Although private financing and overall funding remain relatively stable, investor interest in biotech is a shadow of a year ago, when the initial public offering (IPO) market had just come off the best two quarters of this window. The BioCentury 100 Index has fallen by a little more than 10%, and the NASDAQ Biotechnology Index has receded by almost 15%. Public offerings and follow-on financing have dwindled from the high early last year, even with a robust IPO market in Europe.

Credit: Source: Multex, BioCentury
Credit: Source: BioCentury
Credit: Source: BioCentury, Burrill & Company
Credit: Source: BioCentury
Credit: 1Prices as of July 1, 2005. Source: BioCentury, Hoover's, Recombinant Capital, Burrill & Company, company websites