In an odd way, bear markets are the best of times for venture capitalists, at least those who aren't raising money (the struggle of new funds to raise money—even those with highly experienced VCs leading them—is tougher than ever). The reason: without a public market to offer the prospect of near-term liquidity, private biotechs have to bring in capital for the long term—expensive for companies, cheap for investors.
Thus a number of companies looking for series C and D financing, even those who have made all promised milestones,...
