Pace of life sciences venture capital deals in Indiana picks up

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After no Indiana health and life sciences firms announced venture capital deals in the second quarter, five did so in the
third, and two more have already this month.

That’s equal to the number of companies attracting investment
in the first quarter, but the value per deal grew from more than $4 million to more than $5 million, according to data from
BioEnterprise, a Cleveland-based life sciences business development group.

The companies securing investments in
the third quarter were Dormir LLC, Carmel, an operator of sleep centers: $12 million; Nico Corp., Indianapolis, a developer
of technology for minimally invasive neurosurgery: $10 million; Diagnostic ID, Indianapolis, a maker of a system that matches
patients with their biopsy samples: $3 million; Matrix-Bio, West Lafayette, a maker of a blood test for early-stage detection
of breast cancer: $200,000; and FAST Diagnostics, Indianapolis, a maker of a kidney filtering monitor: $150,000.

In October, Warsaw-based OrthoPediatrics shared an undisclosed portion of $1.4 million handed out by StepStone Angels, an
Indianapolis-based group of private investors. Also, West Lafayette-based developer of cancer drugs Endocyte Inc. pulled in
a whopping $26 million from its investors.

Even with that deal, the average size of investment is about half what
it was a year ago, and even less than in 2007, before the recession took hold.

Health-care-related venture capital
deals in other Midwestern states have also increased in number this year, but decreased in size, according to BioEnterprise.

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