Although the tough economy has made it difficult for U.S. start-ups to secure funding, the biotechnology industry appears to be rebounding slightly. A new report published by PricewaterhouseCoopers and the National Venture Capital Association found that life sciences companies garnered the most investment dollars out of any industry in the second quarter of 2009.
According to the report, the biotech and medical device industries saw significant jumps in funding in the second quarter. The biotech industry went from $577 million in funding to $838 million. The medical device industry increased from $423 million to $644 million. While venture capital investment in the U.S. is down 51% from 2008, the numbers appear to have stabilized at mid-1990s levels.
A sampling of biotech companies that have recently secured funding:
Novasys Medical, developer of a treatment for female urinary incontinence, has raised $18.9 million.
Benechill garnered $13.5 million to fund its therapeutic cooling device Rhinochill.
NICO Corporation, which makes products for endoscopic surgery, gathered $10 million in funding.
Orthopedics company Small Bone Innovations has raised $144 million to date.
Stentys, developer of a new-generation stent to treat acute myocardial infarctions, recently closed a $22 million round of funding.
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