Biotech 2010

Table of Contents

INTRODUCTION

• STUDY GOALS AND OBJECTIVES
• REASONS FOR DOING THE STUDY
• AUDIENCE FOR THE REPORT
• SCOPE AND FORMAT
• METHODOLOGY AND INFORMATION SOURCES
• ABOUT THE AUTHOR
• BCC INFORMATION AND RELATED STUDIES
• AUTHOR'S NOTE
• BCC ONLINE SERVICES
• DISCLAIMER

EXECUTIVE SUMMARY

• Summary Table:
  • FUNDRAISING AND INVESTMENTS IN BIOTECHNOLOGY AND DEVICES, THROUGH 2010 ($ BILLIONS)
• Summary Figure:
  • FUNDRAISING AND INVESTMENTS IN BIOTECHNOLOGY AND DEVICES, 2005-2010 ($ BILLIONS)

OVERVIEW: THE BIOTECHNOLOGY INDUSTRY TODAY

• BIOTECHNOLOGY: NOT THE LITTLE GUY ANYMORE
• NEW APPROACHES IN PHARMACEUTICAL COLLABORATIONS
• THE ROLES OF ANGEL AND VENTURE CAPITAL INVESTORS
  • WHO WILL INVEST IN NEW TECHNOLOGIES?
  • DRUGS ARE HOT, INFORMATION IS NOT
• SUMMARY

GOVERNMENT REGULATIONS

• INTRODUCTION
• DRUG DISCOVERY
• PRECLINICAL TESTING AND SUBMISSION OF AN IND
• CLINICAL TRIALS
• TIMELINE AND COSTS
• SUBMISSION OF AN NDA OR BLA
• POST-FDA APPROVAL
• Table 1 BOTOX SALES, 1998-2010 ($ MILLIONS)
• NEW DRUG APPROVALS
• Table 2 DRUGS APPROVED BY THE FDA, 1993-1999
• Table 3 DRUGS APPROVED BY THE FDA, 2000-2005
• CONCLUSIONS

THE U.S. MARKETS FOR BIOTECHNOLOGY AND PHARMACEUTICAL COMPANIES

• THE U.S. PHARMACEUTICAL MARKET
• Table 4 FORECAST FOR THE U.S. PHARMACEUTICALS MARKET, THROUGH 2010 ($ BILLIONS)
• REVENUE GROWTH AT LARGE PHARMACEUTICAL AND LARGE BIOTECHNOLOGY COMPANIES
• Table 5 REVENUES AT SELECTED LARGE PHARMACEUTICAL COMPANIES AND BIOTECHNOLOGY COMPANIES, 1995 TO 2004 ($ MILLIONS)
• Table 6 REVENUES AT SEVEN LARGE BIOTECHNOLOGY COMPANIES AS A PERCENTAGE OF REVENUES AT SEVEN LARGE PHARMACEUTICAL COMPANIES, 1995-2010
• SPENDING ON RESEARCH AND DEVELOPMENT, AND SALES, MARKETING, AND ADMINISTRATIVE FUNCTIONS
• Table 7 TWO-YEAR AVERAGE R&D SPENDING AS A PERCENTAGE OF REVENUES IN LARGE PHARMACEUTICAL COMPANIES, 2004-2005 (%)
• Table 8 TWO-YEAR AVERAGE R&D SPENDING AS A PERCENTAGE OF REVENUES IN LARGE BIOTECHNOLOGY COMPANIES, 2004-2005 (%)
• Table 9 R&D SPENDING BY U.S. PHARMACEUTICAL MEMBER COMPANIES, 1980-2010 ($ MILLIONS)
• Table 10 R&D SPENDING INCREASES: COMPARISON BETWEEN LARGE PHARMACEUTICAL AND LARGE BIOTECHNOLOGY COMPANIES, 1995-2005 (%)
• Table 11 NEW MOLECULAR ENTITIES APPROVED BY THE FDA, 1990-2005
• Table 12 NMES BY SPONSORING COMPANY TYPE, 2003-2005
• OTHER FINANCIAL ISSUES RELATED TO PHARMACEUTICALS
  • SALES, MARKETING, AND ADMINISTRATIVE SPENDING
  • Table 13 TWO-YEAR AVERAGE SG&A SPENDING AS A PERCENTAGE OF REVENUES IN LARGE PHARMACEUTICAL COMPANIES (%)
  • Table 14 TWO-YEAR AVERAGE SG&A SPENDING AS A PERCENTAGE OF REVENUES IN LARGE BIOTECHNOLOGY COMPANIES (%)
  • PROFITABILITY AND SG&A EXPENDITURES
  • Table 15 SG&A SPENDING INCREASES: COMPARISON BETWEEN LARGE PHARMACEUTICAL AND LARGE BIOTECHNOLOGY COMPANIES, 1995-2005 (%)
  • PROFITS
  • A Note about Smaller Biotechnology Companies
  • Table 16 FINANCIAL DATA FOR THREE SMALL BIOTECHNOLOGY COMPANIES ($ MILLIONS)

