Escaping to Europe

Although the upward trend in biotech share prices is providing some glimmers of encouragement - after a third consecutive weekly gain the BioCentury 100 index is up 28 percent since Sept. 4 - the grass still looks greener in Europe for companies in need of cash.

Just as California-based Centaur sold the majority of its $16.5 million IPO earlier this month to Swiss investors (see Ebb & Flow, Oct. 26), look for Massachusetts-based Phytera to sell a good chunk of its proposed IPO to Europeans. The drug discovery company last week announced that it plans to raise up to $34.5 million in an IPO that will be floated on the EASDAQ and Copenhagen stock exchanges. Phytera has had success raising money in Europe, helped largely by the presence of three overseas subsidiaries - Phytera Ltd. in the U.K., and Phytera A/S and Phytera Symbion ApS, both in Denmark...