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Biotech Cools Off in August But Capital Markets Remain Positive
Date:9/1/2009

mberland IPO will not open the biotech IPO window just yet, but companies on the runway with products already on the market, or close to it, might be tempted to 'test the waters' but early-stage, research-based biotechs are unlikely to find favor in a climate that still has no tolerance for risk."

One biotech predicted to test the US IPO waters in the near future is Talecris Biotherapeutics, a manufacturer of plasma-based proteins. Like Cumberland, the company has products on the market and its 2008 sales were $1.4 billion.

There was an international IPO completed during August as well. Israeli biotech company, D-Pharm, listed on the Tel Aviv Stock Exchange raising $7.6 million in an oversubscribed offering. The offering price of approximately $4.50 per share was higher than D-Pharm's original minimum goal, but still considered a bargain considering the company's pre IPO valuation of about $32 million. D-Pharm also raised $15.4 million in a rights offering at the same time and at the same terms. The company will use most of the proceeds to fund a late-stage clinical trial of its lead drug DP-b99 in moderate to severe ischemic stroke for which the only currently approved drug is tissue-plasminogen activator (t-PA), marketed by Genentech as Activase.

Biotech Industry Statistics for August

The monthly, subscription-based Burrill Report (www.burrillreport.com) provides ongoing statistics and analysis on the 328 biotechs that are publicly traded on major US markets as well as tracking the financings and deal flow in the global biotech industry. Among the current data the publication reports that at the end of August the group of public biotech companies had an aggregate market cap of $340 billion (down 1.4 percent for the month). Also:

  • There are 49 companies that have market caps greater than $1B
  • There are 36 companies that have market caps between $500 and $999M '/>"/>

SOURCE Burrill & Company
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