Biotechs Are Cloning Money

Why is the sector so hot? It has promising drugs, private financing, fast money--and too few shares

The first thing Taylor J. Crouch learned as the new chief executive of biotech company Variagenics Inc., was two phrases: "down round" and "nuclear winter." The first meant he wasn't going to get enough money from a round of venture financing; the other that nobody else in the industry was either.

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