Wednesday December 16, 2020 0 comments
DENVER -- Colorado BioScience Association today announced the fourth year Colorado’s life sciences community has raised more than $1 billion in funding.
Life sciences companies, organizations, and academic and research institutions raised $1.2 billion in 2020. The community accelerated growth with federal and state grants, mergers and acquisitions, initial public offerings, and successful financing rounds.
Invitae’s acquisition of ArcherDX brings the 2020 Colorado life sciences fundraising total to $2.6 billion.
Some of the largest raises by Colorado companies came in the fourth quarter of 2020, with SomaLogic closing a $121 million Series A funding round and Edgewise Therapeutics securing $95 million in Series C funding.
“This is the fourth consecutive year Colorado’s life sciences community has raised more than $1 billion dollars,” said Jennifer Jones Paton, president & CEO of Colorado BioScience Association.
“Our community engaged in active fundraising, IPOs and mergers and acquisitions, including the acquisition of ArcherDX by Invitae. This momentum signals the health, growth, and global impact our ecosystem. More than 720 companies and organizations drive health innovation forward in Colorado.
“Our community’s leadership during COVID-19 increased interest and investment in our ecosystem.”
More than 40 Colorado companies, along with our state’s academic and research institutions, pivoted in 2020 to contribute to the global fight against COVID-19. Several companies raised funds from private investors and the federal government to support the development of COVID-19 diagnostics, treatments, vaccines, and vaccine delivery systems.
Boettcher Foundation also awarded nearly $1 million in COVID research grants to Colorado researchers.
Colorado’s Advanced Industries Accelerator Grant Program, managed by the Office of Economic Development and International Trade (OEDIT), continues to fuel the growth of early-stage companies and contribute to the growth of Colorado’s economy.
“More than 30 life sciences companies in our ecosystem secured Advanced Industries Accelerator Grants from the state of Colorado in 2020,” said Emily Roberts, CBSA VP.
“CBSA advocates for this critical source of non-dilutive funding that allows Colorado companies to hire new employees, commercialize projects, and secure additional funding. It’s a proven job creator, credited with 1,022 new life sciences jobs, 81 new companies, and more than $1 billion in follow-on investment since program inception.”
More than 70 companies and institutions in Colorado received federal grants, including funds from the Biomedical Advanced Research and Development Authority (BARDA), the Department of Defense, the National Institutes of Health (NIH), the National Science Foundation (NSF), and Small Business Innovative Research (SBIR) grants from the Small Business Administration.
The University of Colorado system, National Jewish Health and Colorado State University were the state’s largest recipients of federal grants.
Colorado Life Sciences Financing History
2017: $1.2 billion
2018: $1 billion
2019: $850 million, $12.1 billion including Pfizer acquisition of Array Biopharma
2020: $1.2 billion, $2.6 billion including Invitae acquisition of ArcherDX