Ebb & Flow

Biogen's positive FDA panel for its Amevive psoriasis compound could loosen the first screw in the bolted biotech funding window for follow-ons, but is likely to stop short of throwing the window open. The IPO window, which historically lags the follow-on market, may not enjoy a ripple effect from last week's news.

"As an 18-year observer of the biotech industry, I've seen that good news and bad news usually come in streaks," said Mark Simon, managing director and U.S. head of life science investment banking at Salomon Smith Barney. "So far in 2002 we've seen a run of bad news. Now, if FluMist is approved in July, we can talk about the funding window opening." MedImmune (MEDI) last month put 50/50 odds on launching its FluMist intranasal influenza vaccine for the 2002-03 flu season (see BioCentury, April 15). ...