Courtesy of The Herbert Hoover Presidential Library Museum
 NEW YORK STOCK EXCHANGE: After the crash of 1929, unoccupied traders loiter. Historically low stock prices in 2002 hearken back to those more destitute times.

It took awhile to catch up, but biotech and pharmaceutical companies have now shown they are not immune to the malaise that crept across the US economy two years ago. The collapse of the Wall Street technology bubble has left both large and small drug discovery and development firms desperate for capital to keep their work alive. The lack of new investment has forced companies to lay off employees, sell promising projects, or close their doors.

"The money is drying up all over the place. It's not pretty out there," says Anthony Lopez-Ona, a Philadelphia business consultant to life science companies. Hard times first hit in 2002, and analysts and company hiring executives say 2003 will continue...

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