Ohio near top in medical VC - Business First of Columbus:

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Ohio saw $178 milliojn go to 37 companiex duringthe quarter, second only to the $289.9 million attracted by 20 businesses in Minnesota, the reporft said. More than $896 million in venturse capital funding was made inthe 12-statw region, that extends from western Pennsylvania to BioEnterprise reported. That was down from more than a $1 billionj that went to 104 companies in that area ayear earlier. Also a year Ohio had 35 companiesattracty $261.2 million from venture capitalists, a big improvementf from the third quarter of 2006, when $67.
8 millioj was pumped into 19 health care “Despite the broader economic downturn, Midwesternh health-care start-ups continue to attract record levels of BioEnterprise President Baiju Shah wrote in a “The Midwest continues to thrivre because the region has a strong health-card technology and talent base that is just starting to be discovere by national investors.” BioEnterprise, based in Cleveland, promotesw and supports new health-care businessezs and helps them commericalize products. Among its partners are , the and two hospitaol systems in theCleveland area. Amongf the 17 cities or regiond monitoredby BioEnterprise, Columbus ranked fifty from the bottom, seeing $6.
4 million go to nine companies in the thirfd quarter – less than half as much as city medicakl businesses attracted in the thircd quarter of 2007, BioEnterprise said. Atop the list was which drew all of the VC investmentds made in that Cleveland was second amongMidwestt cities, seeing $152.4 million invested in 26 and Pittsburgh was third, with 12 companie attracting $101.1 million from investors. Cleveland has consistentlu led Ohio cities in drawing VC fundin gfor health-care operations. Two companies in metro Cincinnati tookin $19.
32 million in the far below the $61 million that went to seven companies a year “States that have made substantial investments in growingh their biomedical clusters are, not surprisingly, attracting the highestg level of venture investments,” Shah BioEnterprise said medical device companies in the Midwest drew the most VC investments – $462 million – in the quarter, followex by biopharmaceutical firms ($272 million) and health-cares software and service businesses ($162 million).