Nowadays, it is a decidedly different market. Whether in spite of Illumina's (Nasdaq:ILMN) ongoing commercial success, or perhaps because of it, investor enthusiasm for new science mousetraps is decidedly more muted. Two recent IPOs, Pacific Biosciences (Nasdaq:PACB) and Complete Genomics (Nasdaq:GNOM), have debuted to something less than rampant applause, while Rules-Based Medicine has recently decided to postpone its public offering.
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2 comments:
Stephen,
It has certainly been tough on biotech IPOs of late (not that that makes them special). Industry group BIO summarized this recently in their industry blog with a look at the 16 IPOs since the window reopened around 8/2009 prior to Complete Genomics. Not a pretty picture, with only 3 in positive territory.
http://insidebioia.com/2010/11/11/ipo-update-november-11th-2010/
I suppose one could argue this is the underwriters getting the companies as good a near term price as they could at IPO.
Thanks for the link.
I know a friend of mine recently left the venture business because the (lack of health) of the IPO channel made it a really dreary job.
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