North Carolina life science companies hauled in more than $1.1 billion worth of investments and grant money in the last year, according to a report from the North Carolina Biosciences Organization.
NCBIO, a Durham, North Carolina-based trade group, presented the figures to state legislators at a briefing for North Carolina lawmakers. The group conducts the survey of investments each year to coincide with the annual briefing.
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The report covering the 12 months ending April 25 includes equity investments, licensing payments, grants and investments for buildings and equipment. NCBIO compiles the report by tracking news stories of funding and investments. The $1.1 billion figure represents a 25 percent increase over the $924.5 million of similar announcements in the 12-month period ending April 25, 2010.
In a letter to lawmakers, NCBIO President Sam Taylor said that the figures reaffirm the economic impact of North Carolina’s life science cluster. The North Carolina Biotechnology Center estimates that life sciences generate $64.6 billion in economic activity annually and supports more than 226,000 jobs.
“This economic expansion is the result of North Carolina’s 25-year commitment to nurturing its life science cluster,” Taylor said. “NCBIO is grateful that this commitment is continuing, and we urge the General Assembly to stay the course.”
Most of that $1.1 billion came from equity investments. North Carolina companies raised $446.4 million through private or public offerings. The largest was the $50 million first tranche of a $100 million series A round by Ascletis, a Chapel Hill-based startup drug development company led by former GlaxoSmithKline (NYSE:GSK) executive Dr. Jinzi Wu. Other large fundraises in the period include the $48 million raised by Tranzyme Pharma in its initial public offering, $45 million raised by Durham virus therapeutics company Chimerix and $44.5 million raised by Morrisville-based medical device firm TearScience.
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The NCBIO report shows more than $437.8 million in capital projects, including an $87 million life science lab and office renovation at the former R.J. Reynolds facilities in Winston-Salem and a $73 million expansion of Novo Nordisk’s insulin products facility in Clayton.
Grants awarded totaled $126.8 million, including a $55 million grant from the Department of Health and Human Services to Durham drug developer BioCryst Pharmaceuticals, which is working on an experimental flu vaccine.
