Indicators of demand for biotech stocks remained in the doldrums last week when Ariad Pharmaceuticals and Targeted Genetics managed to eke out only $15 million and $12 million respectively in their IPOs, falling $20 million short of their combined funding target of $47 million.

In last week's Commentary, we noted that demand for biotechnology shares had become faint. But we also pointed out that government demand for the fruits of biotechnology is muted, and that, indeed, the overall public demand for biotechnology itself has yet to be seen. We suggested that the industry needs to connect itself with benefits or outcomes that biotech's various constituencies clearly WANT.