U.S. biotech start-ups raked in a whopping $1.5 billion in venture funds in the first quarter, according to Thomson Financial's latest analysis on venture funding. That money was distributed in 102 deals, making biotech the hottest industry in the country for start-ups. Thomson also provided more insight into southern California's big surge in biotech venture rounds, with investors pouring a record $686 million into 44 companies in San Diego. The big numbers led Thomson Financial's Darrell Pinto to predict that "this will be a breakout year for venture capital."
- read this release on biotech's performance
- here's the report on the numbers from The San Diego Union-Tribune
ALSO: Here's one reason to help explain the surge in venture funds for biotech: Express Scripts today announced spending on high-cost biotech drugs increased 21 percent in 2006. Release
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