Not Getting The Red Out

Biotech investing is always a perilous undertaking, especially with talk of drug-price controls in the air. But despite the baleful climate on Wall Street, a Woburn (Mass.) outfit called Telor Ophthalmic Pharmaceuticals peddled stock anyway last spring, reasoning that its eye-treatment products were pretty hot stuff. Like most biotech pioneers, Telor had no products on the market and was losing money. But it felt that the $20 million from an initial public offering was necessary to see its products through federal clinical testing. Explains Dr. Stephen Riggi, the CEO: "We were farther along than most companies who decide to go into the marketplace."

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