Ebb & Flow

With follow-on paper pricing left and right, the griddle is getting fairly hot. Last week, $307.3 million was raised through four NASDAQ listed follow-ons, bringing the year's total to $525.7 million.

As of yet, however, the money has not trickled down to earlier-stage companies. Of the 23 NASDAQ follow-ons priced since the start of the fourth quarter, seven went to companies selling product, one went to a company with two NDAs under review, and eight went to companies in Phase III (see "Mature Money"). ...