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Table: Follow-on performance
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Monday, April 7, 2014
Sixty-one biotechs raised $4.7 billion in follow-ons
in 1Q14, doubling the $2.3 billion raised by 32 companies in 1Q13. Follow-ons
last quarter were down a median of 2% from their postmoney valuations, led by a
56% decline by Exelixis Inc. (NASDAQ:EXEL). The biotech's shares fell
39% on March 26 after an IDMC said the Phase III COMET-1 trial of Cometriq
cabozantinib for metastatic castration-resistant prostate cancer (CRPC) did not
meet criteria to support early unblinding.
Retrophin Inc. (NASDAQ:RTRX) is up 162% from
its January follow-on. The rare disease company surged in
February after acquiring Manchester Pharmaceuticals LLC for $62.5 million. (A)
Follow-ons of units consisting of stock and warrants are excluded from the
postmoney and percentage change calculations because the price per share was
not available; (B) Totals for postmoney and March 31 market values exclude unit
deals; (C) Median percentage change
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