In the depths of frigid, snowy Chicago winters, it’s wise and life-saving to wear plenty of layers when stepping outside. In a cold, bear market that has shuttered nearly every chance at entering, public biotechs are also trying to add on layers in the form of follow-on financings, because having a ticker means always being outside.
Padding the reserves with more capital is an uphill battle in a market littered with biotechs trading below cash, a slew of negative trial results and a relatively stagnant M&A path. Yet, some biotechs have been able to secure mittens, scarves and even parkas in this environment. Three more announced plans Thursday night and before Nasdaq turned on the lights Friday morning.
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