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Finance Watch: Lucky Few Raise Cash While Many Public Biotechs Cut Costs

Restructuring Ongoing As Firms Extend Funding Runways

 
• By Mandy Jackson

Public Company Edition: ImmunoGen received the first $75m under a $175m term loan, while Protagonist raised $100m in a follow-on offering, but companies with bankruptcy filings and job cuts outpaced those accessing new capital by a wide margin in late March and early April.

Finance Watch Public Company
• Source: Alamy

ImmunoGen, Inc. and Protagonist Therapeutics, Inc. accomplished in early April what has become increasingly difficult for public biotechnology companies to do when they accessed significant amounts of new capital to fund ongoing research and development and, in the case of ImmunoGen, commercial activities. These feats were achieved as many more of their peers were revealing plans to cut costs, implement layoffs and even file for bankruptcy.

Waltham, MA-based ImmunoGen said on 6 April that it entered into a term loan facility for up to $175m with entities managed by Pharmakon Advisors LP

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