BIOTECHNOLOGY AND INTELLECTUAL PROPERTY

• INTRODUCTION
• LESSONS LEARNED DURING THE ECONOMIC DOWNTURN: A CASE STUDY
• Table 17 REVENUES FOR PROVISION OF INFORMATION, CELERA GENOMICS AND INCYTE, 2000-2008 ($ MILLIONS)
• THE MOVE TOWARD PHARMACEUTICAL DEVELOPMENT
• Table 18 R&D EXPENDITURES AT CELERA GENOMICS AND INCYTE, 2001-2006 ($ MILLIONS)
• Table 19 REVENUE GROWTH AT AFFYMETRIX, 2000-2010 ($ MILLIONS)
• GENES, DRUGS, AND PATENTS
• Table 20 REPUTED PROVISIONAL OR SUBMITTED PATENT APPLICATIONS, 1999-2001, FOR GENES OR SEQUENCES
• THE LIMITS OF INTELLECTUAL PROPERTY IN BIOTECHNOLOGY
• Table 21 A SAMPLE OF COX-2 INHIBITORS AND REVENUES ($ BILLIONS)
  • THE BRIGHT SIDE OF THE ROCHESTER DECISION
  • OTHER IMPORTANT DECISIONS CONCERNING BIOTECHNOLOGY PATENTS
• PATENTS AND REVENUES: IS THERE A CORRELATION?
• Table 22 PATENTS AT 10 BIOTECHNOLOGY COMPANIES COMPARED WITH 2005 REVENUES ($ MILLIONS)
• FINAL POINTS ABOUT ACCESS TO INFORMATION

CASE STUDIES: TWO IMPORTANT TECHNOLOGICAL AREAS IN BIOTECHNOLOGY

• BIOINFORMATICS
• Table 23 THE U.S. MARKET FOR BIOINFORMATICS SOFTWARE APPLICATIONS AND DATABASES/KNOWLEDGE BASES, THROUGH 2010 ($ MILLIONS)
• Figure 1 THE U.S. MARKET FOR BIOINFORMATICS SOFTWARE APPLICATIONS AND DATABASES/ KNOWLEDGE BASES, 2002-2010 ($ MILLIONS)
  • BIOINFORMATICS: IMPORTANT AND STRUGGLING COMPANIES
  • Table 24 ANNUAL REVENUES AT SELECTED BIOINFORMATICS COMPANIES, 2000-2005 ($ MILLIONS)
  • Table 25 BIOINFORMATICS: MARKET LEADERS AND STRUGGLING COMPANIES
  • CURRENT APPROACHES OF SURVIVING COMPANIES
  • Table 26 MAJOR ONLINE SOURCES OF FREE GENOMIC AND PROTEOMIC INFORMATION
  • Table 27 SOME COMMERCIAL SOURCES OF GENOMIC AND PROTEOMIC INFORMATION
  • EMPLOYMENT OUTLOOK IN BIOINFORMATICS
  • TYPICAL DEVELOPMENT PATTERNS IN BIOINFORMATICS
  • GAPS IN BIOINFORMATICS
    • Gaps in Bioinformatics (Continued)
  • FUTURE TRENDS IN BIOINFORMATICS
• SYSTEMS BIOLOGY
• Table 28 THE MARKET FOR SYSTEMS BIOLOGY, THROUGH 2010 ($ MILLIONS)
• Table 29 SYSTEMS BIOLOGY COMPANIES
  • STRUGGLING AND OVEREXTENDED COMPANIES
• SUMMARY

