The Lux Research nanotechnology index, which tracks companies that make or use nanotech products and technologies, stagnated over that period — and a few of its component companies have taken a serious hit.

One of the worst performers was Nucryst Pharmaceuticals in Wakefield, Massachusetts, whose stock has halved from a peak of US$4 in late March. The company has established a successful business selling nanocrystalline silver used in wound dressings, but it is struggling to win approval for what investors had hoped would be a yet-more lucrative line in dermatology drugs.

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