Strong Industry Fundamentals Driving Biotechnology Investment in 2005
New York, N.Y. (February 23, 2005) — Strong industry fundamentals are driving record attendance at the 7th annual BIO CEO & Investor Conference, which opens today with a registration of almost 1,900 institutional and venture capital investors, business executives, industry analysts and media. The conference runs through Thursday, Feb. 24, at the Waldorf=Astoria in New York. Complete details are available at www.ceo.bio.org.
“Biotechnology’s five-year drug development and financial track record is incredible, and that record is reflected in the program and attendance of the CEO & Investor Conference,” said Morrie Ruffin, Vice President for Business Development and Emerging Companies at the Biotechnology Industry Organization (BIO).
“Money typically follows strong fundamentals, and there’s good reason why the biotech industry continues to draw new investment,” stated Dennis Purcell, Senior Managing Partner, Perseus-Soros Management, LLC. According to BioCentury’s Financial Center*, the biotech industry has raised $112 billion since 2000, and some impressive fundamentals are supporting that figure including an unprecedented number of late-stage compounds in clinical trials, with 137 companies conducting either Phase III or Phase II/III studies.
“Investors continue to show their willingness to buy new issues and participate in follow-on deals,” continued Mr. Purcell. Investors have brought 56 new biotech IPOs to market since the start of 2004, purchasing $2.8 billion worth of IPO paper. Another 16 additional biotech companies are in registration for IPOs in 2005.
Sessions at the BIO CEO & Investor Conference will explore financial trends, as well as policy issues facing the industry. The conference features several prominent keynote speakers: James C. Greenwood, President of BIO; Mark McClellan M.D. Ph.D., Administrator, Centers for Medicare and Medicaid Services; and Peter B. Corr, Ph.D., Senior Vice President of Science and Technology, Pfizer, Inc.
BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in 31 other nations. BIO members are involved in the research and development of health-care, agricultural, industrial and environmental biotechnology products.
* Financial and industry data courtesy of BioCentury Publications, Inc.
###