Ebb & Flow

Undaunted by the uncertainty following the market sell-off on Feb. 27, IPO hopefuls continue to make their way toward the market. Last week, Jazzannounced plans to raise up to $172.5 million. A handful of smaller European companies also edged forward on the IPO front.

Jazz had a high-profile $250 million B round in March 2004, the largest ever for a biotech venture funding. At that time, Chairman Bruce Cozadd told BioCentury that a $1 billion valuation for an IPO wouldn't be inconceivable. To support that valuation, he said Jazz probably would need at least $100 million in revenue (see BioCentury, March 29, 2004). ...