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The Westwicke Blog is designed to deliver information and insights into the ever-changing world of investor relations and the capital markets, with a specific focus on the healthcare industry.

Is ATM Financing the Right Option? What You Need to Know

Posted on December 5th, 2018. Posted by

ATM-Financing

At-the-market (ATM) offerings, a tool early-stage companies have used for years to quickly raise capital, have grown increasingly common among healthcare players, with biotech firms in particular embracing this funding method.

ATM financing provides young, publicly traded companies with a relatively agile, low-key, low-hassle, lower-cost way to sell newly issued shares to finance growth — without the need to stage a road show or even announce the sale. This works well for businesses like biotech firms that need to fund R&D and general operations before their products have received government approval for commercial sale.

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5 Things to Look for at the 2019 J.P. Morgan Healthcare Conference

Posted on November 20th, 2018. Posted by

J.P.-Morgan-Healthcare-Conference

The J.P. Morgan Healthcare Conference provides an insightful beginning to the year. Beyond offering an opportunity to meet with analysts, investors, and other professionals in the healthcare industry, it illuminates trends that you’re likely to see throughout the upcoming year.

As you look forward to the 2019 event in January, start thinking about the information you can glean from the sessions you’ll attend, meetings you’ll facilitate, and announcements you’ll hear over the course of the conference.

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Why Some Companies Don’t Provide Guidance — and Why You Should

Posted on November 7th, 2018. Posted by

Guidance_Westwicke-Partners

Some management teams assume — incorrectly — that they can play it safe by withholding financial guidance, believing they can’t miss estimates they don’t provide. To the contrary, companies may inadvertently limit their Street credibility by opting out of earnings forecasts and, at the same time, miss an opportunity to manage investor expectations.

Investors judge financial results against analysts’ consensus estimates even if a company doesn’t provide projection, so it makes sense for leadership to set expectations themselves and provide some guardrails. Perhaps more importantly, formal guidance signals management’s confidence in the company’s growth and stability.

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5 Things to Look for When Choosing an Investment Banker

Posted on October 24th, 2018. Posted by

At a “banker bake-off,” you have the opportunity to compare investment banks and learn how they position themselves. One bank may talk about its relationships with the buy-side accounts, while another will highlight its track record for successfully getting private companies public.

After hearing that information, how do you make your final decision? Here are five primary areas to focus on to help you select the right banking team.

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6 Things to Do After You File Your S-1

Posted on October 10th, 2018. Posted by

S-1

Congratulations! You have spent the past 12 months — or possibly longer — building relationships with the Street, including investors, bankers, and sell-side analysts. You refined your presentation deck; drafted the S-1 after spending hours in a room with your attorneys, accountants, and management team; and brought your website and its content up to the caliber of a company that expects to be public soon. You engaged with the buy side during test-the-waters (TTW) meetings and, finally, your confidentially filed S-1 has flipped public.

However, U.S. Securities and Exchange (SEC) regulations require that you wait 15 days before the road show begins — so what do you do now?

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The 4 Biggest Mistakes Executives Make With Analyst Communications

Posted on September 20th, 2018. Posted by

analyst-communication

Wall Street analysts can play a key role in a company’s investor relations plan, so executives should approach these relationships carefully. Properly handled analyst relationships can become a significant asset to a company, while missteps may create unnecessary problems — especially considering that analysts may share anything you say with the public markets.

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Will the Hong Kong Exchange Rival NASDAQ For Biotech IPOs?

Posted on September 12th, 2018. Posted by

Biotech-IPO

In April 2018, the Hong Kong Exchange announced a change to its listing rules to allow (among other things) biotechnology companies with no revenue to list on the bourse. The move came as Hong Kong sought to establish itself as a financing hub for pre-revenue companies, in the face of fierce competition from the Chinese mainland and Singapore, exchanges from which had been aggressively wooing companies with fast-growing earnings.

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10 Things Bankers Don’t Tell You About the IPO Road Show

Posted on August 23rd, 2018. Posted by

IPO Road Show

In conjunction with your company’s initial public offering (IPO), your two-week road show will take you across the country and put you in front of hundreds of potential investors. To prepare you for the trip, your bankers will make sure you know the ins and outs of your “story.” However, to make your meetings successful, you’ll want to be aware of a few more tips for success. Here are 10 things you should keep in mind during those IPO road show meetings.

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An Intro to ESG Research Providers and How to Respond to Their Requests

Posted on August 15th, 2018. Posted by

Westwicke - ESG research providers

For companies that want to remain attractive to the investment community, the rise of environmental, social and corporate governance (ESG) investing is an important trend to monitor. In 2018, Morningstar Research estimated that the total assets managed in portfolios that incorporate elements of ESG investing has grown by more than 600 percent over the last decade to $23 trillion worldwide.

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Presenting Your M&A Deal To Wall Street

Posted on July 18th, 2018. Posted by

Westwicke-Partners_M&A

An acquisition carries the promise of growth and change, and a fair amount of risk, for any company. As a buyer, you may be seeking to broaden your service offerings or geographic footprint, add a new technology, transform the company by expanding into a new healthcare segment, or become a bigger player in a consolidating market.

The prospect of change can be exciting and energizing. At the same time, the process — from shopping to deal integration — is complex and requires skillful planning and management.

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