Wednesday, April 15, 2009

Biotech Chief Bemoans Lack of Start-up Cash

Keith Powell believes UK start-ups suffer unduly from the limited venture capital funding available for early-stage businesses.

"It is survival of the fittest in Europe," he said. "In the US, there is more venture capital available. Companies can focus on developing products rather than staying in business."

As chief executive of PolyTherics, a London-based biotech business that won £2.3m of venture capital funding in 2007 to develop technologies to make drugs last longer in the body, he says the small number of start-ups available to investors is a factor.

"In California, you throw a stone and you can hit 10 biotech companies. It is good being a successful small company in London, but it would be good to have a community of small companies."

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