Tom Rose, a partner with Troutman Pepper, was quoted in the February 1, 2024 Wall Street Journal article, “Biotech VCs Turn to Public Investments in Search of Value.”

Companies negotiate PIPEs privately with investors and only announce them after reaching a deal. PIPE investors can’t trade their shares until material nonpublic information they have seen is revealed publicly, said Thomas Rose, a partner with law firm Troutman Pepper Hamilton Sanders.

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