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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Les H who wrote (171471)6/10/2002 9:37:27 AM
From: Les H  Read Replies (3) of 436258
 
Ernst & Young prepares a "survival index" to show how much cash public biotech companies have in their coffers. In 1999, as a financing drought was ending, only 25 percent of the companies examined had five or more years of cash. That figure now stands at 43 percent, close to a record.

On the other hand, fully 34 percent of companies have less than two years of cash on hand, and it is clear that many of them will have difficulty raising more in the present climate. If a new financing window doesn't open soon, and if the past is any guide, some of these companies will have no choice but to embrace "toxic" financing deals that lure new money by sharply undermining the interests of existing shareholders.

washingtonpost.com
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