Venture capital funding for biotechnology tripled in Florida last year while the growth of new companies also outpaced the national rate, according to a report from the BioFlorida trade association.
After two years of dramatic drops in venture investments for biotechnology and medical device companies, funding jumped from $29.25 million in 2010 to $86.72 million last year — up 207 percent — and is on pace to surpass that this year with $39 million in the first quarter, up 65 percent from the fourth quarter of 2011.
By comparison, venture funding for life sciences, which includes biotech and medical device companies, was up 21 percent nationwide in 2011 and dropped 22 percent in the first quarter, according to data from the National Venture Capital Association.
The number of biotech companies in Florida increased 42 percent to 193 over five years compared to a national growth rate of less than 5 percent over the same period, according to the report, called Florida’s BioPulse.
Mostly due to research to come out of the University of Florida, Alachua County includes one of four biotech clusters in the state with 34 of those companies, including RTI Biologics, Exactech, AxoGen, Banyan Biomarkers and Xhale, according to Florida BioDatabase, a service of the UF Sid Martin Biotechnology Incubator in Alachua.
The report credits Florida’s commitment to build a life science cluster by attracting major research institutes such as the Scripps Research Institute, Sanford-Burnham Medical Research Institute, Max Planck Florida Institute and the Torrey Pines Institute for Molecular Studies.
Read the full article at Gainesville
Read: more on dealtalk in pharma, biotech, life science partnering deal news, insights and glossary
View: Current Partnering’s Partnering Scorecard – view top life science partnering deals by value
View: Current Partnering’s Deal Metrics – the latest deal trend infographics for life science deal making
View: Current Partnering’s Big Pharma Deal Making Scorecard – latest trends in big pharma deal making activity
View: Current Partnering’s Big Biotech Deal Making Scorecard – latest trends in big biotech deal making activity