From the Philadelphia Inquirer
Silicon Valley Bank made its reputation helping information technology start-ups, and its fastest growth — and speedy collapse on March 10 — matched the biotech bubble of the last few years.
“The easy money was already drying up; this implosion of Silicon Valley Bank will make this community even more risk averse,” predicted Heath Naquin, Vice President of the University City Science Center, a West Philly lab and office landlord that hosts incubator and workforce programs for the region’s biotech start-ups.