2017 Breaks Bioscience Records
By: Colorado BioScience Association Date: 12/12/2017
$1.2 Billion Year Doubles Amount Raised in 2016
Colorado’s life science companies raised a record $1.2 billion in 2017, doubling the funds raised in the previous year. The funding came through venture capital, debt refinancing, mergers and acquisitions, public offerings and grants.
Three major financings contributed to the banner year for fundraising, with Clovis Oncology raising $526 million; Array Biopharma, $211 million and SomaLogic, $160 million. All three companies are based in Boulder.
Additionally, Spectranetics of Colorado Springs raised $140 million in debt refinancing before its acquisition, and Aurora’s Sharklet was acquired via equity investment by a Chinese firm for an undisclosed amount, and two Colorado life science companies went public in 2017. miRagen Therapeutics of Boulder and Aytu Bioscience of Englewood began trading on the NASDAQ.
“The success of our sector’s fundraising in 2017 shows investors recognize the critical work our companies are doing to manage disease and improve quality of life for patients,” said April Giles, President and CEO of Colorado BioScience Association. “Our record year of fundraising highlights the innovative work happening in Colorado and the new opportunities for venture capitalists seeking promising opportunities in life science.”
Photo Credit: Shutterstock
Additional 2017 Colorado Bioscience Fundraising Breakdown:
|$20 Million to $50 Million||$10 Million to $19.9 Million||$5 Million to $9.9 Million|
|$1 Million to $4.9 Million||$25,000 to $999,000|
Front Range Bioscience
A recent PwC report ranked Colorado as 2017’s number three state for venture capital investments in life science at $519 million, following California ($6.66 billion) and Massachusetts ($2.79 billion). Pennsylvania ($410 million) and New York ($250 million) rounded out the top five spots.
“While the big raises make headlines, we are equally proud of the companies in our sector that landed Advanced Industries Grants, awards and early financing rounds,” said Jennifer Jones, Vice President of Colorado Bioscience Association. “These funds are critical for our start-up and mid-stage companies as they seek to prove out concepts and move into commercialization. We are committed to supporting our sector’s need to access capital as we plan for 2018 and beyond.”
Colorado’s more than 720 life science organizations range from those moving from early-stage research and development, through clinical trials and into full-fledged commercialization. Those companies are responsible for close to 600 commercial products developed in Colorado.