Having Cake & Eating It: Sunesis' Solution to the Development/Discovery Challenge
This article was originally published in Start Up
Executive Summary
The funding squeeze has relaxed, but discovery still doesn't attract much investor attention. Discovery-based Sunesis has opted to have its cake and eat it, too. It in-licensed at an early stage and thus didn't threaten its research group. And it's given its researchers perhaps another year and a half before they've got to put an invention of their own into the clinic-or in-license something else.
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Many of the small biotech companies that have listed on the public markets in the past few years have had to grapple with less-than-hoped-for IPO proceeds, low market valuations, and poor share liquidity. PIPE financings are allowing some of these companies to progress promising portfolios and offering investors potential upside on undervalued assets.
Many of the small biotech companies that have listed on the public markets in the past few years have had to grapple with less-than-hoped-for IPO proceeds, low market valuations, and poor share liquidity. PIPE financings are allowing some of these companies to progress promising portfolios and offering investors potential upside on undervalued assets.
As the financing drought continues and their cash supplies dwindle, biotechs are resorting to big layoffs to drastically cut back on spending (See exhibit 1). But however rigorous a company's turnaround effort, the target of the layoffs always seems to be discovery research, with the remaining employees focusing on clinical programs.
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