One-third of the nation’s 370 biotech companies have just six months of cash on hand and only 10 percent are profitable, according to a report in the Wall Street Journal (a subscription is required, but you can get a few more details at FierceBiotech).
Fueled by those statistics and the down economy, more small biotechs are looking to non-profit groups for later-stage funding.
“We are starting to see a lot more movement from companies that are further along and needing cash,” Timothy Coetzee, executive director who oversees venture funding for the National Multiple Sclerosis Society, told the Journal. “We are starting to see more interest from companies that are publicly traded.”
Other items worth a read:
- Summa, doctors would pay $4.5 million per year to lease Cuyahoga Falls General (Akron Beacon Journal)
- Defensive Medicine at Work (WhiteCoat’s Call Room)
- Pelikan closes $25M for handheld diagnostics (Venturebeat)
- Crux pumps in $8M to prevent embolisms (Venturebeat)
- Physician Payments Sunshine Act Reintroduced (Gooznews.com)
- Catapult Bio opens with $14M for AZ bioscience (FierceBiotech)
