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Metro Detroit, Michigan score high in biotech VC rankings

metromode, 10/29/2009

Metro Detroit and Michigan are hitting the high end of the rankings when it comes to investment in biotech, according to the latest BioEnterprise Midwest Health Care Venture Investment Report.

The Detroit-Ann Arbor region ranked second in Midwestern metro areas for biotech investment, with $70.8 million in investment from eight deals. That ranking is up from fifth in 2008 and sixth in 2007. The total investment has remained consistently between $64.9 million and 74 million while the number of annual deals also remained steady between five and eight.

Michigan ranked third in the Midwestern states region with $88.7 million over 11 deals. Minnesota and Ohio took the top two spots with more than $130 million each. The Great Lakes State ranked fourth last year and seventh in 2007 and 2006. Michigan's annual amount invested climbed from $38.9 million in 2006 to a high of $90 million last year.

Midwest health care startups reported $593 million in total investments across 140 companies through the first three quarters of 2009. Minnesota and Indiana lead the way in the rankings, with Michigan, Indiana, and Missouri making up the second tier.

Source: BioEnterprise
Writer: Jon Zemke