Monday, April 6, 1998
The biotech sector raised $2.1 billion from the financial markets
in the first quarter of 1998, the most in the period since BioCentury began
tracking biotech capital markets in 1993. On top of the $1.9 billion raised
in last year's fourth quarter, investors clearly are finding ways to put money
However, the numbers mask the fact that the key public offerings
markets have all but vanished, while the funding bonanza was heavily based on
debt financing by a handful of companies.