Abstract
FIRST THE GOOD NEWS: BIOTECHNOLOGY companies received a larger share of all venture-capital investments last year—13.2% — than they did during any of the previous six years. And now the bad news: Investments in biotech companies slipped for the second year in a row, to $2.8 billion—well off the peak of $4.4 billion invested in 2000. The mixed news came out of the recent MoneyTree Survey from Pricewater-houseCoopers, Thomson Venture Economics, and the National Venture Capital Association. The survey measures cash for equity investments by venture capitalists in private emerging companies in the U.S. The 15% drop in venture-capital investment in entrepreneurial biotechnology firms from 2001 to 2002 looks good when compared with the 49% drop in venture investing overall. But capturing a larger slice of a much smaller pie is cold comfort for those firms forced to merge or close for lack of funding capital. The drop goes hand-in-hand with the collapse in biotech ...
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