After a decade of solid growth, Europe's burgeoning biotech industry has come to a virtual standstill as economic uncertainty and other factors caused public and private investments to dry up. Nevertheless, those companies with products in the pipeline and sufficient cash to wait out the financing drought should find themselves well placed when the economic climate improves, according to a new report.

"Biotech has experienced the biggest decline in its history," states Ernst & Young's 10th annual European biotech report. "Raising funds on the public equity markets has been almost impossible and biotech startups are failing faster than ever before, with nearly a fifth of all biotechs started in 2000 now fallen by the wayside."

The report, "Endurance: The European Biotechnology Report 2003," found that net losses for all European biotech companies last year soared to more than €4 billion from €1.5 billion in losses the year before....

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