Value Of Michigan Life Science Deals Dips
The number of deals stayed the same but the dollar value went down in terms of Michigan health care startups drawing new capital in the first half of 2010.
That's the word from Cleveland-based BioEnterprise, which released its Midwest Health Care Venture Investment Report Monday.
Overall, Midwest health care startups reported $412 million in total investments among 75 companies in the first half, up in dollar value from $402.5 million the year before, but down in number of deals from 81 in the first half of 2009.
Michigan health care startups attracted $35.8 million to five deals, down from $64.7 million to an identical five years in the first half of 2009.
Illinois led the way in financings attracting $123 million across six health care ventures. That's up sharply from $42.6 million to four deals a year earlier.
Wisconsin and Ohio followed with ventures in those regions attracting $50 million and $47 million respectively. Wisconsin's figure was up sharply from $9 million a year earlier, while Ohio's was down from $86.9 million.
Biotechnology deals accounted for nearly 50 percent of the deals but over seventy 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.
For the complete report, visit www.bioenterprise.com/Reports/.
The figures were compiled by BioEnterprise from Venture Wire, Private Equity Week, Wall Street Journal, Venture Source, SEC Filings, company press releases, www.biospace.com, and Midwest bioscience organizations and institutions.
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 Austen BioInnovation Institute in Akron. Additional technology partners include the NASA Glenn Research Center, Cleveland State University, NorTech, and BioOhio.
