The New York Biotechnology Association (NYBA) in Stony Brook said today that in the first half of 2010, universities, companies and research organizations in New York State received $336.6 million in private and government investment. NYBA based its report on results from the quarterly PricewaterhouseCoopers Money Tree Report and data from the National Institutes of Health.
The organization says in second quarter of 2010, New York State life science companies attracted $28.7 million in venture capital (VC) investment. In all of 2009, by comparison, New York life science companies received a total of only $53 million in venture capital. Also, according to Nathan Tinker, NYBA’s Executive Director, in the first half of 2010, these companies have already equaled the total number of VC deals done in 2009.
Additionally, universities, companies and research organizations garnered $157 million in US government funding in the second quarter of 2010. NYBA estimates life sciences and related enterprises add $29 billion to the state’s economy and are responsible for $130,000 jobs statewide.
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