First published in MedCtiyNews
More healthcare-focused companies in the Midwest saw infusions from venture investors in the first half of this year, but those investments totaled fewer dollars than last year.
First published in MedCtiyNews
More healthcare-focused companies in the Midwest saw infusions from venture investors in the first half of this year, but those investments totaled fewer dollars than last year.
All together, 117 companies raised $351 million in the first half of 2013. Aram Nerpouni, president and CEO of Cleveland business development group BioEnterprise, was quick to point out in the release of the data that the dollars invested leveled off after a banner year in 2012 ($491 million raised in the first half of last year), and the number of deals is at a five-year high.
More than half of the dollars, $188 million, came in the form of investments in medical device companies, which saw a boost from the first half of 2012. Biopharma, meanwhile, saw a huge dip in dollars after surging in the first half of last year ($84 million in 2013 v. $246 million in 2012).
Healthcare software and service companies also raised less money ($72 million) than they did in the first half of last year ($103 million).
Ohio landed at the top of the list of states bringing in the most dollars. Its numbers were bolstered by health IT company COMS Interactive ($21 million), P&G pharma spinout Akebia Therapeutics ($41 million) and medical device company Minimally Invasive Devices ($9 million). Minnesota tallied up significantly more deals than Ohio, though.
The Midwest also saw some new funds in the first quarter of 2013. St. Louis’ Cultivation Capital launched a $30 million life science fund, and Allos Ventures closed a second, $40 million fund for emerging technology companies.
BioEnterprise’s Midwest Health Care Venture Investment Report (PDF), released biannually, compiles venture investments reported through government filings, news stories, press releases and other bioscience organizations.
[Photo from Flickr user rastoney]