A Medical Device Daily
Midwest healthcare startups reported $550 million in investments in 2005, according to the Midwest Health Care Venture Investment Report released by BioEnterprise (Cleveland). For the year, Minnesota, Ohio and Missouri continued to lead the way in dollars attracted.
The report aggregates venture investment in 10 Midwest states and western Pennsylvania, the report's data coming only from publicly disclosed numbers.
By sector, the funding was allocated as follows:
- Medical device companies: $205 million (37%) across 33 opportunities.
- Biopharmaceutical companies: $192 million (35%) across 30 companies.
- Healthcare software and service companies: $152 million (28%) across 23 companies.
“2005 was a good year for the Midwest,“ said Baiju Shah, president of BioEnterprise. “Of particular note, national healthcare investment firms joined with Midwest-based venture funds to finance a number of regional companies.“
Based on reported financings, Minnesota, Ohio and Missouri are top-ranked in the Midwest, with respective totals of $151 million, $86 million and $80 million invested.
Those states were followed by Michigan ($53 million), Wisconsin ($39 million), Illinois ($39 million), Indiana ($23 million) and Kentucky ($19 million). In addition, western Pennsylvania attracted $58 million in financing.
In Iowa, Kansas and West Virginia, no healthcare sector investments were reported.