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Technical Analysis
- 8/28/2008 1:34:10 PM
By Chip Brian, SmarTrend Analytics Team
After market close on Wednesday, Genentech, Inc. announced that a Food and Drug Administration (FDA) advisory panel, the Oncologic Drugs Advisory Committee (ODAC), voted 5-4 against the approval of the company's breast cancer treatment, Avastin®. The drug is already approved for the treatment of lung and colon cancers. Genentech reported third-quarter Avastin® sales of $597 million. The FDA, which is not bound by the recommendations of its advisory panels, is scheduled to make its decision by February 23, 2008.
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