Escaping to Europe

Escaping to Europe

Although the upward trend in biotech share prices is providing some glimmers of encouragement - after a third consecutive weekly gain the BioCentury 100 index is up 28 percent since Sept. 4 - the grass still looks greener in Europe for companies in need of cash.

Just as California-based Centaur sold the majority of its $16.5 million IPO earlier this month to Swiss investors (see Ebb & Flow, Oct. 26), look for Massachusetts-based Phytera to sell a good chunk of its proposed IPO to Europeans. The drug discovery company last week announced that it plans to raise up to $34.5 million in an IPO that will be floated on the EASDAQ and Copenhagen stock exchanges. Phytera has had success raising