Enthusiasm for Biotech Running High; BIO, Banks Launch Investor Conference this Week
WASHINGTON, D.C. (October 11, 2004) -- On the heels of the biotechnology industry’s most successful annual convention, the Biotechnology Industry Organization (BIO) returns to San Francisco this week for its first Emerging Company Investor Forum (BECIF) Oct. 13-15.
“We’re bringing 200 biotech companies to the Palace Hotel to share their stories at a time when investor enthusiasm is high for the life sciences, now the top destination for venture capital funds,” said Morrie Ruffin, BIO’s vice president for business development and emerging companies.
Privately held biotech firms raised almost $4.2 billion — primarily from venture capital investments — in the first three quarters of 2004. Investment in these companies is up 47 percent over 2003 levels and has surged ahead of 2000’s record of $3.9 billion.
Publicly traded companies have also fared well, raising $4.1 billion in public offerings alone – almost double the tally for 2003. Altogether, biotech firms have attracted $14.6 billion in financing so far this year, according to BioWorld Today.
“The reason for the success is simple: Biotech is a compelling investment opportunity,” said Ruffin. “In the past year, more than a dozen new biotechnology drugs have won FDA approval, and sales of existing biotech products continue to grow. Ernst & Young predicts that the industry’s publicly traded companies will turn profitable in the aggregate in 2008.”
About BECIF
BECIF was created to address an unmet need identified by the investment community and industry executives for a conference exclusively focused on emerging public and late-stage private companies in the biotechnology industry.
Joining BIO in presenting the conference are hosts Lazard and Banc of America Securities, as well as co-hosts CIBC World Markets, Pacific Growth Equities and Citigroup. More than 30 venture capital firms participated in the BECIF advisory board, which helped select biotech presenters ranging from firms seeking Series A funding to established firms with marketed products.
In addition to company presentations, BECIF will offer a diverse program of investor and industry education, including business roundtables, disease and technology workshops, and one-on-one investor and partnering meetings.
For more information on the program including business roundtables, as well as therapeutic and technology focused workshops, visit http://www.bio.org. Registration is complimentary for credentialed news media and investors.
BIO represents more than 1,000 biotechnology companies, academic institutions, state biotechnology centers and related organizations in all 50 U.S. states and 33 other nations. BIO members are involved in the research and development of health-care, agricultural, industrial and environmental biotechnology products.
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