Ebb & Flow

Taiwan's Taigen Biotechnology was able to raise $37 million in a series C round last week, but at a steep discount that helps explain why it's sometimes better to be an early stage investor. The round, led by existing shareholder MPM Capital, represented a 50% step down from the company's $38 million series B round in March 2004, which was a 50% step up in valuation from the 2001 series A round. That first round raised $37 million at a post-money valuation of $49 million.

The good news, according to President & CEO Ming-Chu Hsu, is the company now has runway for the next three years, enough time to bring its first product to market...