A Rocky Mountain biotech firm proves that success requires something more than strong management and top-notch research
For 10-year-old biotech company Synergen, 1991 was a banner year indeed. The Boulder, Colo.-based firm raised $52.5 million in an R&D limited partnership and $95 million in a stock offering. Stock zoomed from $12 per share in January to $69 in November, and seven of its protein-based pharmaceuticals entered or advanced further in clinical testing. Moreover, the company broke ground last year on a 20-acre manufacturing facility in Boulder, which, company officials claim, when completed this year, will be the largest pharmaceutical protein manufacturing plant in the world.

Last year was not without its pitfalls, however. Most notable among them was a setback in Food and Drug Administration phase III trials for the company's most advanced compound, Trofak, which resulted in a 25 percent plummet in stock price over a three-day period in...

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