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Silicon Valley Bank bust slows biotech funding, but the ‘science itself has never been faster'

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.

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