Cash-Strapped Biotechs May Follow Ventracor Failure
March 25 (Bloomberg) -- The failure last week of Ventracor Ltd., once the “darling” of Australia’s life-sciences industry, may herald more collapses as a global capital drought forces cash-starved companies to find partners or wind down.
Almost half the nation’s 130 publicly traded life-sciences companies risk insolvency in the next year, according to AusBiotech Ltd., a Melbourne-based industry group. Capital raised by listed biotechs plummeted to A$183 million ($129 million) in 2008 from A$943 million in 2007, the group has said.
Ventracor, a maker of heart pumps, is the third and biggest Australian life-sciences company to fail in the past six months as the credit crisis deprives research-based biotechnology companies of the cash they need to develop life-saving medicines and devices. Avexa Ltd., working on a drug to treat HIV, said it needs new capital to complete tests and is looking for partners.
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Almost half the nation’s 130 publicly traded life-sciences companies risk insolvency in the next year, according to AusBiotech Ltd., a Melbourne-based industry group. Capital raised by listed biotechs plummeted to A$183 million ($129 million) in 2008 from A$943 million in 2007, the group has said.
Ventracor, a maker of heart pumps, is the third and biggest Australian life-sciences company to fail in the past six months as the credit crisis deprives research-based biotechnology companies of the cash they need to develop life-saving medicines and devices. Avexa Ltd., working on a drug to treat HIV, said it needs new capital to complete tests and is looking for partners.
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Arizona Internet Marketing
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Labels: Arizona, Arizona Biotech, Biotech
posted by Bill Austin - Cash-Strapped Biotechs May Follow Ventracor Failure
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