On December 17, 2019 Colorado’s life sciences ecosystem reported that it raised $750 million in 2019, with funds from federal and state grants, successful financing rounds and acquisitions (Press release, Colorado Life Sciences, DEC 17, 2019, View Source [SID1234552444]). The record-breaking acquisition of Boulder-based Array BioPharma by Pfizer for $11.4 billion raises the Colorado financing total to $12.1 billion.
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Major financings contributed to the notable fundraising year for Colorado companies and institutions. Clovis Oncology raised $175 million in clinical trial financing and Inscripta closed $125 million in Series D financing to fund commercialization of its digital genome engineering platform.
Additionally, more than 40 companies and institutions in Colorado received federal grants including funds from the National Institutes of Health (NIH), the U.S. Air Force and Small Business Innovative Research (SBIR) grants from the Small Business Administration. The University of Colorado, National Jewish Health and Colorado State University were the state’s largest recipients of federal grants, all from the National Institutes of Health.
Jennifer Jones Paton, President & CEO of Colorado BioScience Association, says:
"Our ecosystem’s track record of successful financings and acquisitions highlights the global impact made by companies and organizations from Colorado. Life sciences breakthroughs from our state change and save lives around the world. The record-breaking acquisition and successful fundraising demonstrate the strong interest in Colorado’s thriving life sciences ecosystem."
Emily Roberts, Vice President of Colorado BioScience Association, says:
"We are proud of the companies in our ecosystem that landed Advanced Industries Grants from the state of Colorado. 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 advocating for this important state funding of our innovators and job creators."
The State of Colorado awarded 16 Advanced Industries grants to Colorado life sciences companies in 2019, with grants ranging from $20,000-$250,000. As a designated Advanced Industry in Colorado, the life sciences ecosystem makes a significant contribution to the state’s diverse and fast-growing economy, creating high-paying jobs for more than 89,000 Coloradans.
Colorado BioScience Association works actively on capital and growth initiatives to accelerate investment in our state’s life sciences ecosystem. While robust, Colorado’s percentage of funding per capita lags behind bioscience clusters in California and Massachusetts.