Ebb & Flow/P>

There may be hope for the sector yet. A U.S. and a U.K. IPO were met with healthy investor appetite, and GelTex (GELX) successfully priced an $81 million follow-on.

On the U.S. side, CuraGen (CRGN) raised $34.5 million in its IPO of 3 million shares at $11.50. The stock was well received in the aftermarket and closed Friday at $12.375, valuing the company at $158.7 million. The company uses its gene discovery, drug target validation and high-throughput screening to discover drugs to treat cardiovascular disease, stroke, cancer and metabolic disorders, in addition to agricultural products. CRGN raised an additional $11 million through the sale of 956,522 shares at the IPO price to Biogen (BGEN), Genentech (GNE) and the University of Florida Research Foundation. CRGN filed on Oct. 16 to raise up to $40 million, then refiled on Feb. 23 to sell 2.75 million shares at $10-$12.