ARTICLE | Finance

Wanted: Less Dilution

$1B in therapeutic discovery tax credit awards spread among 3,000 biotechs

November 8, 2010 8:00 AM UTC

The $1 billion in therapeutic tax credit money doled out by the U.S. Treasury last week was spread so thinly among 3,000 companies that biotech CEOs are already looking at ways to make a hoped-for second round more meaningful.

In addition to spurring investment in smaller biotechs that have struggled to gain access to capital since the economy melted down, the funds were intended to give them the capital to hire more staff and accelerate the development of programs that address an unmet medical need, reduce the costs of healthcare or cure cancer in 30 years...