London, March 8 (Blooberg) -- The U.S. biotechnology industry could suffer from a lack of funding as a result of falling inverstor confidence, the Financial Times reported, citing a report by accountants Ernst & Young. The report said equity markets were "increasingly unwilling to recognize and reward value created during the developtment process of the biotechnology product," the newspaper reported. The U.S. biotech industry made a collective net loss of $5.1 billion in 1998 on revenue of $18.6 billion and invested $9.9 billion in research and development, while 14 initial public offerings were called off, the newspaper said.
Biovector Therapeutics SA, a French biotechnology company, and Phytera Inc., a U.S.-Danish drug developer, both postponed stock exchange listings last month, citing unfavorable market conditions and lower-than-expected demand for shares.
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