ANGEL INVESTORS

• INTRODUCTION
• Table 30 U.S. ANGEL INVESTMENTS IN LIFE SCIENCES, THROUGH 2010 ($ BILLIONS)
• Figure 2 OVERALL U.S. ANGEL INVESTMENTS IN LIFE SCIENCES, 2005-2010 ($ BILLIONS)
• Table 31 OVERALL U.S. ANGEL INVESTMENTS, THROUGH 2010 ($ BILLIONS)
• ANGELS INCREASINGLY FORM INVESTOR GROUPS OR CLUBS
• Table 32 FOUNDING DATES OF 80 ANGEL INVESTOR GROUPS
• STRUCTURE OF ANGEL INVESTOR GROUPS
• Table 33 INVESTMENT METHOD OF ANGEL GROUPS
  • TYPICAL INVESTMENT SIZE
  • Table 34 AVERAGE INVESTMENT SIZE AMONG 50 ANGEL GROUPS ($ THOUSANDS)
  • Table 35 SELECTED ANGEL INVESTOR GROUPS IN THE LIFE SCIENCES
  • ADVANTAGES OF THE GROUP APPROACH
  • Table 36 OVERALL INVESTMENTS AT SELECTED ANGEL INVESTOR FIRMS* ($ MILLIONS)
  • Table 37 LIFE SCIENCE INVESTMENT TRENDS AT 100 ANGEL INVESTOR ORGANIZATIONS
  • HIGH CAPITAL INVESTMENT
  • LONG DEVELOPMENT TIMES
  • CURRENT INVESTMENT PREFERENCES
    • Research Areas
    • Geographical Areas
    • Companies
    • Intellectual Property
    • Valuation
    • Convertible Notes
    • The Importance of Management: Rock Star CEO or Unknown CEO?
    • Developmental Stage
    • Angel Investors from the Perspective of Entrepreneurs

VENTURE CAPITAL INVESTMENTS IN THE LIFE SCIENCES

• BIOTECHNOLOGY
• Table 38 VENTURE CAPITAL INVESTMENTS IN BIOTECHNOLOGY, THROUGH 2010 ($ BILLIONS)
• Figure 3 VENTURE CAPITAL INVESTMENTS IN BIOTECHNOLOGY, 2005-2010 ($ BILLIONS)
  • A NOTE ABOUT THE DATA IN THIS SECTION
  • Figure 4 OVERALL VENTURE CAPITAL INVESTMENTS IN BIOTECHNOLOGY BY YEAR, 1995-2005 ($ MILLIONS)
  • Table 39 VENTURE CAPITAL DEALS IN BIOTECHNOLOGY AS A PERCENTAGE OF OVERALL VC DEALS, 1995-2005 ($ MILLIONS)
  • Table 40 VENTURE CAPITAL DEALS IN BIOTECHNOLOGY, FIRST QUARTER, 2006 ($ MILLIONS)
  • OTHER OBSERVATIONS ABOUT BIOTECHNOLOGY FINANCING
  • Figure 5 VENTURE CAPITAL BIOTECHNOLOGY INVESTMENTS BY YEAR AND CATEGORY, 1996-2005 (%)
  • BIOTECHNOLOGY FINANCING LEVELS
  • Table 41 VENTURE CAPITAL FINANCING IN BIOTECHNOLOGY AS A PERCENTAGE OF OVERALL VC FINANCING, 1995-2005 ($ MILLIONS)
  • Table 42 VENTURE CAPITAL FINANCING IN BIOTECHNOLOGY, FIRST QUARTER, 2006 ($ MILLIONS)
  • Table 43 OVERALL PERCENTAGE OF VENTURE CAPITAL INVESTMENTS IN BIOTECHNOLOGY, THROUGH 2010 (%)
  • Table 44 AVERAGE SIZE OF VENTURE CAPITAL DEALS IN BIOTECHNOLOGY, 1995-2005 ($ MILLIONS)
  • Table 45 AVERAGE SIZE AND NUMBER OF VENTURE CAPITAL DEALS IN BIOTECHNOLOGY, THROUGH 2010 ($ BILLIONS)
  • OTHER SOURCES OF INFORMATION ON VENTURE CAPITAL FINANCING
• DEVICES
• Table 46 VENTURE CAPITAL INVESTMENTS IN DEVICES, THROUGH 2010 ($ BILLIONS)
• Table 47 VENTURE CAPITAL DEALS IN MEDICAL DEVICES AS A PERCENTAGE OF OVERALL VC DEALS, 1995-2005
  • NONINVASIVE BLOOD GLUCOSE MONITORING: A POTENTIAL AND ELUSIVE BLOCKBUSTER DEVICE
  • DEVICE FINANCING LEVELS
  • Table 48 VENTURE CAPITAL FINANCING IN MEDICAL DEVICES AS A PERCENTAGE OF OVERALL VC FINANCING, 1995-2005 ($ MILLIONS)
  • Table 49 AVERAGE SIZE OF VENTURE CAPITAL DEALS IN DEVICES, 1995-2005 ($ MILLIONS)
  • Table 50 AVERAGE SIZE AND NUMBERS OF VENTURE CAPITAL DEALS IN DEVICES, THROUGH 2010 ($ MILLIONS)
  • TOTAL SHARE OF LIFE SCIENCES IN VC FINANCING
  • Table 51 VENTURE CAPITAL INVESTMENTS IN BIOTECHNOLOGY, THROUGH 2010 ($ BILLIONS)
  • FUTURE TRENDS IN LIFE SCIENCES FINANCING: THE DAWN OF A NEW SELLER'S MARKET?

