ranking of "100 Molecular Millionaires." The number of biotech investments in the "Golden State" was followed by those made in Massachusetts-based firms, reports the April issue of GEN (www.genengnews.com).

"Despite the slow economy and ongoing political instability around the world, many biotechnology companies continue to grow as they advance their products through the clinic and into the marketplace," says John Sterling, editor-in-chief of GEN. "The bioindustry is reinforcing the already strong case that it will be to this century what microelectronics was to the last."

Eighteen California companies serve as home for biotech investments, according to the 2003 edition of GEN's 100 Molecular Millionaires. These include Amgen (NASDAQ:AMGN), Amylin Pharmaceuticals (NASDAQ:AMLN), Applied Biosystems (NYSE:ABI), Cell Genesys (NASDAQ:CEGE), Chiron (NASDAQ:CHIR), Genentech (NYSE:DNA), Gilead Sciences (NASDAQ:GILD), Idec Pharmaceuticals (NASDAQ:IDPH), Maxygen (NASDAQ:MAXY), Neurocrine Biosciences (NASDAQ:NBIX), Protein Design Labs (NASDAQ:PDLI), Rigel Pharmaceuticals (NASDAQ:RIGL), Scios (NASDAQ:SCIO), Valentis (NASDAQ:VLTS), and Xoma (NASDAQ:XOMA).

Next comes Massachusetts with 9 listed companies--Alkermes (NASDAQ:ALKS), Ariad Pharmaceuticals (NASDAQ:ARIA), Biogen (NASDAQ:BGEN), Genzyme (NASDAQ:GENZ), Indevus Pharmaceuticals (NASDAQ:IDEV), Millennium Pharmaceuticals (NASDAQ:MLNM), Repligen (NASDAQ:RGEN), Transkaryotic Therapies (NASDAQ:TKTX), and Vertex (NASDAQ:VRTX).

New Jersey, with Celgene (NASDAQ:CELG), Genta (NASDAQ:GNTA), Immunomedics (NASDAQ:IMMU), Merck & Co. (NYSE:MRK), Nexmed (NASDAQ:NEXM), and Pharmacopeia (NASDAQ:PCOP), and New York, with Albany Molecular Research (NASDAQ:AMRI), Enzo Biochem (NYSE:ENZ), ImClone Systems (NASDAQ:IMCL), OSI Pharmaceuticals (NASDAQ:OSIP), Progenics Pharmaceuticals (NASDAQ:PGNX), and Regeneron Pharmaceuticals (NASDAQ:REGN) follow with 6 each; Maryland and Pennsylvania, 4 each; Washington, 3; Florida and Illinois each have 2; and Connecticut, Indiana, North Carolina, and Utah are represented on the list with 1 company each.

William K. Bowes, Jr. is the No. 1 Molecular Millionaire, with $478,912,957 worth of stock in Amgen and Xoma. Phillip A. Frost, M.D., comes in as runner-up, with $363,286,816 in holdings in Ivax.

The $3.2 billion in biotech/pharmaceutical stocks held by the 100 molecular millionaires compares to $5.1 billion last year, $4.7 billion in 2001, $7.2 billion in 2000, $1.4 billion in 1999, and $1.8 billion in 1998. In contrast to the 98 doctorates on our current list, there were 97 last year, 98 in 2001, 96 in 2000, 89 in 1999, and 69 in 1998.

Genetic Engineering News is published 21 times a year by Mary Ann Liebert, Inc. For a copy of the magazine, please call 914-834-3100, ext. 623, or email: ebicovny@liebertpub.com.