| As 2003 gets underway many in the biotech industry will be hoping for better times. By any analysis, 2002 has been a tough year for the global industry and particularly in those European countries experiencing a downturn for the first time. However, although the funding environment has been tough and there are serious concerns in Europe over potential value loss from disappearing early-stage companies, tough times seem to have generated a stronger industry with cautious grounds for optimism. |
