IPO TABLE: Biotech slides even after strong offerings
This article was originally published in Scrip
Biotechnology companies launched half of the initial public offerings completed by venture capital-backed companies in 2014, but the momentum behind the IPO boom is slowing.
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Silicon Valley Bank data show a pullback in crossover financings but an increase in seed and series A venture capital rounds. In recent private company financings, CRO Novotech raised $760m. In public company financings, Eleusis will merge with a SPAC and the Bausch + Lomb IPO is on file with the SEC.
ImmPACT Bio is advancing three CAR-T technology platforms that aim to address problems such as antigen escape, off-target toxicities and the immunosuppressive tumor microenvironment.
Public Company Edition: While panelists at Biotech Showcase argued merging with a special purpose acquisition corporation is not as attractive as it used to be, firms continue to pursue this go-public alternative. Also, Hillstream launched a small IPO and Cytokinetics accessed cash from Royalty Pharma.