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The Covid-19 pandemic is taking a harsh toll on small biotech companies, many of which have only enough cash for the next year of operations and expect they will have to reduce the amount of money sought in new financing rounds or delay such efforts altogether, a new survey finds.

Not surprisingly, a growing number of these companies are coping by reducing staff, slashing compensation, or cutting spending on pre-clinical trial programs, according to the survey of 106 biotech companies by the Bernstein investment bank and BioCentury.

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