摘要：

FUNDING CONSTRAINTS are the downfall of many small biotechnology companies. These firms usually live hand-to-mouth, with their next windfall—a payment from a licensing partner or a jump in stock price—linked to reaching milestones in the development of a product. As a result, the quality of their clinical trials is often dictated by how much, or how little, they can afford until that next infusion of cash. That route often leads directly to a failed trial. The New York City-based private equity firm Symphony Capital is trying to interrupt that cycle. The fund's investors believe they have found an inflection point in the drug development cycle where they can get the highest return for the lowest risk, yet also help a biotech firm shepherd its precious assets along a more rational development path. Rather than simply meting out cash for results, Symphony forms a separate company with its partners and then invests a lump sum ...

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