Equity investment in European biotechnology firms engaged in therapeutic discovery and development continued its downward slide during the third quarter. The total for the period, $1.106 billion, is down 39% on the second quarter of this year and down 41% on Q3 2021. The ongoing weakness of the public markets is the main driver of the trend. In Q3, listed firms raised little more than half of what they managed in Q1 of this year, while the IPO window remains firmly closed. At present, the sector is bumping along at investment levels last seen about five years ago.