Q1 2004 San Diego Venture Capital Activity

$218.3 million of venture capital was invested in 16 San Diego based companies during Q1 2004. The average deal size in Q1 2004 was $13.64 million. The amount of venture capital raised by San Diego companies in Q1 2004 is up from Q4 2003 by 32.22% for a total of $53.2 million. The amount of venture capital raised by San Diego companies in Q1 2004 is up from Q1 2003 by 99.54% for a total of $108.9 million.

(PRWEB) April 23, 2004 -- This upward trend in venture capital investments in San Diego based companies is consistent with the national investment trends. Nationally in Q1 2004 venture capitalist invested $5.1 billion in 403 companies. Venture investments nationally in Q1 2004 are up by 26.84% from Q4 2003 and up by 21.12% from Q1 2003.

Q1 2004 Hot Sectors

More than 66% of the venture capital invested during Q1 2004 went to 5 medical device companies. The largest deal was a Series C round of $45 million in Salmedix, Inc. which develops oncopharmaceuticals, toxic therapies for cancer treatments.

Q1 2004 Funding Round

As shown in the chart below, 48% of the companies that raised venture capital during Q1 2004 are companies that raised their Series B round of funding. The largest Series B round was by Kemia, Inc. which raised $33.5 million. Kemia, Inc. develops a drug that utilizes novel synthetic chemistry to create molecules that affect protein-protein interaction to advance orally administered medication.