Venture capital (VC) funding for health care start-up businesses in the U.S. Midwest rose slightly in the first half of 2010, compared to the first half of 2009, according to a report by BioEnterprise, a Cleveland, Ohio organization supporting health care entrepreneurs.
In the first half of 2010, VC companies invested $412 million in health care start-ups in the 10 Midwestern states and western Pennsylvania, up from $403 million in the same period in 2009. However, this level of investment was somewhat lower than the $442 million recorded in 2008, and little more than half of the $742 million invested in the first half of 2007.
The vast majority of these VC investments — $289 million — went to pharmaceutical companies, or about seven of every 10 dollars. Nearly a quarter (23%) or $96 million went for medical devices, with another $26 million invested in software and service companies.
The Chicago region grabbed $123.4 or about 30 percent of the VC health care investments. Pittsburgh companies drew nearly $60 million in this period, while Minneapolis-St. Paul companies attracted $42.8 million.
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