Historically, public biotechs have a harder time raising equity during times of high volatility. The average quarterly money raised via IPOs, follow-ons, PIPES and other equity deals fell to about $1.2 billion during 4Q08-1Q09, 2Q10 and 2H11 when the Chicago Board Options Exchange Market Volatility Index (VIX) traded above the 30 mark. In the less volatile period from 2005-07, when the VIX traded on average at about 14, the average quarterly money raised via equity financings was about $3 billion. Source: BCIQ: BioCentury Online Intelligence