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November 01, 2010 (Vol. 30, No. 19)

Biotech Posts Strong Third-Quarter Results

Robust Performance Hailed as Strongest September Rally in More than 70 Years

  • IP Queue

    In addition to these two biofuel companies, several other biotechs filed to add themselves to the IPO queue in the quarter including:

    • Complete Genomics (www.completegenomics.com), has already sequenced more than 200 complete human genomes since the beginning of the year, according to its filing.
    • Horizon Pharma (www.horizonpharma.com), has a product on the market in Europe. Lodotra is a low-dose formulation of prednisone, for the treatment of rheumatoid arthritis.
    • Aegerion Pharmaceuticals (www.aegerion.com) is focused on the development and commercialization of pharmaceuticals to treat cardiovascular and metabolic diseases.
    • Cutanea Life Sciences (www.cutanealife.com) is a development-stage specialty pharmaceutical company whose mission is to strategically in-license novel, mid-stage candidates to treat diseased and aging skin conditions.
    • Endocyte (www.endocyte.com) is developing targeted therapies for the treatment of cancer and other serious diseases.
    • Pacific Biosciences (www.pacificbiosciences.com) has developed a single molecule, real-time technology that enables analysis of biomolecules with single-molecule resolution.
  • Public Company Financings Soft

    Analysis in the Burrill Report shows that, apart from debt financings, all other financing vehicles were down a collective 50%, compared with the second quarter of 2010.

    Follow-on financing and IPOs were down quarter-over-quarter; however, padding the data was the $7.2 billion raised in debt financing, bringing the total raised in the third quarter to $9.5 billion.

    Venture capital financing continued to flow to U.S. biotech companies with $1.3 billion raised from about 90 deals announced in the third quarter. The U.S. biotech industry is on track to raise over $20 billion by the end of the year.

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