Biotech capital moving away from mid-Atlantic

Friday, Oct. 12, 2007

Biotech capital moving away from mid-Atlantic

by Steve Berberich | Staff Writer

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The mid-Atlantic region is losing its share of biotech capital, a new report indicates.

More of this money is going to other cities and states, including Seattle, San Diego, North Carolina and even Colorado, according to a midyear report from Ernst and Young.

Overall financing and venture capital spending on biotech companies nationally during the first half of 2007 is already close to levels for all of 2006. The big winners: San Francisco ($708.3 million), San Diego ($694.5 million) and Boston-Cambridge ($553.4 million), the report says.

Meanwhile, the mid-Atlantic has been supplanted in the report’s chart of biotech regional clusters.

Last year’s chart showed the mid-Atlantic’s total of more than $200 million raised as sixth behind the Los Angeles, San Francisco, New England, San Diego and New Jersey clusters.

But the chart for the first half of 2007 shows the mid-Atlantic also trailed the Pacific Northwest, North Carolina and Colorado in capital raised.