Managing Austerity

In its first review of European biotech finance in 1999, BioCentury noted that the industry faced the potential dilemma of having too many clinical programs and not enough capital to finance their development. The first review described the amount of money raised by European companies at that time as the "tip of the iceberg" relative to the underlying demand for finance, and warned of the dangers of a collision if the capital markets failed to ensure an adequate supply of funds.

That collision is now inevitable and the question is how many of the passengers will survive...