The Micro-Cap Bio-Pharma Index was hit especially hard over the past year, posting a decline over 41% while the Emerging Bio-Pharma Index fared somewhat better with a 30% loss. Over the past year, benchmark healthcare ETFs posted losses of about 19% each for iShares Nasdaq Biotech (IBB) and PowerShares Dynamic Pharma (PJP) versus steeper declines of 30% for the Healthcare Sector SPDR (XLV) and 43% for an overall measure of micro-cap companies, the iShares Russell Micro-Cap Index (IWC).

Two companies included in this index have pending FDA decisions which will likely have major impacts on the stock prices, including Acusphere (ACUS) – for cardiac imaging agent Imagify and Labopharm (DDSS) – for both once-daily tramadol (already marketed outside the U.S.) and rapid-onset trazodone as new formulations of existing drugs. Meanwhile, BioDelivery Sciences (BDSI) remains on track for a FDA resubmission before year-end, which contains a Risk Evaluation and Mitigation Strategy for its lead product candidate Onsolis (BEMA Fentanyl) with an expected Class II review designation and six month review.

However, even FDA or EMEA approval does not guarantee a higher stock price as several companies in the index have either U.S.