Once again, Minnesota led the way in numbers of deals. Minnesota was followed closely by Illinois. Deal size in Minnesota was 27 percent higher than Illinois. The average Illinois deal size dropped significantly from 2003. The number of Midwest VC deals dropped during 2004 with declines in three Midwest states. Still, the average deal size grew substantially in 2004.
Overall, the amount of VC investment in the Midwest grew by 9 percent in 2004, which was a good sign. The number of deals, though, declined by 17 percent.
Though theres no information yet on life science deals in the Midwest, I would suspect that the Midwest will have substantially less than the 26 percent of total VC investment, which was true for the life science industry on a nationwide basis in 2004. See you next week!
Michael S. Rosen is the chairman and CEO of Immune Cell Therapy, a new start-up out of the University of Illinois at Chicago developing cancer vaccines. Rosen is also a founder and board member at the Illinois Biotechnology Industry Organization (IBIO). He can be reached at rosenmichaels@aol.com.
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