I had two moles biopsied on monday, february 25, 2013. both biopsy sites are now raised, red, and itchy. should i be concerned?

Rash: The most likely cause is an allergic reaction to the topical anti microbial agent that you are using (often triple antibiotic) or the band aide. Go send your doctor and get a prescription cream to suppress the allergic reaction. He can also examine the areas for evidence of infection and culture the biopsy sites if he feels it is indicated.