Biotech Funding Gets Harder to Find

 BY JONATHAN D. ROCKOFF AND PUI-WING TAM March 16, 2012, 12:48 p.m. ET. Biotechnology firms are coming around to a harsh reality: The gravy days are over.  These small, innovative drug companies were once an investment darling, able to secure millions of dollars from venture capitalists and even more later through public offerings. But in recent years, venture financing for biotech has been in decline, due to the tough economic environment and poor returns from stock offerings.  Venture capitalists invested a total of $3.92 billion last year in biotechs of all stages, well below the $6.17 billion peak in 2007, according to VentureSource. And shares in biotechs that went public last year averaged ...