HOME NEWS TV RADIO MUSIC ON DEMAND SUPPORT US SEARCH GIVE NOW
Events Venues
Last updated 7:54AM ET
July 29, 2014
WUSF 89.7 News
WUSF 89.7 News
Recession Hits Biotech Start-ups
(2009-01-29)
(WUSF) - A dearth of money for biotech start-ups was one of the main themes of the third-annual Biotech Conference, held at Moffitt Cancer Center in Tampa. One of the speakers noted that in his home town of San Diego - an established hotbed of technology - venture funds for start ups has dried up by more than half in the past year.

It's not much better in the Bay Area. Jarett Rieger directs Moffitt's Office of Technology Management and Licensing. He says the problem is venture capitalists and "angel investors" are very hesitant right now to invest in early-stage companies. They want proof of concept, they want clinical trial data and so the problem is that start-up companies are struggling to find capital.

Rieger says on the other hand, investment is still going strong for biomedical firms that have been around for a few years and have a track record of having done clinical trials. That's because during the good years, venture capitalists were able to raise enough money for, say, a 10-year fund.
© Copyright 2014, WUSF