Prime real estate

The broad concept behind Five Prime Therapeutics Inc. - secreted protein discovery and development - is hardly new. But the company and its investors think Five Prime is the first to have a fully industrialized approach to discovering secreted proteins. Thus, investors were willing to put up big money for a preclinical play - $45 million - in hopes that Five Prime will be able to crank out a stream of protein therapeutics from its engine.

The deal reflects the renewal of interest in product platforms, and points to the profile of an early-stage company capable of attracting money in this financing environment...