Follow-ons ramping up

Nine biotechs have raised nearly half a billion dollars in follow-ons this month, already making June the second best month for follow-ons in 2016. In March, investors told BioCentury that an open follow-on window could signal that biotech's worst days may soon be behind it (see BioCentury, March 21).

"I'd say June is a small improvement from when capital was completely frozen earlier this year," said Brad Loncar of the Loncar Fund. "But most deals I've seen either have a huge discount or rely on some other creative aspect, so I don't think we are back to health yet." ...