Biotechnology startups have been on the spot recently as venture funding continues to increase in the space. ZS Pharma Inc (NASDAQ:ZSPH) based in Coppell accounted for a majority of the funding in 2014 having gone public in June and becoming the first Texas-based biotech to go public in over a decade.
Dallas News reports that nationwide venture capital investment soared by 29% in 2014 to a high of $6 billion according to a report by PricewaterhouseCoopers LLP and the National Venture Capital Association. North Texas alone saw investments in the biotechnology space double to $39.9million in 2014 from $15.1 million in 2013.
Grand-Prairie based Neos Therapeutics has also enjoyed its fair share of success, having raised $20.6 million in venture capital funding recently. The round of funding is to be used to support its regulatory review of a drug that targets attention deficit hyperactivity disorder. Neos also raised $18 million last year as the wave of venture funding in the biotech space continues to gain momentum.
Less than three months after graduating from Health Wildcatters startup accelerator, Dallas-based Lantern Pharma raised $960,000 in early stage funding. The funding was spearheaded by Dallas investment firm Green Park & Golf Ventures, a co-founder of Health Wildcatters.
Statewide, investments in the biotech space also continue to enjoy an uptick having captured $177.6 million in 2014 up from $94.5 million in 2013. Funding in the space is mostly being used to support pre-clinical trials for drugs intended to treat ovarian and prostate cancer.
Lantern Pharma is an example of a leading wave of innovation in cancer treatment according to Dr. Clay Heighten that is expected to bring to realization some of the best therapies for patients. Molecular profiling has allowed cost of development to significantly reduce while the speed of marketing continues to grow.