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Bay Area biotechs get a blast of cash

Bay Area biotechs get a blast of cash

Biotech companies in the Bay Area have raised more money in financings: public offerings and venture funding through June in 2009 compared to the same period of last year. In total biotech companies have raised $5.9 billion so far and last year- $5.4 billion. Taking in account the difficult times and struggles that Biotech companies are experiencing now, it is a great news for all of them even though the increase is not huge. Among the Bay Area biotech companies that have raised significant amount of money are Medivation, Inc. of San Francisco- $54 million, Anacor Pharmaceuticals of Palo Alto- $50 milllion, South San Francisco Exelixis, Inc. with Cytokinetics Inc.- $215 million upfront with a potential of $2 billion over time.

SF Business Times- 6/19/2009