New Study Reports Colorado Now Ranks 11th in U.S. for Bioscience Venture Capital Investments
Gov. Bill Ritter, the Colorado BioScience Association and Colorado Office of Economic Development released the Colorado Bioscience Roadmap 2008 on January 23. Among findings, the new study reports $1.3 billion was invested in Colorado bioscience companies 2002 through Q2 2008, ranking Colorado 11th in the U.S. for bioscience venture capital investments.
Denver, CO (PRWEB) January 29, 2009 -- Gov. Bill Ritter, the Colorado BioScience Association and Colorado Office of Economic Development publicly released the Colorado Bioscience Roadmap 2008 at "Bioscience Day at the Capitol," on Friday. The announcement is made by John Collar, Executive Director of CBSA, who says the Colorado Bioscience Roadmap 2008 is an updated version of the 2003 report, Colorado's Place in the Sun: An Action Plan to Grow Colorado's Bioscience Cluster, prepared for the CBSA by the national Battelle Technology Partnership Practice organization.
"Among the most impressive findings, the new study reports $1.3 billion was invested in Colorado bioscience companies 2002 through Q2 2008, ranking Colorado 11th in the U.S. for bioscience venture capital investments," Collar explains. "The new report shows us that Colorado is indeed on the right path to becoming a top-ten bioscience hub and pinpoints strategic areas where we need to focus our immediate attention during the next five years to position the bioscience sector as a key driver of Colorado's economy."
"More than 18,000 Coloradans are now involved in this field," Gov. Ritter said. "We want to continue this industry growth trend and build upon our successes. Using the updated action plan will allow us to be more targeted and strategic in our planning, as well as to better compete at a national and international level."
In addition to the CBSA and OEDIT, the Colorado Bioscience Roadmap 2008 was made possible by the following entities: Allos Therapeutics, Colorado State University, Fitzsimons Redevelopment Authority, Forest City Enterprises, Holland and Hart, Metro Denver Economic Development Corporation, Metro Denver WIRED, QLT USA, Roche Colorado and the University of Colorado. A digital copy of the study is found at http://www.cobioscience.com/stateplan08.pdf.
Other key "facts and figures" include:
| | - Colorado's bioscience sector employed 18,000 in 2006, spanning 920 establishments
- Bioscience employment grew 5.5 percent between 2001 and 2006, outpacing total private sector job growth
- The number of research, testing, and medical laboratory establishments increased 58 percent between 2001 and 2006
- The average bioscience annual wage of $67,320 is 54 percent more than the private sector annual average wage in Colorado
- The Denver Metro region ranks 19th among all U.S. metro areas in the size of its medical device sector
- Boulder ranks first in the nation in its concentration of employment in the medical device sector among medium-sized metros and is one of only 14 metro areas that has a specialization in three of the four bioscience subsectors
- Since 2001, the Greater Fort Collins metro area has added 37 percent to its bioscience employment base
- Academic medical research and development grew more than 72 percent from 2002 to 2006, almost twice the national growth
rate of 37 percent
- Thirty-eight bioscience companies were formed based on University of Colorado-developed technologies between 2002
and 2007, with CU now producing about 10 new bioscience companies annually
- Thirteen new bioscience were spun out of Colorado State University between 2002 and 2007companies were spun out of Colorado
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About The Colorado Office of Economic Development and International Trade
The Colorado OEDIT works to foster a positive business climate that encourages quality economic development through financial and technical assistance for local and regional economic development activities throughout the State of Colorado. Visit http://www.AdvanceColorado.com.
About Battelle Technology Partnership Practice
The Battelle Technology Partnership Practice (TPP) provides a link between public and private sectors, focusing its broad experience to serve economic development organizations, universities, and non-profit technology organizations across the United States. Efforts encompass a variety of industries, from information technology to life sciences to manufacturing. Visit http://www.tpp-online.org.
About Colorado BioScience Association
CBSA is a not-for-profit corporation providing services and support for Colorado's growing biosciences industry. With more than 400 members, the CBSA actively works to promote the growth of the industry by advocating for a better business environment, by promoting programs that grow the state's bioscience workforce, by fighting for policies that support a strong bioscience industry in the state and by speaking with a single voice on behalf of the companies in the state. Visit http://www.cobioscience.com.
Contacts:
John Collar, Executive Director, Colorado BioScience Association, 303-592-4073
Matt Cheroutes, Director of Communications & External Affairs, Colorado Office of Economic Development & International Trade, 303-892-3893
Maggie Chamberlin Holben, Media Relations Consultant, Absolutely Public Relations – http://www.absolutelypr.com - 303-984-9801
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