Biotech struggles to garner funding in 2012
Tuesday, March 27, 2012 Healthcare
Small, innovative biotech companies are in hard times. A few years back, these organizations were able to secure millions of dollars from venture capitalists, but recently financing for biotech has been in great decline, reports the Wall Street Journal.
Biotech companies received a total of $3.92 billion in 2011 from venture capitalists, well below the $6.17 billion seen in 2007, according to VentureSource. In addition, public shares from 2011 averaged 29 percent less than their projected midpoint price, reports investment bank Needham & Company.
However, the city of Auburn, Alabama, may benefit from the biotech industry, as medical supplier SiO2 Medical Products is investing $90 million in the construction of its plant at Auburn Technology Park West, Opelika-Auburn News reports.
SiO2 Medical Products supplies the medical industry with products for the biomedical sector, and the company will look to hire professionals after the facility is completed.
"An essential part of creating new jobs is encouraging our existing companies to further their investments in [Alabama]," Alabama Governor Robert Bentley said. "SiO2 Medical Products is creating new opportunities in the form of additional well-paying jobs, and we appreciate their continued commitment to Alabama."
Professionals in biotech may struggle to find work in some areas of the United States, but job seekers near Auburn can take advantage of SiO2 Medical Product's commitment to the community and find work in the sector during 2012.