The U.S. government shutdown was a contributing factor why no biopharma companies graduated to the public ranks in January. However, it was a hectic period after that, with a total of 11 companies completing their IPOs in the U.S. by the end of the first quarter, collectively raising about $1.07 billion. That figure was down 10.3% from the $1.2 billion raised by 14 companies listing on U.S. exchanges in the first quarter last year.