"Prospective buyers can only buy during a financing round and prospective sellers have no one to sell to. Hence, the company’s investors and prospective investors are not disadvantaged by having the company sit on clinical data for an extended period."
I am more and more convinced that for a serious start-up biotech company being private allows for a much more enabling environment than being a public company. Let Venture Capital companies do the shifting and select what it does and does not want to finance in the biotech sector and continue until a product goes to market. The public market has become too ferocious and too restless, with hedgefunds targeting small companies in order to make their 10% annual return, in combination with a lack of oversight by the financial market regulators. The chance that the right criteria prevail seems to be much more guaranteed in private markets than in public markets, at least for starting biotech companies. Once a biotech company has a product in the market and a fixed revenue stream it may be better able to weather the public capital markets.
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