Publicly traded biotechnology companies continue to reap thebountiful harvest of financings that has continued this fall.Giving thanks this month alone are four newly publiccompanies and seven veterans that have returned to refill theircoffers. All told, these companies have raised $259.75 millionin public funds in November.
This is better than even a month ago, and vastly superior to thefinancing situation a year ago. In October 1993, biotech firmsraised $175.70 million publicly. But in November 1992, a mere$88.4 million was raised by biotech offerings--all of theminitial public offerings--Cortech Inc. (NASDAQ:CRTQ), LigandPharmaceuticals (NASDAQ:LGNDA) and Neoprobe Corp.(NASDAQ:NEOP).
The November crop to date includes:
Initial public offerings by Penederm Inc. (NASDAQ:DERM),Incyte Pharmaceuticals Inc. (ASE:IPI), Arris PharmaceuticalCorp. (NASDAQ:ARRS), and Martek Biosciences Corp.(NASDAQ:MATK).
Follow-on offerings by Argus Pharmaceuticals Inc.(NASDAQ:ARGS), Alpha-Beta Technology Inc. (NASDAQ:ABTI),Cell Genesys Inc. (NASDAQ:CEGE), Athena Neurosciences Inc.(NASDAQ:ATHN), Bioject Medical Technologies Inc.(NASDAQ:BJCT), Somatogen Inc. (NASDAQ:SMTG) and GeneticTherapy Inc. (NASDAQ:GTII).
-- Jennifer Van Brunt Senior Editor
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