BioCentury's 12th annual European Iceberg survey projects one of the lowest financing demand figures ever for public biotechs, thanks to the robust funding environment over the last two years. But while private companies actually raised a record amount of cash in 2013, the appetite for capital in this group increased due to the ballooning cohort of Phase II companies.

The Iceberg survey aims to identify the underlying demand for finance by private and public biotechs in Europe, including Israel, over the next three years. The survey includes only companies that have reached the clinic or the market. It excludes profitable publicly traded biotechs.