- Midwest healthcare startups raise $412M in first half of 2010
Midwest health care startups raise $412M in first half of 2010
Thursday, July 29, 2010
BioEnterprise report says Ohio firms attracted $47 million
Cleveland, Ohio—Midwest health care startups reported $412 million in total investments across 75 companies in the first half of 2010, according to the BioEnterprise Midwest Health Care Venture Investment Report released earlier this week.
“As compared to prior years, the dollars invested are up slightly compared to the same period in 2009 but below the pre-recession levels seen in 2007; however, the number of companies attracting financing remains higher,” said Baiju R. Shah, president & CEO of BioEnterprise. “This is primarily due to increasing seed and angel-stage activity across the Midwest.”
Illinois led the way in financings attracting $123 million across six health care ventures. Wisconsin and Ohio followed with ventures in those regions attracting $50 million and $47 million respectively. The western Pennsylvania region attracted $60 million in investments.
Biotechnology deals accounted for nearly 50 percent of the deals but over 70 percent of the total dollars invested in the Midwest. By sector, the equity funding was as follows:
- Biopharmaceutical companies: $289 million
- Medical device companies: $96 million
- Health care software and service companies: $26 million
The Midwest Health Care Venture Investment Report includes all reported numbers and regionally collected data. Click here for complete state and region results across the Midwest. To view additional data about Midwest health care business activity, visit http://www.bioenterprise.com/Reports/.
BioEnterprise is a business formation, recruitment, and acceleration effort designed to support the growth of bioscience companies. Located in Cleveland, BioEnterprise provides management counsel and support services to health care companies. BioEnterprise partners are Case Western Reserve University, Cleveland Clinic, University Hospitals, Summa Health System, and the BioInnovation Institute in Akron. Additional technology partners include the NASA Glenn Research Center, Cleveland State University, NorTech, and BioOhio.
The initiative comprises the collective activities of BioEnterprise and its partners’ commercialization offices: the Case Office of Technology Transfer, Cleveland Clinic Innovations, University Hospitals Case Medical Center - Center for Clinical Research and Summa Enterprise Group. The combined efforts of these groups has created, recruited, and accelerated more than 80 companies in seven years.
Independently governed, BioEnterprise is important to advancing the Greater Cleveland Partnership’s mission. It has structural connections with the GCP and receives significant financial support from the GCP.
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