CLEVELAND – Midwest health care startups reported a record-breaking $1 billion in total investments for 104 companies through the third quarter of 2007, according to the BioEnterprise Midwest Health Care Venture Investment Report.
The previous full-year record for Midwest health care companies was $783 million in 2006. Ohio and Minnesota led all Midwestern states in health care investment, with Cleveland and Minneapolis leading all regions.
Michigan only bested Wisconsin and Kentucky in the 12 state study, attracting five investments of $64.9 million, compared with five investments for $38.9 million in the third quarter of 2006.
?This year continues trends that have been developing over the past few years,? said Baiju R. Shah, President of BioEnterprise. ?There are more Midwestern deals each year that draw investment, the investment rounds are becoming larger, and the companies are attracting both regional and national investors for the financing.?
In addition to investments, 2007 has seen substantial exits, including MemberHealth (Ohio) and NimbleGen Systems (Wisconsin), as well as significant public offerings, such as TomoTherapy (Wisconsin) and Eurand (Ohio).
By industry sub sector, the investment funding breaks down as follows:
Biopharmaceutical companies: $591 million
Medical device companies: $251 million
Health care software and service companies: $158 million
The Midwest Health Care Venture Investment Report includes all reported numbers. For complete state and Midwest region results, see the attached table.
To view additional data about Midwest health care business activity click on BioEnterprise.Com
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