Ebb & Flow

"Double dipping" - raising equity twice in a funding window - is always a sign that the market is robust. Protein therapeutic company Neose (NTEC) put another scoop on its cone last week. It raised $23 million in a PIPE through JPMorgan, bringing the number of double dippers in this window to 15. Judging from last week's filings, the trend is accelerating - only 10 companies had returned to the well going into August (see "Double Dippers").

ID Biomedical(TSE:IDB; IDBE) plans to make it 16 this week, when the company is expected to close a 5 million share follow-on though CIBC. The infectious disease company would raise $77.3 million if the deal, filed last Wednesday, priced at its Friday close of $15.45 on NASDAQ. In May, IDB raised $22.2 million in a follow-on also led by CIBC (see BioCentury, May 19). ...