BIOTECHNOLOGY: It's Time to Try, Try Again

It's Time to Try, Try Again

If at first you don't succeed, go back to the laboratory. That is what Genentech (1986 revenues: $134 million) must do now that the Food and Drug Administration has at least temporarily rejected t-PA, the company's revolutionary new, genetically engineered drug that dissolves blood clots, which often lead to heart attacks. The FDA asked South San Francisco-based Genentech to come up with further test data in support of the company's claim that the drug can increase the survival rate of heart-attack victims.

The decision was a shocker on Wall Street, where biotechnology stocks had been big winners. After the FDA ruling,...