Biotech financings bog down in slow season <a href="http://www.biv.com/subscriber/tech.asp";>Business in Vancouver May 31-June 6, 2005; issue 814</a>
Biotech financings bog down in slow season Soft U.S. market, aggressive short-selling blamed for slowdown in fundraising Glenn Drexhage A pair of biotech financings from local companies underlines the tough market conditions besetting the sector, a situation that onlookers expect to continue over coming months. "I think the market conditions are very difficult," said Carolyn Cross, president and CEO of Vancouver's Ondine Biopharma Corp., one of the firms to raise funds. "This is not a time of the year when investors are ready to put more money to work. Rather, they go into the summer months knowing that the markets tend to trail off, go soggy until September. "I think we are going to see interest in the biotech sector, but not until later on this year." On May 18, Ondine (OBP:TSX, AIM) -- which develops non-antibiotic therapies for a range of infections -- announced the pricing for a $12-million equity financing via agents Canaccord Capital Corp. and Sprott Securities Inc. A day earlier, MIGENIX Inc. (MGI:TSX; MGIFF:OTC), a Vancouver drug development firm, said it had reduced the size of its previously announced unit offering to $5 million from $15 million, citing market conditions. There's also an option to raise the offering by up to $3 million. http://www.arizonabiotech.com/ http://smsac.blogspot.com/ http://groups.yahoo.com/group/biotech-news/ http://www.azhttp.com/ ------------------------ Yahoo! Groups Sponsor --------------------~--> In low income neighborhoods, 84% do not own computers. At Network for Good, help bridge the Digital Divide! http://us.click.yahoo.com/EA3HyD/3MnJAA/79vVAA/H4xqlB/TM --------------------------------------------------------------------~-> http://www.arizonabiotech.com/ <a href="http://www.arizonabiotech.com/";>Arizona Biotech</a> http://groups.yahoo.com/group/biotech-news/ <a href="http://groups.yahoo.com/group/biotech-news/";>Biotech News</a> http://www.arizonaentrepreneurs.com/ <a href="http://www.arizonaentrepreneurs.com/";>Arizona Entrepreneurs</a> http://www.azhttp.com/ <a href="http://www.azhttp.com/";>Arizona High Tech</a> Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/biotech-news/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
