Ebb & Flow

Biotech companies looking to go public this year have found investors reluctant to shell out cash. But venture funds have remained able to raise new money, implying that companies unable to go public will continue to find venture funds available. Indeed, at least two more VCs are expected to announce significant closings by year end.

The latest closing came last week, as TVM Techno Venture Management closed its TVM V Life Science Fund at E336 million ($301 million). While TVM raised E86 million above its scaled back E250 million expectations, this was below the firm's E400 million goal set in August (see BioCentury, Aug. 20). ...