PT  - JOURNAL ARTICLE
AU  - Irvin W. Morgan, Jr
AU  - Pier A. Abetti
TI  - Private and Public “Cradle to Maturity” Financing Patterns of U.S. Biotech Ventures (1970–2001)
AID  - 10.3905/jpe.2004.391047
DP  - 2004 Feb 29
TA  - The Journal of Private Equity
PG  - 9--25
VI  - 7
IP  - 2
4099  - https://pm-research.com/content/7/2/9.short
4100  - https://pm-research.com/content/7/2/9.full
AB  - Since 1970, U.S. biotech firms have raised over $141 billion in private and public financings. All types of financings in the 1970–2001 timeframe are investigated from “cradle to maturity,” or “cradle to grave.” The objectives are to determine: 1) if there are specific financing patterns that result in higher probability of success; 2) the impact of stock performance on management's financing decisions; 3) the relationship of biotech hot and cold cycles to general market cycles; 4) the relationship between public and private markets; and 5) the principal determinants of biotech firm survival, including the effect of venture capital.