| An SI Board Since March 2004 |
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tuck
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This thread, a companion to BLUE HP
Subject 51229
is for discussion of the new wave of biotech IPOs, that have come out in late 2003 and on into 2004. This thread was formed to make comparison with the old wave -- the 2000 and 2001 era -- a little easier. Those stories are still playing out. As folks go through the S-1s, please comment on the capital structure. In the previous wave, VC had gotten large chunks at such low prices that they could cash out at almost any price and still make money. They floated all manner of companies before their business models had proven out because of that ability.
Are we seeing the same story here in a slightly different form? Certainly we're not seeing genomics and platform technolgy companies anymore. No, the emphasis now is on late stage products. But has the VC overhang changed any?
In any case, I'm migrating the new wave portion of BLUE HP's portfolio over here, including the one transaction involving a new wave company, a short of Eyetech. For we have discovered that IPOs are shortable by the masses a few days after the debut, perhaps courtesy of flippers.
As before, polite on topic discussion is expected.
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