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Business Week looks at five upcoming IPOs to "approach with caution." My favorite is BioVex, a small biotech company:

The company, which is being led to market by Janney Montgomery Scott and Stifel Nicolaus, is also developing a vaccine for genital herpes, but it has not yet begun the long clinical-trials process. At this point, BioVex has no product revenues—it has received funds from "potential collaborative partners."

One other thing that might make an investor think twice: According to BioVex's SEC filing, the company's "independent accountants have expressed substantial doubt about our ability to continue as a going concern."

Posted by edelfenbein at July 6, 2006 10:14 AM