Midwest Bioscience Investments Swell 53%: Minnesota and Ohio lead the Way
Cleveland, OH, April 20, 2005 – Bioscience investment in a cluster of Midwest states in the first quarter of 2005 increased 53% to $144 million, according to an analysis by BioEnterprise based on reported deals. Minnesota and Ohio led the way with $50 million and $42 million respectively in new dollars invested in companies. In the like period a year ago Midwest bioscience companies attracted $94 million in new capital.
Other Midwest states attracting funding during the reporting period included Kentucky, at $19 million; Missouri, with $11 million; Wisconsin, with $5 million; and the Western Pennsylvania region, which attracted $17 million during the reporting period. There were no reported investments in Illinois, Indiana, Michigan, or Iowa, the additional states studied by BioEnterprise researchers.
While the Midwest numbers were moderate in comparison with leading bioscience areas such as Massachusetts ($288 million), the 53% increase is meaningful, said BioEnterprise President Baiju R. Shah.
“The national venture community is increasingly interested in the deal flow that can be found in the Midwest, which is home to some of the premiere medical research centers and companies in the country,” said Shah. “It’s a trend that we see continuing, and one we will watch closely.”
In addition to the venture investing, Velocimed of Minnesota, a private company, was acquired in a cash deal by St. Jude Medical for a net $74 million this quarter. The Midwest Bioscience report covers transactions involving private companies, not public companies, headquartered in the region.
About BioEnterprise
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 bioscience companies. BioEnterprise's partners are Case Western Reserve University, the Cleveland Clinic Foundation, University Hospitals Health System, Inc, and Summa Health System. Additional technology partners include the NASA Glenn Research Center, Cleveland State University, and NorTech.
The BioEnterprise Initiative comprises the collaborative activities of BioEnterprise Corporation, Case Research Institute Office of Technology Transfer, Cleveland Clinic Innovations, and Summa Enterprise Group. The combined efforts of these groups has created, recruited, and accelerated more than 35 companies in two and a half years.
Contact Information:
BioEnterprise
Paul Nickels or Baiju Shah
BioEnterprise
216.658.3966
Cell: 216.402.0510
pnickels@bioenterprise.com
www.bioenterprise.com