The biotech IPO market picked up in the first half of 2007, with 19 biotech companies completing their public offerings by the second quarter. That equals the total number of biotech IPOs for all of 2006. These IPOs raised about $1.42 billion, eclipsing the $920 million raised in all of 2006. The average amount raised per IPO was also considerably higher—$75 million versus $50 million in 2006. While most biotech IPOs fared well in the early weeks of their debut, 68 percent of them were trading below their issue price by the end of June, and as a group they were collectively down 5 percent.