BioCentury's 11th annual European Iceberg survey sees funding demand continue to fall for a shrinking number of public clinical-stage biotechs in Europe, while the capital demanded by the growing cadre of venture biotechs continues to outstrip the supply.

The Iceberg survey aims to identify the underlying demand for finance by private and public biotechnology companies in Europe, including Israel, over the next three years of operations. It includes only companies that have reached the clinic or the market, and excludes discovery and preclinical plays. It also excludes profitable publicly traded biotechs.