Biotechnology Fundraising Reflects Bigger Start-Ups, Fewer IPOs in 2005

Through the beginning of December, private biotech firms had raised nearly $3.5 billion in 2005, according to Windhover's Strategic Intelligence Systems. So far this year, VCs have spread their money relatively evenly across the private life cycle, with A rounds brining in about $850 million, B rounds $900 million, C rounds $800 million and D rounds nearly $1 billion.

These numbers contrast starkly with 2004, when a similar peak at early trends in the year's private financing showed venture investors were focused heavily on Series B and Series C...