Story excerpt provided by Crain's Cleveland Business
Written by Chuck Soder
Biomedical companies in Northeast Ohio are raising more venture capital than they have since 2007.
During the first half of 2012, 33 Cleveland-area companies raised a total of $83.6 million in venture capital, according to the Midwest Health Care Venture Investment Report, released today by BioEnterprise Corp. of Cleveland.
By comparison, 18 companies raised $50.2 million during the first half of 2011. In the first half of 2010, 17 companies raised $36.7 million.
The dollar figure is on the rise partly because many biomedical companies in Northeast Ohio no longer are early-stage startups, according to Baiju Shah, president of BioEnterprise, which assists health care companies in Northeast Ohio.
The number of companies financed also is growing because of the growing number of investment funds in the region, Mr. Shah said.
“The whole system is starting to really mature,” he said.
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