Venture groups switching to survival mode

The Washington Post examines a trend that may have a deep impact on biotechnology. With IPOs all but dead for now, venture capital groups have been forced to pump more and more money into their companies in order to keep them afloat. And that has been leaving less and less money to fund new companies that need their backing to get started. A decade ago it took an average of four years for a venture-backed firm to go public. Now it's 8.6 years.

"It's really a question of staying the course and surviving," said Roger Novak, general partner of Novak Biddle Venture Partners in Bethesda. "This is the worst we've seen."

- read the story from the Washington Post

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