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Good morning from the Financial Times. Today is Thursday, February 10th,

and this is your FT News Briefing.

Investors are fleeing biotech stocks and leaving biotech companies starved for cash.

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plus Peloton has ridden some big ups and big downs,

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I'm Mark Filipino and here's the news you need to start your day.

Investors have been bailing out of biotech stocks recently,

and now dozens of biotech companies are running low on cash,

and they're struggling to raise fresh funds.

Here's the FT's global pharmaceutical correspondent and a Kushler with more.

So there's one investment partner said to me, there's been a complete bloodbath

across the board in biotech in the last few weeks.

Yeah, strong language, and that's because a lot of investors are seeking safe behaviors,

and perhaps they also misunderstood what it is to invest in biotech.

It's not like investing in a software company,

where software can generate revenue fairly quickly.

...