Waltzing with Bears
This article was originally published in Start Up
Executive Summary
Biotechs raising series C and D rounds, even those which have made their technology or commercial milestones, are finding that VCs aren't willing to give them a step-up in valuation from their previous round of financing. For management, the situation means more dilution, but VCs, even those who paid up in previous rounds, like the new prices, in part because they're confident that the IPO market will return soon.