Story excerpt provided by Crain's Cleveland Business
Cleveland health care startups attracted more investments in the first half of 2013 than those in any other Midwestern city, though the dollars pumped into the companies here and elsewhere was down from the like period of last year, according to the latest BioEnterprise Midwest Healthcare Venture Investment Report.
The report found that 27 Cleveland health care startups attracted $79.1 million in investments during the first six months of this year. The No. 2 Midwestern market, Minneapolis, saw 45 companies attract $69.3 million, according to the report. Cincinnati was the No. 3 market, with $42 million in investments for just three companies.
In Cleveland and most other cities, though, the first-half 2013 numbers were lower than 2012’s first six months. In the first half of 2012, the report stated, 34 Cleveland health care startups attracted $104.1 million in investments.
Overall, Midwest health care startups reported $351 million in total investments across 117 companies in the first half of 2013, down from $510.6 million in investments in 97 companies for the like period of 2012, the BioEnterprise report found. (The report covers 10 states — Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Ohio and Wisconsin — as well as western Pennsylvania.)
Ohio led the way in total financings, with companies attracting $154.9 million, up 22.5% from $126.4 million in the first half of 2012. The Ohio increase was due to improvement in Columbus, where eight companies attracted $33.7 million in investment in the first half of this year, up from $8.1 million for six companies in the first half of 2012.
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