$135 million ranks MI second in Midwest for biotech venture capital

Michigan health care related businesses raised more than $135 million in startup funding in 2006, according to a recent report released by the Cleveland-based BioEnterprise. Only Minnesota attracted more venture capital in the Midwest. Ohio ranked third.

“2006 was the breakout year for the Midwest as a whole: a record amount of financing across 135 separate companies, a number of successful public offerings, and several significant exits through acquisitions,” said Baiju R. Shah, president of BioEnterprise. “Venture capitalists are increasingly finding rewarding investment opportunities in the Midwest. We expect the momentum built in 2006 will continue into 2007 and beyond.”

Click here to read more.

Source: Great Lakes IT Report