Biotechs have raised $7.2 billion via 95 follow-ons in 2014, averaging $75.8 million per deal. This compares with $6.5 billion raised in 65 deals in 1H13, an average of $100.1 million. Follow-ons in 1H14 are up a median of 2% from their postmoney valuations, largely dragged down by a 5% decline in deals that closed in the first quarter. Second quarter follow-ons are up a median of 10%, led by a 54% gain by Chimerix Inc. (NASDAQ:CMRX). The company's brincidofovir is in Phase III testing for cytomegalovirus (CMV) infection in adults undergoing hematopoietic stem cell transplant (HSCT). Chimerix raised $117.9