The venture crowd gathered for a wake of sorts at this week's BIO-Europe meeting, mourning the toll in store over the next two years of small biotechs with limited funding opportunities.
Simon Turton, managing director for Warburg Pincus, said he had only "doom and gloom" to offer the biotech community. Cited in a story for BioWorld International, he said that biotechs "need to be looking at ways to use the cash that they have to get to 2011." And his thoughts on the chances of a biotech IPO: "There will be nothing next year and only a few, perhaps even rash offerings, in 2010."
James Watson, managing director and head of merchant banking for Burrill & Co., noted that financing is already down, and all signs point to a steady worsening. Added Watson: "It will be hard to raise any new money."
- read the report from BioWorld