Q1: A flood of in­vestor cash drove biotech's num­bers to new record highs, and the tor­rent of cash is mov­ing up­stream fast

If you thought biotech was boom­ing last year, wait un­til you get a load of the num­bers from Q1 2021.

On vir­tu­al­ly every lev­el, with one ex­cep­tion, the mon­ey en­gine was work­ing around the clock in the first 3 months of this year. Ven­ture cap­i­tal has reached such a fever peak that the av­er­age B round now weighs in at an av­er­age mega-weight val­ue of $100 mil­lion. The mon­ey flow is al­so find­ing its way to the mouth of the R&D riv­er, where dis­cov­ery work now mer­its the big bucks in­stead of cau­tion­ary seed funds.

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