By Karen Bernstein

Biotechnology companies raised $183 million in the markets last week - $383 million if one counts Chiron Corp.'s convertible subordinated notes. But a reality check of two companies that have been at the extreme ends of popularity this year shows that it's still not much fun on the road.

Alpha-Beta Technology Inc. has been one of the market's darlings in 1993. The carbohydrate developer's latest offering of 1.3 million shares at $30 took just two weeks to complete.