Ebb & Flow

While many biotech companies are running short of cash and valuations are depressed by the confluence of crises gripping the capital markets, three experienced investor groups have managed to persuade their backers that the time to invest is now.

Last week, Novo A/Sand Abingworth Management signaled their confidence in growth equity opportunities by announcing they would be putting more money to work in 2009, while private equity group Celtic Pharma Holdings Advisorsannounced the first closing of Celtic Pharma Holdings II at $100 million...