The past year was a tumultuous one for the biotechnology industry, according to corporate executives and industry analysts. During 1992, the unprecedented level of financing that had been available in 1990 and 1991 virtually disappeared. Public biotech companies saw their stock lose nearly half its value from highs in January to lows at midyear. Landmark legislative decisions in favor of the agricultural sector were balanced by major product setbacks on the diagnostic and therapeutic side of the technology.
But 1992 also witnessed significant advancements in both the laboratory and the clinical testing process. And although neither analysts nor company insiders agree on how the financial community will react to the biotech sector in the coming year, they express certainty that 1993 will see the industry dramatically step up delivery of products to the marketplace.
According to the New York-based accounting firm Ernst & Young's annual report on the biotech industry, ...