INITIAL PUBLIC OFFERINGS IN THE LIFE SCIENCES

• LIFE SCIENCE IPOS
• Table 52 STATISTICS AND FORECASTS FOR 2006 LIFE SCIENCE IPOS BY QUARTER ($ MILLIONS)
• Table 53 CHARACTERISTICS OF Q1/Q2 2006 BIOTECHNOLOGY IPOS
  • LIFE SCIENCE IPOS (CONTINUED)
  • Table 54 BIOTECHNOLOGY IPOS, 2005 TO MARCH 2006 ($ MILLIONS)
  • LIFE SCIENCE IPOS (CONTINUED)
  • Table 55 ACTIVE LIFE SCIENCE FILINGS FOR 15 COMPANIES, JUNE 2004 THROUGH JUNE 2006
  • Table 56 BIOTECHNOLOGY IPO WITHDRAWALS, 2004 THROUGH MARCH 2006
  • Table 57 LIFE SCIENCE IPOS AS A PERCENTAGE OF ALL IPOS, 2005 TO Q1 2006

COLLABORATIONS WITH LARGE COMPANIES

• COLLABORATIONS MARKET
• Table 58 U.S. FORECAST FOR THE COLLABORATIONS MARKET, THROUGH 2010 ($ BILLIONS)
• BIG PHARMA: DWINDLING PIPELINES
• Table 59 BLOCKBUSTER DRUGS LOSING PATENT PROTECTION IN 2006 AND 2007 ($ BILLIONS)
• NEW TERMS FOR LICENSING COLLABORATIONS
• Table 60 SOME 2006 BIOTECH-PHARMA COLLABORATIONS ($ MILLIONS)
• THE IMPORTANCE OF BIOTECHNOLOGY COLLABORATIONS, PIPELINES, AND FUTURE OUTLOOK
• MERGERS AND ACQUISITIONS
• Table 61 EXELIXIS' VERY GOOD DEAL ($ MILLIONS)
• DEBT FINANCING
• Table 62 DEBT FINANCING, THROUGH 2010 ($ BILLIONS)
• Figure 6 DEBT FINANCING, 2004-2010 ($ BILLIONS)
• Table 63 SOME COMPANIES THAT HAVE USED DEBT FINANCING ($ MILLIONS)
• GRANTS
  • SBIR GRANTS AND THE 51% RULE

