CBSA: Colorado bioscience companies raised $1B in 2018, second year in row

Wednesday January 2, 2019 0 comments Tags: Denver, CBSA, Jennifer Jones Paton

DENVER -- Colorado’s life science sector raised $1 billion in 2018, entering a second year of fundraising exceeding the $1 billion mark, according to Colorado BioScience Association (CBSA).

In 2017, Colorado bioscience companies raised a record $1.2 billion.CBSA_logoUSE

CBSA said 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 follow a trend of increased international investment in U.S. life science companies, CBSA said, 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.

“We’re proud of our sector’s continued success with another year of financings totaling $1 billion or more,” said Jennifer Jones Paton, CBSA’s president and CEO.

“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

 CBSA said 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.