バイオテクノロジー：2010年までの展望

Abstract

REPORT HIGHLIGHTS

• The area most likely to see strong growth in the next five years involves collaborations between large and small companies. Such collaborations were worth $13 billion in 2005, will increase to $14.4 billion in 2006 and reach $22 billion in 2010. Small biotechnology and device companies provide innovative drug candidates and other products to larger companies wishing to fill pipelines or expand into new therapeutic areas.
• Today, venture capitalists prefer an overall strategy of investing in companies with late-stage projects. Therapeutic agents that have reached Phase II or Phase III clinical trials are most attractive. Venture capital for biotechnology amounted to $3.7 billion in 2005 and will reach $3.9 billion in 2006. This will increase $4.6 billion in 2010.
• Factors influencing the growth of the life sciences market include the continuing investments of national governments, the push by big pharmaceutical companies to fill their blockbuster pipelines, and efforts by small biotechnology companies to become bigger companies. As all of these groups continue their efforts, they will, in turn, drive the development of new instruments and new technologies.

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)