DENVER--(BUSINESS WIRE)--Colorado’s life science sector raised $1 billion in 2018, entering a second year of fundraising exceeding the $1 billion mark. In 2017, Colorado bioscience companies raised a record $1.2 billion.
Notable deals and raises in 2018 included:
- Array BioPharma granted exclusive global rights to one of its drugs for $129 million with a Singapore-based company, ASLAN pharmaceuticals.
- SomaLogic closed a $200 million funding round, led by a Chinese company, iCarbonX.
The funds from firms in Singapore and China follows a trend of increased international investment in U.S. life science companies, with Chinese companies investing $13 billion in 2018.
Additionally, the University of Colorado Anschutz Campus reported a $120 million gift from the Anschutz Foundation in August. The funds will support activities critical to bioscience and healthcare growth in Colorado, including faculty recruitment and technology transfer.
Jennifer Jones Paton, President & CEO of Colorado BioScience Association, says:
“We’re proud of our sector’s continued success with another year of financings totaling $1 billion or more. Colorado BioScience Association works actively to accelerate investment in our state’s bioscience companies, especially since our percentage of funding per capita lags behind bioscience clusters in California and Massachusetts. In 2019, we plan to work closely with our public and private partners to increase our companies’ access to capital.”
Advanced Industries Grants provide another key source of income for start-up and mid-sized companies as they seek to prove out concepts and move into commercialization. Since inception, this state-funded program supporting the bioscience sector in Colorado has awarded more than $52 million in grants, and continues to make an economic impact in the state, creating:
- 70 new companies
- 780 direct jobs
- Over $521 million in follow-on grants and investments
Colorado’s more than 720 life science organizations range from those 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.
About the Colorado BioScience Association
Colorado BioScience Association champions life science. We serve as the hub of Colorado’s thriving bioscience sector by connecting innovators to funding, infrastructure, research and talent. From promising young companies to established corporations and institutions, we provide opportunities for networking, education and professional development. We grow the bioscience workforce and lead business expansion policies to advance the industry in our state. CBSA represents more than 350 member organizations, including biotechnology, pharmaceutical, medical device, diagnostic, ag bio and mobile digital health companies, research and academic institutions and service providers. Learn more about us at http://www.cobioscience.com.