理性的繁荣-2004年美国创业投资行业回顾(p9).pdfVIP

2004 / Research@ 2003 2005 2004 “Optimism is becoming pervasive as opportunities for liquidity events improve, especially in the Life Sciences sector. Entrepreneurs are still under pressure to make dollars work harder, but capital is flowing in at a healthy rate. It’s the kind of market that can generate successful companies and sustainable returns.” NVCA2004 Tracy Lefteroff, PWC PWC 2003 1998 1 2.96 2003 IPO IPO 10.5 2003 27 2003.37 2004 676 IPO IPO 42.58 3 IPO NASDAQ 753 2003 2004 33 75.3 NASDAQ 1 NASDAQ/SP/DOW Yahoo Finance 2 Q1/2003-Q2/2004 900 800 700 600 500 400 300 200 100 0 Zero2ipo NVCA $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 3 Q1/2003-Q2/2004 IPO 35 30 25 20 15 10 5 0 Zero2ipo NVCA 2004 15 153.1 NVCA Mark Heseen 2004 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 2004 2003 187 IPO 2004 21 2000 IPO IPO 29 IPO IPO 1999 IPO 2004 Thomson Financial 2004 Adam Reinebach IPO 2004 12.7 4 MA MA 2004 2004 10 134 20.2 13.4 59.7 2004 MA 134 2003 42 4 Q1/2003-Q2/2004 MA 4.5 100 90 80 70 60 50 40 30 20 10 0 Zero2ipo NVCA 2004 $5,000 $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 “Venture capital investment has played a pivotal role in incubating and commercializing many of the breakthrough innovations that have occurred in the life sciences sector during the last half century.” Dr. David Goodman, THE WEINBERG GROUP 2004 26.5 418 40.5 17.7 IPO 2004 5 2004 MA 2004 21.6 17.8% Zero2ipo NVCA “…venture capital produces above average returns over the long term…” NVCA2004 Mark Heesen, President of NVCA 2003 24 Buyout 2003 2004 1.1 Mezzanine 129 2004 91.4 6 Q1/2003-Q3/2004 60 50 40 30 20 10 0 Zero2ipo venture capital NVCA $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 PVCI1 7 SP NASDAQ DOW 2003 2004 NASDAQ PVCI IPO PVCI PVCI 1 PVCI The Thomson Venture Economics Post-Venture Capital Index 10 7 Zero2ipo NVCA 2004 53.5 Mark Heseen 2004 16.2 LP NVCA 18 2005 2004 2005 Zero2ipo Zero2ip Zero2ipo 0105668717067 dongxj@ Zero2ipo Zero2ipo 40