Ebb & Flow Focus

Although Metabolex hasn't done a financing with a valuation step-up in more than two years, the company's story drives home the point that valuation takes a back seat to survival.

The diabetes company, which was founded in 1991, was valued at $150 million following a venture round in 2000, when its lead compound, MBX-102, was in preclinical testing. But when Metabolex tried to raise money in 2002, the company found the VC purse strings were drawn. ...