It's understood that the equity tap often dries up in the summer, as Wall Streeters head for the Hamptons. So it comes as no surprise that the financing pace in the third quarter may be slowing. Last week, companies took home $34.4 million, bringing the quarterly total to $370 million. By comparison, the industry raised $1.1 billion in the second quarter.

However, September and October have been fruitful months for companies to raise money. Last year, biotech companies raised $946.7 million in those two months combined, out of an annual total of $5.8 billion. In 1996, companies raised $677.5 million in the two months, out of an annual total of $7.6 billion.