In This Issue:

- Summary

- Analysis of Industry Data

- Detailed Fenwick & West Results: Valuation

- Detailed Fenwick & West Results: Financing Terms

- About This Survey

- Excerpt from Overview of Results:

While the first half of 2013 saw a surge in initial public offerings (IPOs) by venture-backed biopharma companies, the overall financing environment for privately held life science companies remains slow.

The average valuation increase for life science companies receiving venture capital financing during the first half of 2013 was roughly even with 2012 results, and the percentage of “up round” financings declined slightly. Fundraising by life science venture capitalists continued to decline as well.