The volatile stock market conditions that have characterized the biotech sector this year (one might say it's just business as usual for biotech) are unlikely to ease up any time soon, particularly if the Federal Reserve raises interest rates, as many expect. The BioCentury 100 Price Level index, which closed last week at 1179.92, is now below the year-end close of 1198.86 after peaking five weeks ago.

The 12 percent falloff in that time reflects a market shifting so quickly that companies cannot make their fundraising decisions based primarily on whether stock prices are rising or falling, because what's true when companies decide to raise money may not be true two weeks later when they go on the road.