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Table: Follow-on performance
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Monday, January 6, 2014
About $10 billion was raised in 139 follow-on deals in
2013, with $1.8 billion raised in 41 deals in 4Q13. In 2012, $6.3 billion was
raised in 111 deals. Follow-ons last year were up a median of 24% from their
post-money valuations, led by a 13x increase in the valuation of Idera
Pharmaceuticals Inc. (NASDAQ:IDRA) from its May offering of $16.5 million.
The nucleic acid therapeutics developer raised an additional $27.7 million in a
September follow-on. Idera's lead product, IMO-8400, is a toll-like receptor 7
(TLR7), TLR8 and TLR9 antagonist in Phase II testing to treat psoriasis. (A)
Percentage change calculated from post-money valuation and Dec. 31 market cap;
(B) Follow-ons of units consisting
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