Biotechnology investors are pessimistic that biotech companies will be able to raise new funds in the public markets anytime soon, according to a recent poll on the Genetic Engineering News (GEN) website (www.genengnews.com).
The majority of respondents (61%) say it will be more than a year before the financing window opens again.
"The poll clearly demonstrates that biotechnology is not immune to the negative outlook that currently pervades Wall Street in general" says John Sterling, managing editor of GEN.
"In fact, since biotech drug development projects can be risky undertakings, and because pharmaceutical stocks have been hammered in 2002, one would expect investors to be cautious, and in a number of cases skeptical, about all high technology stocks in this type of financial environment."
The GEN poll also showed that 25% of respondents think there could be a funding turnaround in six to twelve months while only 14% believe that funding will be more available in three to six months.

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