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Venture Funding of Therapeutic Innovation
A Comprehensive Look at a Decade of Venture Funding of Drug R&D

by David Thomas, CFA and Chad Wessel BIO INDUSTRY ANALYSIS

Introduction
To investigate investor trends, examine investment in specific therapeutic areas and indications, and study whether there are disease areas that might be struggling for early-stage venture equity financing, we analyzed data from four venture capital databases to create the broadest, most comprehensive study possible ? a categorization of $38 billion of venture capital into more than 1,200 U.S. drug companies, receiving more than 2,000 rounds of funding over the last 10 years (2004-2013).

We categorized each company’s lead research at the time of investment by: phase of development, disease and indication, modality, and, most uniquely, level of novelty. More specifically, individual tranches within each investment round were tagged by lead program at the time funding was received. This allowed us to capture s in company therapeutic over time (see Methodology for more details).

To assess level of novelty, we grouped companies into two categories: 1) novel R&D of new chemical entities with no prior regulatory approval, and 2) R&D that improves upon existing therapeutics, such as new delivery methods, new formulations, or development of approved drugs for new indications (repurposing). Both have their place in the spectrum of drug development and, in the end, serve to benefit patients. Products generated from the second category will improve the quality of life for patients through enhanced benefits of already approved drugs. Over time, these benefits have proven valuable in expanding use, compliance, and overall patient experience.

The first category of novel drug R&D examines truly innovative and potentially disease-modifying agents for diseases with current unmet medical need. Without adequate funding of novel drug R&D, the next generation of innovative medicines cannot be discovered.

This report also analyzes financing in specific therapeutic areas in order to better determine where scientific or policy issues may be impacting the ability to maintain a robust pipeline of innovative medicines ? a goal that is shared by patients, healthcare providers, policymakers, investors, and the biopharmaceutical industry alike.

[Contents]

●Introduction
●Ten-Year Trend
- Novel Drug R&D vs. Drug Improvement R&D
- Phase of Development
- Biologics
●Major Disease Areas
- Oncology
- Neurology
- Psychiatry
- Infectious Disease
- Cardiovascular
- Endocrine
- Metabolic
- Immunology
- Gastrointestinal
- Respiratory
- Hematology
- Ophthalmology
- Platform
- Other
●Rare Disease
●Series A Financing
●Discussion
●Methodology
●References
●Appendix

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