For Immediate Release: December 21, 2023

Fundraising Success Demonstrates Colorado’s Resilience During a Challenging Year for U.S. Life Sciences Financings

DENVER – Colorado BioScience Association announced the state’s life sciences ecosystem raised $1.47 billion in 2023, demonstrating the resilience of life sciences companies and organizations in Colorado during a challenging year for U.S. life sciences fundraising. The $1.47 billion amount marks the seventh year Colorado’s life sciences ecosystem raised more than $1 billion from public and private sources as well as federal, state, and foundation grants.

“Colorado BioScience Association celebrates the fundraising successes of Colorado’s life sciences ecosystem, with $1.47 billion raised in 2023,” said Elyse Blazevich, President & CEO of Colorado BioScience Association. “Colorado BioScience Association supports capital and growth opportunities for companies and organizations at all stages of commercialization. Our 2023 funding levels, including the increases in early-stage capital, reflect the quality and impact of life-saving innovations from Colorado.”

Colorado Life Sciences Financing History – Seven-Year Totals

2023: $1.47 billion

2022: $1.6 billion

2021: $2.4 billion

2020: $1.2 billion, $2.6 billion including Invitae acquisition of ArcherDX

2019: $850 million, $12.1 billion including Pfizer acquisition of Array Biopharma

2018: $1 billion

2017: $1.2 billion

Federal funds continue to provide the largest source of funding for Colorado’s life sciences ecosystem, with grants and contracts totaling $560.9 million. Federal funding advances critical life sciences research and development in Colorado.

The University of Colorado System, Colorado State University, and National Jewish Health ranked as the state’s top three recipients of federal funds for life sciences research and development. Sources of federal funds for life sciences in Colorado included the Biomedical Advanced Research and Development Authority (BARDA), Department of Defense, National Institutes of Health (NIH), and the National Science Foundation (NSF), many of which are deployed through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.

Colorado companies raised $499.2 million from public sources and $402.8 million in capital from private sources, primarily from venture funding. Pre-Seed and Seed funding increased significantly, with $29.7 million in Pre-Seed and Seed funds raised in 2023 compared to $11.3 million in 2022. Additionally, Series A and B funding was a notable $246.6 million in 2023, compared to $193.8 million in 2022.

Private Capital	$402.8M
Pre-Seed/Seed	$29.7M
Series A + B	$246.6M
Series C, D + Later	$126.4M

The State of Colorado awarded $7.45 million in Advanced Industries Accelerator Grants to life sciences companies and university researchers in 2023. A designated Advanced Industry in Colorado, the life sciences ecosystem makes a significant contribution to the state’s diverse economy, creating high-paying jobs for more than 38,000 Coloradans.

“Many Colorado life sciences companies trace their success back to the state’s Advanced Industries Accelerator Grant Program, which is a critical source of non-dilutive funding for our life sciences companies,” said Blazevich. “We were proud to collaborate with our partners at the state Office of Economic Development and International Trade, our Advanced Industries partners, and the state legislature to reauthorize the program in 2023.”

Colorado BioScience Association compiles and analyzes annual life sciences financings using publicly available sources, including company news releases, media reports, SEC filings, federal and state databases, and Crunchbase.

Connect with CBSA: Twitter @COBioscience, Facebook and LinkedIn

About Colorado BioScience Association

Colorado BioScience Association (CBSA) creates co-opportunity for the Colorado life sciences community. CBSA champions a collaborative life sciences ecosystem and advocates for a supportive business climate. From concept to commercialization, member companies and organizations drive global health innovations, products and services that improve and save lives. The association leads Capital and Growth, Education and Networking, Policy and Advocacy, and Workforce Cultivation to make its members stronger, together. Learn more: cobioscience.com

Media Contact:

Sheliah Reynolds

Primavera Group for Colorado BioScience Association

(720) 289-4739

sheliah@theprimaveragroup.com

###