COMPANY PROFILES

• LARGE PHARMACEUTICAL COMPANIES ANALYZED IN THIS REPORT
  • PFIZER, INC.
  • MERCK & CO., INC.
  • WYETH PHARMACEUTICALS
  • JOHNSON & JOHNSON
  • ELI LILLY AND COMPANY
  • BRISTOL-MYERS SQUIBB
  • ABBOTT LABORATORIES
• LARGE BIOTECHNOLOGY COMPANIES ANALYZED FOR THIS REPORT
  • AMGEN
  • GENENTECH, INC.
  • GENZYME
  • BIOGEN IDEC
  • MEDIMMUNE, INC.
  • CHIRON CORP.
  • GILEAD SCIENCES

APPENDIX

• FINANCIAL DATA
• Table 64 R&D SPENDING IN SELECTED COMPANIES, 1995-2005 ($ MILLIONS)
• Table 65 SELLING, GENERAL AND ADMINISTRATIVE SPENDING IN SELECTED LARGE PHARMACEUTICAL AND BIOTECHNOLOGY COMPANIES, 1995-2005 ($ MILLIONS)
• Table 66 LARGE BIOTECHNOLOGY COMPANIES, HISTORICAL DATA ($ MILLIONS)
• Table 66 (CONTINUED)
• Table 67 AMGEN, HISTORICAL FINANCIAL DATA ($ MILLIONS)
• Table 68 GENENTECH, FINANCIAL DATA ($ MILLIONS)
• Table 69 GILEAD SCIENCES, HISTORICAL FINANCIAL DATA ($ MILLIONS)
• Table 70 AMYLIN PHARMACEUTICALS, FINANCIAL DATA ($ MILLIONS)
• Table 71 SALIX PHARMACEUTICALS, FINANCIAL DATA ($ MILLIONS)
• Table 72 SEPRACOR, INC., FINANCIAL DATA ($ MILLIONS)
  • A SELECTION OF OPEN-ACCESS AND FEE-BASED SOURCES FOR GENOMIC, PROTEOMIC, OR RELATED INFORMATION.
    • GENOMICS-RELATED DATABASES
    • GENOMICS-RELATED DATABASES, CONTINUED
  • PROTEOMICS DATABASES
    • PROTEIN INTERACTION DATABASES (INTERACTOME DATABASES)
    • OTHER PROTEOMICS DATABASES
    • OTHER DATABASES USEFUL FOR DRUG DISCOVERY
• SUPPLEMENTARY INFORMATION ON VENTURE CAPITAL FINANCING AND PROFILES OF SELECTED VC FIRMS INVESTING IN LIFE SCIENCES
• Table 73 VC INVESTMENTS IN BIOTECHNOLOGY AND MEDICAL DEVICES AS A PERCENTAGE OF OVERALL VC DEALS, 1995-2005 ($ MILLIONS)
• Table 74 OVERALL REPORTED VENTURE CAPITAL FINANCING, 1995-2005 ($ MILLIONS)
• Table 75 SALES OF PRODUCTS FOR MONITORING BLOOD GLUCOSE, 2004 ($ MILLIONS)
  • PROFILES OF VENTURE CAPITAL FIRMS LIKELY TO MAKE LARGE FUTURE INVESTMENTS IN LIFE SCIENCE COMPANIES
  • MPM CAPITAL
  • ABINGWORTH MANAGEMENT, INC.
    • Abingworth Management. Ltd.
    • Pappas Ventures
• SUPPLEMENTARY INFORMATION ON INITIAL PUBLIC OFFERINGS AND PROFILES OF COMPANIES HAVING GONE PUBLIC DURING THE FIRST QUARTER OF 2006
• Table 76 TIME FROM FILING TO OFFERING, 2005 IPOS
• Table 77 TIME FROM FILING TO OFFERING, Q1 2006 IPOS
• Table 78 BIOTECHNOLOGY IPO WITHDRAWALS BY COMPANY, 2004 TO MARCH 2006
• Table 79 BIOTECHNOLOGY IPOS IN 2005 ($ MILLIONS)
• Table 79 (CONTINUED)
• Table 80 BIOTECHNOLOGY IPOS 2005, BY QUARTER ($ MILLIONS)
  • PROFILES OF COMPANIES STAGING IPOS DURING THE FIRST QUARTER OF 2006
    • Altus Pharmaceuticals, Inc. (Altu)
    • SGX Pharmaceuticals (SGXP)
    • Valera Pharmaceutica (VLRX)
    • Cardica, Inc. (CRDC)
    • Icagen (IGCN)
    • Iomai Corp. (IOMI)
    • Acorda Therapeutics, Inc. (ACOR)
    • Alexza Pharmaceuticals (ALXA)

