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Biotech Industry Responds To Stock Market Fluctuations

(WASHINGTON, DC, September 2, 1998)...Carl B.Feldbaum, president of the Biotechnology IndustryOrganization (BIO), issued the following statement inresponse to the recent strong fluctuations in financial markets:

"We are a research-based industry developing innovative products to address widespread unmet medical needs. Biotechnology is providing both the tools to produce the next generation of medicines aswell as the final products. These represent enormous and expanding markets. Consequently, we believe strongly that investment in biotechnology should yield substantial returns in the years ahead."

"Large pharmaceutical companies continue to demonstrate their belief in and commitment to biotechnology by their major investments and their formation of multiple partnerships with biotechnology companies. Today one only has to look at the number of ongoing clinical trials 'over 250 currently at theFood and Drug Administration (FDA)' to recognizethat the biotech product pipeline is unprecedented."

"Biotechnology leads in medical innovation becauseof our industry's willingness to attempt to solve the difficult problems " to confront the most intractable, often life-threatening diseases. With our fast-developing knowledge of the genetic causes of disease, and with new discoveries being made virtually every day, we believe biotech will continue to produce significant medical breakthroughs."

"With BIO membership at record levels and withcontinued growth in industry revenue, we believeinvestors should and will recognize the special opportunities afforded by investment in biotech companies. It may have taken this current shake-up tohave investors focus on the inherent, long-term value in the biotech sector."

The Biotechnology Industry Organization (BIO) represents over 800 biotechnology companies, academic institutions, and state biotechnology centers in 46 states and 25 nations. BIO members are involved in the research and development of health care, agricultural and industrial and environmental biotechnology products.