When an unprecedented five Triangle-based biotechnology companies went public in 2013 and 2014, the mood on Wall Street was ebullient.
Investor enthusiasm for the sector enabled these companies to raise tens of millions with their initial public offerings even though they didn’t have a product on the market. Investors were betting the experimental drugs they were developing would one day win approval from regulators – a process that routinely takes years.
Recently, as many of these same companies sought to raise more cash, they have encountered a very different environment.
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