Midwest Health Care Startups Raise $572 Million Through Q3 2010

CLEVELAND, October 28, 2010 – Midwest health care startups reported $572 million in total investments across 111 companies through the first three quarters of 2010, according to the BioEnterprise Midwest Health Care Venture Investment Report.  Similar to last year, while the total dollar levels are lower than the pre-recession years, the number of companies financed remains the same.
“Funding for health care is reduced due to the recession and concerns surrounding the impact of health care reform on innovation,” said Baiju R. Shah, President & CEO of BioEnterprise. “Given the broader environment, it is encouraging to see so many Midwest health care companies attracting capital.”
Illinois and Ohio lead the way in dollars of financings with companies in those states attracting $148 million and $89 million. Indiana was third in the number of companies funded at 13, behind Ohio (38) and Western Pennsylvania (19) through Q3 2010.  Indiana companies attracted $23.2 million in venture funding.

The report aggregates venture investment in 9 Midwest states and Western Pennsylvania.  By sector, the equity funding was as follows:
• Biopharmaceutical companies: $345 million
• Medical device companies: $190 million
• Health care software and service companies: $37 million
The Midwest Health Care Venture Investment Report includes all reported numbers and regionally collected data. For complete state and region results across the Midwest, see the full text of the release at http://www.ihif.org/File/Bioenterprise%20venture%20report%20q3%202010.pdf.
To view additional data about Midwest health care business activity visit http://www.bioenterprise.com/Reports/.

About BioEnterprise
BioEnterprise is a business formation, recruitment, and acceleration effort designed to support the growth of bioscience companies. Located in Cleveland, BioEnterprise provides management counsel and support services to health care companies.  BioEnterprise partners are Case Western Reserve University, Cleveland Clinic, University Hospitals, Summa Health System, and the Austen BioInnovation Institute in
Akron. Additional technology partners include the NASA Glenn Research Center, Cleveland State University, NorTech, and BioOhio.
The initiative comprises the collective activities of BioEnterprise and its partners’ commercialization offices: the Case Office of Technology Transfer, Cleveland Clinic Innovations, University Hospitals Case Medical Center – Center for Clinical Research and Summa Enterprise Group. The combined efforts of these groups has created, recruited, and accelerated more than 95 companies in eight years.
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Contact Information:
Annette Ballou
216.658.4525 office
aballou@bioenterprise.com
http://www.bioenterprise.com

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