Monday, November 25, 1996
By Eric Pierce
Five biotech financings closed on Tuesday, allowing the industry to fatten its reserves by $60.7 million. Two were IPOs - CV Therapeutics and Viropharma - which were scaled down considerably from the original filings. Even so, the new issues received a tepid response in the aftermarket. VPHM closed Friday at the $7 offering price, while CVTX finished the week at $7.50, down from the $8 IPO price.