Nineteen biotechs raised $972.7 million via IPOs in
2011, including five companies last quarter. This compares to 31 IPOs that
raised $1.6 billion in 2010. The 2011 class traded down a median of 19%, with
13 of 19 companies ending the year below their post-money valuation. The market
values for traditional Chinese medicines company Tibet Pharmaceuticals Inc.
(NASDAQ:TBET), small