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Life sciences deals pick up momentum

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Venture dollars for Indiana life sciences companies are still few, but the flow of deals is picking up.

Nine Hoosier companies scored investments totaling $10.4 million during the first six months of the year, according to IBJ research and data from Cleveland-based BioEnterprise, a life sciences business development group.

During the same period a year ago, just four companies secured venture capital, for a total of $8.9 million.

Indiana’s total dollars ranked it a lowly ninth out of 11 Midwest states tracked by BioEnterprise. But its number of deals ranked only behind Ohio.

The trend of smaller deals has been consistent across the Midwest for the past 18 months. For example, five Indiana companies attracted investments of $750,000 or less. The smallest deal was Warsaw-based OrthoPediatrics’ attraction of $50,000.

“The number of companies attracting financing remains higher. This is primarily due to increasing seed and angel-stage activity across the Midwest,” Baiju R. Shah, CEO of BioEnterprise, said in a statement.

Through the end of June, total venture capital invested in Midwest life sciences companies was $412 million, up 2 percent from the same period a year ago but down 44 percent from three years earlier.

Indiana’s venture haul is down more than 80 percent from the same period three years earlier.

There were 75 Midwest deals during the first half of the year, down slightly from 81 a year ago but still higher than in 2007.

Indiana had twice as many deals this year as it did at this time in 2007. The companies scoring investments include Indianapolis-based Fast Diagnostics, with $2.75 million; Indianapolis-based FlowCo, with $2 million; and Indianapolis-based PolicyStat, with $1.15 million.

Outside of Indianapolis, West Lafayette-based QuadraSpec pulled in $2.33 million. The company has since changed its name to Perfinity Biosciences Inc.

BioEnterprise credited Indiana with $9.2 million raised by CoLucid Pharmaceuticals. The drug-discovery firm started in Indianapolis, studying a drug bought from Eli Lilly and Co. But it now makes its headquarters in North Carolina’s Research Triangle Park. Therefore, IBJ excluded those dollars from its calculations.

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  1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

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  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

  5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.

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