Making a virtue of low market cap

Whether it was intended or not, Anergen Inc.'s failure to gorge itself at the 1991-92 funding trough has enabled it to offer its first corporate partner a sizeable percentage of the company in a deal that could give ANRG almost four years of cash.

While the '91-92 funding window left many biotech companies with copious bank accounts, heavy dilution and bloated market caps, ANRG raised a modest $14 million (1.75 million shares at