Now that the biotech sector has had a long, cold reality shower, we suspect the hardy band of five companies trying to nudge open the public offerings window is doing so knowing full well what kind of prices to expect.

"The environment isn't particularly friendly and it may stay unfriendly for some time," says Stelios Papadopoulos, managing director of investment banking at PaineWebber. "The guys in March who tried to go out were saying, 'Are we still able to catch the tail end of the window? If not we'll walk away.'