In only a fraction of VIPE transactions, the same VC firm was a prior private investor.
The VIPE was led by new investor Abingworth, with participation from prior venture investors Advent Private Equity Fund IV, SR One and HealthCap.
Figure 4 reports one- and five year stock returns following VIPE issues.
The fraction of delisted firms provides interesting insights: 20 percent of the VIPE issuers go bankrupt or are operating as zombie companies (penny stocks), but only 3 percent of events occurs during the first five years.
In the public markets, venture capital investors using VIPE vehicles directly compete with other investors, such as mutual and hedge funds, on performance.
In addition, the investment horizon for VIPE investors may be significantly longer (up to 5-7 years), as documented in Table 3, compared to PIPE investors (1-2 years for hedge funds), so a direct comparison over a short-term horizon may not be fair.
by Venrock in Neurocrine (518% 5-year return) and Longitude Capital in Jazz Pharmaceutical (4,031% 5-year return) had a common factor--they all brought board members as part of the VIPE investments.
In fact, both in terms of dollar amount as well as the number of VIPE transactions have actually went down post the record year in 2009.
DBV Technologies expects to end the recruitment as planned, early 2013, in order to finalize the VIPES study first half of 2014, in line with the Company's initial objectives.
1% increase stems from an intense R&D activity, notably with the launch of the VIPES Phase IIb study in peanut allergy.