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If you're a biotech start-up looking for funds in 2024, either you're lucky enough to raise a nine-figure venture round, or you're scrounging for what's left over. In the first quarter of this year, biotechnology and pharmaceutical companies collectively raised 5. 9 billion across 209 rounds, according to the latest Venture Monitor report from PitchBook and the National Venture Capital Association (NVCA). The dollar amount is an increase from the 2023 quarterly average, but it's spread across fewer deals. The total deal count is the lowest since the third quarter of 2018, during which PitchBook recorded 202 venture rounds. Before that, only 2016 saw so few deals. The dip is especially low among early-stage deals. Industry watchers say investors are still risk averse and prioritizing investment in companies whose drug candidates are farther along in development. "I think the bar is still high, " says Katie McCarthy, chief innovation officer at the
Rowan Walrath (Mon,) studied this question.