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Early-Stage Funding: Fewer Start-Ups Raising Cash In '05

 
• By Chris Morrison

Fundraising among biotech firms classified as start-ups by Windhover's Strategic Intelligence Systems was way down in the first quarter of 2005 compared to the same quarter in 2004, perhaps reflecting the growing difficulties of early-stage fundraising as venture capitalists focus on companies with clinical-stage projects.

Fundraising among biotech firms classified as start-ups by Windhover's Strategic Intelligence Systems was way down in the first quarter of 2005 compared to the same quarter in 2004, perhaps reflecting the growing difficulties of early-stage fundraising as venture capitalists focus on companies with clinical-stage projects. (See Exhibit 1.) To add insult to injury, our analysis here excludes the $250 million Series B raised by Jazz Pharmaceuticals Inc. in March 2004. [See Deal]

Start-ups raised roughly three times more seed and A round money in 2004 and nearly twice as much B and...

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