In a risk-averse market, biotech stock market indices showed sluggish growth, being outperformed by broader market indicators. Venture capital funding remained relatively stable but public biotechs were able to take advantage of debt, private investment in public equitities (PIPEs) and follow-on financings to boost available cash. Funds raised through debt increased by three-quarters over the total in Q2; the amount raised through PIPEs increased by half the prior quarter's total; follow-on funding almost tripled.
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Lawrence, S. Biotech marks time in Q3. Nat Biotechnol 23, 1332 (2005). https://doi.org/10.1038/nbt1105-1332
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DOI: https://doi.org/10.1038/nbt1105-1332