Fa­heem Has­nain forges a $120M pri­vate place­ment. So what did we learn from that?

This morn­ing Fa­heem Has­nain is un­veil­ing a $120 mil­lion pri­vate place­ment for his biotech, Gos­samer Bio. Which says a lot about where and how the smart mon­ey is be­ing bet these days.

Un­less you’ve been hid­ing un­der a rock for the last six months, you know the mar­ket went from eu­pho­ria about biotech dur­ing the pan­dem­ic to a hard and un­re­lent­ing de­spair. There’s been a bounce re­cent­ly in the key in­dex­es, but as Has­nain and a group of re­al­is­tic biotech ex­ecs read­i­ly agreed dur­ing our live pan­el at #BIO22, the mood is “shit­show” dark on Wall Street when it comes to the odds of suc­cess in drug de­vel­op­ment.

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