After a short relief rally that lasted nearly a month, the biotech sector is seeing a correction.
Indeed, over the past five trading sessions, the iShares NASDAQ Biotechnology Index (ETF) (NASDAQ:IBB) has dropped more than 7%.
The IBB has also dropped below a key support level during this correction. The drop below a key technical level suggests that the market sentiment has once again turned bearish on the biotech sector. The sector had had a disastrous start to 2016 as it saw a huge selloff in January and February. However, at the end of March, the IBB began recovering and the relief rally lasted nearly a month.
The latest pullback in the biotech sector has been caused by some disappointing earnings from major biotech companies over the past week. But all is not gloomy with the sector. This morning, ProtoKinetix Inc. (OTCQB: PKTX) announced some positive developments, even though shares were challenged with slight declines today along with the broader sector.
A molecular biotechnology company, ProtoKinetix has developed and patented a family of hyperstable, potent glycopeptides (AAGP™) that enhance both engraftment and protection of transplanted cells used in regenerative medicine. Based on the results achieved over the last
four years of testing, PKTX is now preparing a submission to enter into a Phase 1/2 human clinical trial.
This morning, PKTX announced that a paper submitted by Dr. Kevin Gregory-Evans on the company’s AAGP™ has been accepted by the Journal of Tissue Engineering and Regenerative Medicine for publication.
The date of publication is unknown at this time but should be available online in advance of the printed version. AAGP™, an antifreeze glycopeptide, has been demonstrated to significantly improve the viable yield of stem cells transplanted in retinal tissue at the University of British Columbia under the guidance of Dr. Kevin Gregory-Evans, the company said.
PKTX noted that Dr. Gregory-Evans has concluded that embryonic cells treated with AAGP™ and transplanted into retina tissue, an accepted model for the central nervous system, compared to the control group not treated was 300% more viable.
Dr. Gregory-Evans, who is currently professor of Ophthalmology in the Faculty of Medicine, University of British Columbia, and holder of the Julia Levy B.C. Leadership Chair in Macular Research, Vancouver, said that AAGP could be a huge benefit to the future of pre-clinical and clinical transplantation medicine and that it will revolutionize transplantation medicine across the board.
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