While five venture-capital backed biotech companies have reportedly gone public in 2011, each has been forced to lower its offering price even before the initial public offering took place due to weakened demand. These companies have reportedly looked to public markets to secure needed funds and keep their clinical trials going, but have been unable to attract the capital they need for late-stage venture endeavors. This could, according to some analysts, give corporations an edge in partnership and merger negotiations with biotech startups. VentureWire’s Brian Gormley writes, “Venture investors do not count on IPOs to cash out of biotech holdings, as often done with technology companies, but they do see the public markets as a vital option for companies that need a big cash infusion. Weak demand for these offerings is restricting access to capital, depressing valuations of late-stage venture rounds. . . . For various reasons— including firms’ own inability to raise funds—biotech investment is already slipping, with less money going into the field each of the last three years.” See The Wall Street Journal and VentureWire, April 4, 2011.