Even counting CoCensys, which fell $10 million short of the top of its target range, the IPO Class of '93 so far has raised about 10% more than initially proposed.

Grass is greener syndrome

Two weeks ago, everyone was waiting with bated breath to see what shape this offerings window would take. Now that its outlines are becoming clear, we find the picture a bit disturbing for what it says about the long-term prospects for funding biotech companies.