European biotech on the up
EUROPEAN biotechnology is maturing fast and beginning to deliver on promises, according to a new survey.
The annual review of the sector, carried out by Ernst & Young business consultancy, showed strong growth in 1999, reports the Financial Times.
The sectors stock-market value rose from 10.7 billion to 17.8bn (10.7bn at todayss rate), revenues rose by 45% to 5.4bn and research spending rose by 36% to 3.2bn.
Net losses in the sector fell 44% to 1.2bn.
Meanwhile, 29 biotechnology firms have raised more than 10m in start-up or growth funding with help from the governments Biotechnology Finance Advisory Service, reports The Express.
The service was launched in 1996 to help biotechnology entrepreneurs.
- Financial Times, 17/04/00, page 6
- The Express, 17/04/00, page 52