Sometimes the numbers can obscure the true picture. Take the biotechnology industry, which in 2003 raised $16.7 billion in capital -- its second-best year ever. Yet, many of the biotech companies that went public in the last quarter of the year were miserable after-market performers. Anyone thinking of investing in an initial public offering in the sector might have been scared off after seeing two IPOs postponed, three dropped altogether, only three end the year ahead of the IPO price and one, Acusphere, drop 37 percent in its first two months as a public company. Not so, say the experts, who predict the market for biotech IPOs in 2004 -- there are at least 13 in the pipeline so far -- could be better than the fourth-quarter numbers suggest. Not only is the capital value of the sector climbing, but many companies preparing IPOs have strong products in later stages of clinical trials, making them closer to winning federal approval - a must to thrive and attract investors.
