Selected quotes from day 3 of the Biotech Summit

BOSTON (Reuters) - Biotechnology executives gathered in Reuters newsrooms in London, Boston and Los Angeles this week to talk about the state of their products and the industry.

The following are selected quotes from the Reuters Biotechnology Summit on Thursday, the final day of the three-day event:

SOL BARER, COO, CELGENE CORP.

"The pharmaceutical industry is trusted by society to develop new therapies. The stock price has to reflect our ability to treat patients. If we lose sight of that, we've lost sight of why we're here."

"Biotechnology has seen a coming of age in which sexy new technology is not enough. Clinical validation is absolutely critical. Science can be exciting but we need to show medical benefit."

BILL FREYTAG, CEO, MYOGEN

On acquiring new drugs: "The low hanging fruit has probably been picked."

On advantage of being first drug in a new class to reach the market: "Being first is always a big market moving advantage to have, but best in class always wins."

On hypertension drug his company is developing: "We expect to be first in class and best in class, so the second guy has no chance at all."  Continued...