LIST OF TABLES

• Summary Table:
  • FUNDRAISING AND INVESTMENTS IN BIOTECHNOLOGY AND DEVICES, THROUGH 2010 ($ BILLIONS)
• Table 1 BOTOX SALES, 1998-2010 ($ MILLIONS)
• Table 2 DRUGS APPROVED BY THE FDA, 1993-1999
• Table 3 DRUGS APPROVED BY THE FDA, 2000-2005
• Table 4 FORECAST FOR THE U.S. PHARMACEUTICALS MARKET, THROUGH 2010 ($ BILLIONS)
• Table 5 REVENUES AT SELECTED LARGE PHARMACEUTICAL COMPANIES AND BIOTECHNOLOGY COMPANIES, 1995 TO 2004 ($ MILLIONS)
• Table 6 REVENUES AT SEVEN LARGE BIOTECHNOLOGY COMPANIES AS A PERCENTAGE OF REVENUES AT SEVEN LARGE PHARMACEUTICAL COMPANIES, 1995-2010
• Table 7 TWO-YEAR AVERAGE R&D SPENDING AS A PERCENTAGE OF REVENUES IN LARGE PHARMACEUTICAL COMPANIES, 2004-2005 (%)
• Table 8 TWO-YEAR AVERAGE R&D SPENDING AS A PERCENTAGE OF REVENUES IN LARGE BIOTECHNOLOGY COMPANIES, 2004-2005 (%)
• Table 9 R&D SPENDING BY U.S. PHARMACEUTICAL MEMBER COMPANIES, 1980-2010 ($ MILLIONS)
• Table 10 R&D SPENDING INCREASES: COMPARISON BETWEEN LARGE PHARMACEUTICAL AND LARGE BIOTECHNOLOGY COMPANIES, 1995-2005 (%)
• Table 11 NEW MOLECULAR ENTITIES APPROVED BY THE FDA, 1990-2005
• Table 12 NMES BY SPONSORING COMPANY TYPE, 2003-2005
• Table 13 TWO-YEAR AVERAGE SG&A SPENDING AS A PERCENTAGE OF REVENUES IN LARGE PHARMACEUTICAL COMPANIES (%)
• Table 14 TWO-YEAR AVERAGE SG&A SPENDING AS A PERCENTAGE OF REVENUES IN LARGE BIOTECHNOLOGY COMPANIES (%)
• Table 15 SG&A SPENDING INCREASES: COMPARISON BETWEEN LARGE PHARMACEUTICAL AND LARGE BIOTECHNOLOGY COMPANIES, 1995-2005 (%)
• Table 16 FINANCIAL DATA FOR THREE SMALL BIOTECHNOLOGY COMPANIES ($ MILLIONS)
• Table 17 REVENUES FOR PROVISION OF INFORMATION, CELERA GENOMICS AND INCYTE, 2000-2008 ($ MILLIONS)
• Table 18 R&D EXPENDITURES AT CELERA GENOMICS AND INCYTE, 2001-2006 ($ MILLIONS)
• Table 19 REVENUE GROWTH AT AFFYMETRIX, 2000-2010 ($ MILLIONS)
• Table 20 REPUTED PROVISIONAL OR SUBMITTED PATENT APPLICATIONS, 1999-2001, FOR GENES OR SEQUENCES
• Table 21 A SAMPLE OF COX-2 INHIBITORS AND REVENUES ($ BILLIONS)
• Table 22 PATENTS AT 10 BIOTECHNOLOGY COMPANIES COMPARED WITH 2005 REVENUES ($ MILLIONS)
• Table 23 THE U.S. MARKET FOR BIOINFORMATICS SOFTWARE APPLICATIONS AND DATABASES/KNOWLEDGE BASES, THROUGH 2010 ($ MILLIONS)
• Table 24 ANNUAL REVENUES AT SELECTED BIOINFORMATICS COMPANIES, 2000-2005 ($ MILLIONS)
• Table 25 BIOINFORMATICS: MARKET LEADERS AND STRUGGLING COMPANIES
