Raising capital is tougher than ever, but analysts voice optimism for scientist-business people with viable products
In mid-1989, George Rathmann decided to leave his post as chairman of Amgen Inc. of Thousand Oaks, Calif., a biotechnology company he cofounded in 1980, to embark on another biotech venture. He joined Bob Nowinski (founder of Genetic Systems Corp. in Seattle) and Chris Henney (founder of Immunex Corp. also of Seattle) to form ICOS Corp., which was incorporated in late 1989. The partners then set out on their quest to raise $25 million. By June 1990 they had raised $33 million. Over the summer, while Henney completed recruitment of the first round of employees, they subleased: and renovated laboratory space: And . on Sept. 20,1990, 65 people moved in and went to work on deciphering the inflammation process and designing a molecule to stem it. ICOS was in business.

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