Biotech Investing in Philadelphia Surges

Filed in archive Biotech Hubs and Facilities , Corporate and Industrial News on July 25, 2006

This article from Philly.com higlights the increase in life science venture capital investing in the philadelphia region.

Two local companies, Tengion Inc. and Cardiokine Inc., were among the 10 biggest U.S. venture-capital investments across the country, receiving $50 million and $49.9 million, respectively, according to a quarterly survey released yesterday.

The article also points out that more than $200 million were invested in 26 local companies in the last quarter, $193.6 of which went to biotechnology companies.

"Funding for start-up biotech companies more than tripled from the first quarter," said Tracy Lefteroff, global managing partner of PricewaterhouseCoopers venture-capital practice. The "record-breaking number of biotech companies' receiving funding makes it abundantly clear that venture capitalists recognize the long-term viability of the industry."

See the full article here.