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Symphony's Project Financing Model Adapts

Executive Summary

As Wall Street fails to significantly reward companies with strong clinical news, the fall-out also affects the project financiers, like Symphony Capital -- an increasingly important alternative to traditional equity or alliance financing. On one hand, the hard times make Symphony's expensive-looking capital increasingly attractive to biotechs, including companies that once would have had plenty of other financing alternatives. On the other, Symphony's model is shifting more toward equity investing. It's still financing projects, but it's padding its upside with a lot more cheap stock.
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