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Achieving Liquidity In a Down Public Market

 
• By Michael Lytton

As a result of the downturn in the public markets, IPOs are no longer a liquidity event for venture capital investors in biotech companies. What are the implications for VCs if this situation persists?

Q: It appears that IPOs are no longer a liquidity event for venture capital investors in biotechnology companies, given their difficulty relative to days past and the disappointing post-money valuations accorded newly public companies. What is the implication for VCs if this situation persists?

A: This correctly describes biotech IPOs during the current financing window. On average, recent IPOs raised $30-40M proceeds, less than...

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