Gene Dreams: Wall Street, Academia, and the Rise of Biotechnology

Biotechnology in its early days held out the promise of instant medical breakthroughs, big profits for Wall Street investors, and a way to circumvent the bureaucracies of the major drug companies and the government regulatory system. But this ``mouse-intensive industry'' has gone through a severe retrenchment. In a hard-nosed, witty appraisal of the oversold biotech revolution, Financial World editor Teitelman investigates the technical obstacles, delays, litigation, inflated expenses and marketing misjudgments that beset the field, confirming his maxim, ``There are no miracles, only developments.'' Although he focuses on the rise and fall of Genetic Systems, a Seattle company acquired by Bristol-Myers in 1985, Teitelman's probe extends to firms like Genentech and to the politics of cancer and AIDS research. (Sept.)