BioCentury
ARTICLE | Finance

Ebb & Flow

December 15, 2008 8:00 AM UTC

In good economic times, companies that run into problems can often avoid tough decisions - such as dropping programs or employees, or shutting their doors - by raising money from less savvy investors. Meanwhile, disgruntled investors can simply move money to more attractive opportunities. These days, however, the choices seem to be both more stark and more contentious, as investors have fewer ways to make money.

Maneuvering around four companies last week illustrated the various permutations...