Pennsylvania Bio Gets Boost

Pennsylvania, hardly a hotbed of venture investment in recent years, appears to be off to a fast start this year when it comes to attracting private backing for biotechnology start-ups and other budding businesses.

For the first quarter of this year, 19 businesses in the state -- 12 of which were fledgling life science companies -- attracted $200 million in venture capital, according to Pennsylvania Bio, a statewide association for biotechnology companies. That represents a gain of 65 percent from the previous quarter and a whopping 167 percent gain for biotech investment.

The increase in venture activity was part of a report Pennsylvania Bio unveiled yesterday at the Biotechnology Industry Organization's annual conference, BIO 2004, in San Francisco.

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