Category Archives: Finance

Underwriters Need to Get Real on Biotech IPOs

The good news is that the IPO market for biotech stocks is receptive to new offerings. The bad news is that the valuations and size of the offerings are well below expectations. This usually means that 1) your bankers aren’t … Continue reading

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The Big Short

I just finished reading The Big Short: Inside the Doomsday Machine by Michael Lewis.  This book is a fascinating look at the creation and collapse of the subprime mortgage market that subsequently led to the market collapse in 2008 and … Continue reading

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Stock Buybacks – Why Aren’t There More?

I’ve been reading a lot about stock buybacks recently.  According to sources, the aggregate cash balance of the S&P 500 is approaching $2.0 trillion.  Yet announced stock repurchase programs has barely scratched $150 billion year to date.  Why is that? … Continue reading

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Goldman Sachs Under Fire

I had two thoughts when I saw this AP photo of Goldman Sachs’ CEO Lloyd Blankfein testifying before the Senate yesterday. The first was can you imagine testifying before the Senate with hoard of photographers in your face.  It’s not … Continue reading

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Financing Early Stage Biotech is Tougher but Still Doable

Last week I blogged Is Biotech Dead As We Know It? I posed the question whether the market dynamics have changed such that the fundamental biotech model will be altered going forward?  Let’s look at that. I believe the short … Continue reading

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CFOs – Are You Changing With Technology?

In Sunday’s NY Times there was an article that discussed the likely evolution of technology over the coming year(s) and its impact on companies.  In this article the following quote appeared. “The guy buying software and hardware for your average … Continue reading

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A Decade of Lessons Learned

Ten years ago today I was waiting receive comments from the SEC on an S-1 filing for an IPO.  Times were bright, the biotech bubble was inflating, but had not quite burst.  The bubble burst on March 28, 2000 one … Continue reading

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More Compensation Disclosure Rules Near

As if public companies already didn’t have enough reporting requirements the SEC is about to release new regulations governing the disclosures around executive compensation. Over the past several years the disclosure on corporate pay policies has become refined.  Proxies have … Continue reading

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CEO Pay – An Easy Target

Just the title “Pay Czar” leaves me with a negative connotation.  As does the concept of the government cracking down on executive compensation within a public company governed by an elected board of directors for the benefit of public shareholders. … Continue reading

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Numbers Please!

What is it about Congress and numbers anyway?  Much of the angst about healthcare reform efforts is centered around the impact to Medicare.  Over half of whatever bill comes out of Congress, more than $500 billion, is going to be … Continue reading

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