Unwinding Rodman

Direct Markets Holdings Corp.'s search for alternatives for its Rodman & Renshaw LLC investment banking unit could conclude as early as this week. In the meantime, at least one long-time biotech client has jumped ship, while others told BioCentury they could continue work with the Rodman bankers wherever they land.

Depending on the outcome, other banks may have the opportunity to step in and fill the role Rodman has held since 2002 as a provider of PIPEs (private investments in public companies) and registered direct offerings for small cap life sciences companies...