BioCentury
ARTICLE | Finance

Ebb & Flow

August 15, 2005 7:00 AM UTC

Last week's IPO by Coley (COLY) was the first U.S. biotech IPO to price at the top of the range and then trade up in the aftermarket since small molecule company Theravance (THRX) in October 2004. Investors told Ebb & Flow the reasons had as much to do with the company as with market conditions.

The key is that the company has shown proof-of-principle of a platform that has the potential to produce multiple products...