• Table 26 MAJOR ONLINE SOURCES OF FREE GENOMIC AND PROTEOMIC INFORMATION
• Table 27 SOME COMMERICAL SOURCES OF GENOMIC AND PROTEOMIC INFORMATION
• Table 28 THE MARKET FOR SYSTEMS BIOLOGY, THROUGH 2010 ($ MILLIONS)
• Table 29 SYSTEMS BIOLOGY COMPANIES
• Table 30 U.S. ANGEL INVESTMENTS IN LIFE SCIENCES, THROUGH 2010 ($ BILLIONS)
• Table 31 OVERALL U.S. ANGEL INVESTMENTS, THROUGH 2010 ($ BILLIONS)
• Table 32 FOUNDING DATES OF 80 ANGEL INVESTOR GROUPS
• Table 33 INVESTMENT METHOD OF ANGEL GROUPS
• Table 34 AVERAGE INVESTMENT SIZE AMONG 50 ANGEL GROUPS ($ THOUSANDS)
• Table 35 SELECTED ANGEL INVESTOR GROUPS IN THE LIFE SCIENCES
• Table 36 OVERALL INVESTMENTS AT SELECTED ANGEL INVESTOR FIRMS* ($ MILLIONS)
• Table 37 LIFE SCIENCE INVESTMENT TRENDS AT 100 ANGEL INVESTOR ORGANIZATIONS
• Table 38 VENTURE CAPITAL INVESTMENTS IN BIOTECHNOLOGY, THROUGH 2010 ($ BILLIONS)
• Table 39 VENTURE CAPITAL DEALS IN BIOTECHNOLOGY AS A PERCENTAGE OF OVERALL VC DEALS, 1995-2005 ($ MILLIONS)
• Table 40 VENTURE CAPITAL DEALS IN BIOTECHNOLOGY, FIRST QUARTER, 2006 ($ MILLIONS)
• Table 41 VENTURE CAPITAL FINANCING IN BIOTECHNOLOGY AS A PERCENTAGE OF OVERALL VC FINANCING, 1995-2005 ($ MILLIONS)
• Table 42 VENTURE CAPITAL FINANCING IN BIOTECHNOLOGY, FIRST QUARTER, 2006 ($ MILLIONS)
• Table 43 OVERALL PERCENTAGE OF VENTURE CAPITAL INVESTMENTS IN BIOTECHNOLOGY, THROUGH 2010 (%)
• Table 44 AVERAGE SIZE OF VENTURE CAPITAL DEALS IN BIOTECHNOLOGY, 1995-2005 ($ MILLIONS)
• Table 45 AVERAGE SIZE AND NUMBER OF VENTURE CAPITAL DEALS IN BIOTECHNOLOGY, THROUGH 2010 ($ BILLIONS)
• Table 46 VENTURE CAPITAL INVESTMENTS IN DEVICES, THROUGH 2010 ($ BILLIONS)
• Table 47 VENTURE CAPITAL DEALS IN MEDICAL DEVICES AS A PERCENTAGE OF OVERALL VC DEALS, 1995-2005
• Table 48 VENTURE CAPITAL FINANCING IN MEDICAL DEVICES AS A PERCENTAGE OF OVERALL VC FINANCING, 1995-2005 ($ MILLIONS)
• Table 49 AVERAGE SIZE OF VENTURE CAPITAL DEALS IN DEVICES, 1995-2005 ($ MILLIONS)
• Table 50 AVERAGE SIZE AND NUMBERS OF VENTURE CAPITAL DEALS IN DEVICES, THROUGH 2010 ($ MILLIONS)
• Table 51 VENTURE CAPITAL INVESTMENTS IN BIOTECHNOLOGY, THROUGH 2010 ($ BILLIONS)
• Table 52 STATISTICS AND FORECASTS FOR 2006 LIFE SCIENCE IPOS BY QUARTER ($ MILLIONS)
• Table 53 CHARACTERISTICS OF Q1/Q2 2006 BIOTECHNOLOGY IPOS
• Table 54 BIOTECHNOLOGY IPOS, 2005 TO MARCH 2006 ($ MILLIONS)
• Table 55 ACTIVE LIFE SCIENCE FILINGS FOR 15 COMPANIES, JUNE 2004 THROUGH JUNE 2006
