Canadian biotech may face funding crisis

Every country's biotech industry is different. And E&Y's report notes that Canada in particular is "facing a real funding crisis," says Rod Budd, Ernst & Young's Canadian biotech industry leader.

"In Canada, the industry market cap dropped 26 percent in 2007, funding to public companies dropped by almost US$900 million and the number of companies shrunk by 14 percent reflecting the long-awaited consolidation. It's getting harder and harder to attract investors to this area," says Budd.

- check out the Canadian release