Early stage biotech gets "Just In Time" funding

Recent IPO Dicerna Pharmaceuticals (DRNA +0.6%) demonstrates the value of timing by virtue of its strong debut on January 30. Priced at $15, the new issue gapped up at the open and peaked at $46 on turnover of ~4M shares.

Shortly thereafter, money flow in the biotech sector turned decidedly negative. DRNA trades today at ~$18.25, down 60% from its opening day high.

The development stage firm's technology is RNA interference. Its lead products are DCR-M1711 for MYC oncogene-related cancers and DCR-PH1 for primary hyperoxaluria. A Phase 1 clinical trial will start this year for M1711 but won't begin until 2015 for PH1.

Cash and equivalents at year end were $46.6M, up from $3.7M a year earlier.

Cash burn was ~$11M in 2013.



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