A nano-cap struggles to ride the IPO wave; Seattle Genetics gets a GSK milestone
The last 8 months have seen an unprecedented spate of massive biotech IPOs. Companies have been able to raise well over $200 million despite being years from the clinic, and $100 million seems like the new standard.
A nine-employee outfit whose last fundraising round was for a few million dollars, according to Crunchbase, Minnesota-based cancer drug developer Sun BioPharma had no such grand ambitions. But they looked earlier this month to ride the IPO boom to a $10 million offering that would have valued the company at nearly $100 million.
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