Ebb & Flow

The last time FibroGen raised money was a $56.5 million series E round in September 2000 - shortly after the genomics bubble burst. That left the prelinical company with a hefty post-money valuation around $280 million. Given the subsequent compression in valuations, it would have been fair to assume that last week's $100 million series F was a down round. Far from it.

Indeed, the company, which has reached Phase II, now may be valued above $380 million. Evan McCulloch of Franklin Templeton, which has a stake in the company, said Fibrogen had a post-money valuation of $281 million after its E round. ...