Clinical development devours money

BioCentury's 2005 survey of Europe's financing needs shows that clinical stage biotechs will need about $3.2 billion - $2.4 billion for private and $764.9 million for public companies - to support operations until the end of 2007. The study also reveals the rising demand for money from private Phase III companies. On the public side, overall demand has declined, but companies with marketed products continue to require more funding.

The number is more than double the financing needs revealed in BioCentury's first European survey in 2003, when clinical stage companies reported they needed $1.5 billion to have three years of runway through the end of 2005...