Burrill honours biotech's 'best of 2004'

San Francisco-based biotechnology investment bank Burrill & Co has named its 'best of biotech' for 2004.

Now in their 17th year, the awards are presented at Burrill's annual Laguna Niguel biotech meeting, and the winners are chosen by a vote among industry CEOs. "There is no greater recognition than that of one's peers," commented Burrill & Co CEO Steven Burrill.

The 2004 winners are:

• Most important new financing (public): Eyetech (CEO David Guyer), for its US $157M IPO in January, which gave the ophthalmic therapeutic developer a post-money valuation of $831.6 million.
• Most important new financing (private):: Jazz (CEO Samuel Saks), which raised US$250 million in the biggest biotech venture round ever, a series B round led by Kohlberg Kravis Roberts.
• Best new approved product (therapeutic): Genentech, its Avastin bevacizumab as a first-line treatment for metastatic colorectal cancer in combination with 5-fluorouracil (5-FU). The humanised monoclonal antibody against vascular endothelial growth factor (VEGF) is the first FDA-approved cancer therapy designed to inhibit angiogenesis.
• Best new approved product (other): OraSure's OraQuick HIV-1/2 test to detect HIV-2 antibodies in oral fluid samples.
• Most creative and significant deal: Amgen/Biovitrum, US$522M+ (CEO Mats Pettersson). In September 2003, Biovitrum granted Amgen exclusive rights to develop its small molecule 11beta-hydroxysteroid dehydrogenase type 1 (11b HSD-1) enzyme inhibitors, including lead compound BVT.3498, which is in Phase II testing for Type II diabetes.
• Most creative and significant merger and/or acquisition: Biogen/Idec's US$6.7 billion merger, November 2003 (CEO and president, James Mullen).

The meeting also inducted new appointees into a 'biotech hall of fame':

• Special recognition (company): Genetics Institute (Chairman, president, CEO Robert Essner), the developer of arthritis drug Enbrel.
• Special recognition (individual): Francis Crick, who passed away this year, renowned for elucidating the structure of DNA.
• Scientific achievement: Judah Folkman conducted pioneering research on the mechanism of angiogenesis, opening a field of investigation now pursued worldwide.