Smart, small biotech companies — dozens in the U.S. over the last two years, including several in the Philadelphia area — have gone public before they’ve made a profit, a sale, or even a product.
Is too much money chasing too few winners? Will this end like the dot.com blowup of 2001?
“This is not a bubble,” insists Steven Nichtberger, serial start-up CEO. “It’s Philadelphia’s moment.”