CBSA: Colorado bioscience companies hit record $1.2B in funding during 2017

Thursday December 14, 2017 0 comments Tags: Denver, CBSA, April Giles, Jennifer Jones

DENVER -- Colorado’s life science sector raised a record $1.2 billion in 2017, according to the Colorado BioScience Association.

The increases came from early-stage to commercial companies, with a 100% increase in financing compared to the previous year, CBSA said.CBSA_logoUSE

Three major financings contributed to the banner year for fundraising, with Clovis Oncology raising $526 million; Array Biopharma, $211 million and SomaLogic, $160 million.

All three companies are based in Boulder.

Additionally, a recent PwC report ranked Colorado as 2017’s No. 3 state for venture capital investments in life science at $519 million, following California ($6.66 billion) and Massachusetts ($2.79 billion).

Pennsylvania ($410 million) and New York ($250 million) rounded out the top five spots.

“The success of our sector’s fundraising in 2017 shows investors recognize the critical work our companies are doing to manage disease and improve quality of life for patients,” said April Giles, CBSA president and CEO.

“Our record year of financing highlights the innovative work happening in Colorado and the new opportunities for venture capitalists seeking promising opportunities in life science.”

“While the big raises make headlines, we are equally proud of the companies in our sector that landed Advanced Industries Grants, awards and early financing rounds,” said Jennifer Jones, CBSA VP.

“These funds are critical for our start-up and mid-stage companies as they seek to prove out concepts and move into commercialization. We are committed to supporting our sector’s need to access capital as we plan for 2018 and beyond.”

Additionally, two Colorado life science companies went public in 2017: miRagen Therapeutics of Boulder and Aytu Bioscience of Englewood began trading on the NASDAQ.

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. The companies are responsible for nearly 600 commercial products developed in Colorado.