• Table 56 BIOTECHNOLOGY IPO WITHDRAWALS, 2004 THROUGH MARCH 2006
• Table 57 LIFE SCIENCE IPOS AS A PERCENTAGE OF ALL IPOS, 2005 TO Q1 2006
• Table 58 U.S. FORECAST FOR THE COLLABORATIONS MARKET, THROUGH 2010 ($ BILLIONS)
• Table 59 BLOCKBUSTER DRUGS LOSING PATENT PROTECTION IN 2006 AND 2007 ($ BILLIONS)
• Table 60 SOME 2006 BIOTECH-PHARMA COLLABORATIONS ($ MILLIONS)
• Table 61 EXELIXIS' VERY GOOD DEAL ($ MILLIONS)
• Table 62 DEBT FINANCING, THROUGH 2010 ($ BILLIONS)
• Table 63 SOME COMPANIES THAT HAVE USED DEBT FINANCING ($ MILLIONS)
• Table 64 R&D SPENDING IN SELECTED COMPANIES, 1995-2005 ($ MILLIONS)
• Table 65 SELLING, GENERAL AND ADMINISTRATIVE SPENDING IN SELECTED LARGE PHARMACEUTICAL AND BIOTECHNOLOGY COMPANIES, 1995-2005 ($ MILLIONS)
• Table 66 LARGE BIOTECHNOLOGY COMPANIES, HISTORICAL DATA ($ MILLIONS)
• Table 67 AMGEN, HISTORICAL FINANCIAL DATA ($ MILLIONS)
• Table 68 GENENTECH, FINANCIAL DATA ($ MILLIONS)
• Table 69 GILEAD SCIENCES, HISTORICAL FINANCIAL DATA ($ MILLIONS)
• Table 70 AMYLIN PHARMACEUTICALS, FINANCIAL DATA ($ MILLIONS)
• Table 71 SALIX PHARMACEUTICALS, FINANCIAL DATA ($ MILLIONS)
• Table 72 SEPRACOR, INC., FINANCIAL DATA ($ MILLIONS)
• Table 73 VC INVESTMENTS IN BIOTECHNOLOGY AND MEDICAL DEVICES AS A PERCENTAGE OF OVERALL VC DEALS, 1995-2005 ($ MILLIONS)
• Table 74 OVERALL REPORTED VENTURE CAPITAL FINANCING, 1995-2005 ($ MILLIONS)
• Table 75 SALES OF PRODUCTS FOR MONITORING BLOOD GLUCOSE, 2004 ($ MILLIONS)
• Table 76 TIME FROM FILING TO OFFERING, 2005 IPOS
• Table 77 TIME FROM FILING TO OFFERING, Q1 2006 IPOS
• Table 78 BIOTECHNOLOGY IPO WITHDRAWALS BY COMPANY, 2004 TO MARCH 2006
• Table 79 BIOTECHNOLOGY IPOS IN 2005 ($ MILLIONS)
• Table 80 BIOTECHNOLOGY IPOS 2005, BY QUARTER ($ MILLIONS)

LIST OF FIGURES

• Summary Figure:
  • FUNDRAISING AND INVESTMENTS IN BIOTECHNOLOGY AND DEVICES, 2005-2010 ($ BILLIONS)
• Figure 1 THE U.S. MARKET FOR BIOINFORMATICS SOFTWARE APPLICATIONS AND DATABASES/KNOWLEDGE BASES, 2002-2010 ($ MILLIONS)
• Figure 2 OVERALL U.S. ANGEL INVESTMENTS IN LIFE SCIENCES, 2005-2010 ($ BILLIONS)
• Figure 3 VENTURE CAPITAL INVESTMENTS IN BIOTECHNOLOGY, 2005-2010 ($ BILLIONS)
• Figure 4 OVERALL VENTURE CAPITAL INVESTMENTS IN BIOTECHNOLOGY BY YEAR, 1995-2005 ($ MILLIONS)
• Figure 5 VENTURE CAPITAL BIOTECHNOLOGY INVESTMENTS BY YEAR AND CATEGORY, 1996-2005 (%)
• Figure 6 DEBT FINANCING, 2004-2010 ($ BILLIONS)