Sixty-one biotechs raised $4.7 billion in follow-ons in 1Q14, doubling the $2.3 billion raised by 32 companies in 1Q13. Follow-ons last quarter were down a median of 2% from their postmoney valuations, led by a 56% decline by Exelixis Inc. (NASDAQ:EXEL). The biotech's shares fell 39% on March 26 after an IDMC said the Phase III COMET-1 trial of Cometriq cabozantinib for metastatic castration-resistant prostate cancer (CRPC) did not meet criteria to support early unblinding.

Retrophin Inc. (NASDAQ:RTRX) is up 162% from its January follow-on. The rare disease company surged in February after acquiring Manchester Pharmaceuticals LLC for $62.5 million. (A) Follow-ons of units consisting of stock and warrants are excluded from the postmoney and percentage change calculations because the price per share was not available; (B) Totals for postmoney and March 31 market values exclude unit deals; (C) Median percentage change