DENVER--(BUSINESS WIRE)--Colorado BioScience Association (CBSA) highlights new insights on Colorado’s thriving bioscience industry in the 2015 issue of the Colorado Bioscience Magazine, released today at the 2015 BIO International Convention in Philadelphia.
According to the magazine, Colorado is now home to almost 600 bioscience companies moving from early-stage research and development, through clinical trials and into full-fledged commercialization. Those companies are responsible for close to 600 commercial products developed in Colorado.
Success of Colorado-Headquartered Pharmaceutical and Medical Device Industries
New numbers show continued growth and commercial success for drug and medical device companies with headquarters in Colorado during the 2013-1014 time period.
- Studies – 268 total studies in recruiting through completion phases
- Drugs – 223 total drugs in discovery through approval phases
- Med Device – 223 total investigational, 630 total approved
Impact of State-Funded Grant Programs
The Bioscience Discovery Evaluation Grant Program (BDEGP) and Advanced Industries Accelerator (AI) Program, both funded by the state of Colorado, continue to make a significant economic impact, creating:
- 46 new companies
- 426 direct jobs
- $469.1 million in additional investment, leveraging the state’s investment 12.78 times the initial amount
Close to 600 bioscience companies in Colorado employ thousands of Coloradoans and attract significant venture capital:
- 28,510 jobs
- $1.1 Billion in VC Investments (over a five-year period)
Support for Early-Career Scientists
The magazine also highlights the success of the Boettcher Investigators in the Webb-Warning Biomedical Research program. Now in its sixth year, the program awards grants of $225,000 to the state’s best and brightest emerging scientists to cover up to three years of scientific research and position them for other grants and awards. All of the Boettcher Investigators who have completed their initial funding cycles have been awarded major grants from the National Institutes of Health or other major research funders.
April Giles, President & CEO of CBSA, says:
“Strong connections in Colorado make it an ideal place to concept, launch and grow a successful bioscience company. Our track record for success continues to attract national attention as an important bioscience cluster. Entrepreneurs and founders want to commercialize their inventions in Colorado because of the availability of infrastructure and the collaboration among universities, non-profit organizations and commercial incubators.”
Frank Segrave, President and CEO of Silvergate Pharmaceuticals, says:
“In just a few short years, we grew from a concept to an extremely small R&D enterprise to building an entire infrastructure including compliance, legal, administration, sales, commercialization and more. We essentially built a company from nothing, and we had to figure out how to do everything from selecting a building to finding an IT provider. We found a great support structure here in Colorado, with people willing to say, ‘whatever you need, we’ll help you figure it out.’”
Comprehensive information on the state’s bioscience industry, including a complete directory of bioscience resources in Colorado, is available in Colorado Bioscience 2015-1016: Making Connections. An electronic version of the magazine is available on the CBSA website.
About the Colorado BioScience Association
The Colorado BioScience Association (CBSA) is a not-for-profit corporation providing services and support for Colorado's growing biosciences industry. With more than 350 members, CBSA actively works to promote the growth of the industry by working for a better business environment, grow the state's biotech workforce, advocate for policies that support a strong bioscience industry in the state, and speak with a single voice on behalf of the industry. For more information, visit http://www.cobioscience.com.