BioCentury
ARTICLE | Finance

Ebb & Flow

June 10, 2002 7:00 AM UTC

The biotech industry raised a record amount of money in the first quarter, $5.7 billion, the best start to any year for the industry with the exception of 2000, when biotech took in $13.1 billion in the first quarter. Since then, however, the industry has pulled in only $2.1 billion. The lull includes an especially arid six-week spell up to last Friday, during which the industry raised only $435.3 million.

The group is now on track to raise $17.3 billion, which still makes a respectable year. But over that six week period the BioCentury 100 fell 14%, suggesting that the performance of the sector is keeping some money on the sidelines (see "Causal Effect?"). ...