Last year's big surprise was that venture capital investment in biotech was greater than in 2000, up to $5.3 billion. Initial public offerings (IPOs) didn't fair nearly so well, but still provided the second largest amount (∼$2.5 billion) raised for biotech in more than a decade. Overall, biotech financing continued to improve in 2004 from 2002's lows. Every means of obtaining funding, from private investments in public equities (PIPEs) and other types of debt to partnerships, increased significantly over this period. And after losses in the second half of the year, the biotech indices rebounded.
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Lawrence, S. A banner biotech year in 2004. Nat Biotechnol 23, 164 (2005). https://doi.org/10.1038/nbt0205-164
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DOI: https://doi.org/10.1038/nbt0205-164
