Three French companies have floated on the stock market in rapid succession, in what appears to be a sign of financial maturity and investor interest in the local biotech sector. On April 21, Paris-based Neovacs listed on the New York Stock Exchange Alternext (part of NYSE Euronext for small and mid-sized companies). Industrial biotech Deinove, of Paris, floated next, on April 27, and within a month, medtech concern Carmat of Vélizy Villacoublay began the initial public offering (IPO) process, expected for July. The listings are surprising, given investors' current reluctance to bankroll small and medium-sized firms. “Selected top-notch companies can IPO even in shaky markets,” says Philippe Pouletty, who sits on the board of the three companies and is managing partner for private equity firm Truffle Capital, Paris. What they have in common, he says, is “Strong proprietary technology, major product candidates for large markets, experienced management teams and committed historical investors wanting to reinvest upon IPO.” Neovacs is developing vaccine-induced polyclonal antibody therapies. Deinove is exploiting Deinococci bacteria to develop biofuels and Carmat is developing an implantable artificial heart for heart failure. “In France, the past crunch has not significantly affected the ability to raise capital for mature biotechs,” says France Biotech director, Andre Choulika. “The downturn in private rounds is more worrying.”