Genaissance Pharmaceuticals (GNSC) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Genaissance Pharmaceuticals (GNSC)

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Jim Oravetz who wrote (3)	9/13/2000 7:00:11 AM
From: Jim Oravetz	Read Replies (1) of 183

Largely powered by Yale-related money and brainpower, an explosion of investment in biotechnology and the sciences has New Haven as its epicenter. Since January, according to Yale, companies spun off from research at the university have raised more than $500 million in public and private money. These spinoffs are gaining increasing access to venture capital. Biotech spinoffs created in the last four years have attracted $70 million in venture capital needed to nourish these fledgling companies. At the same time, more established companies are continuing to grow. Curagen needs another 200,000 square feet of labs. It recently entered into a collaboration valued at an estimated $10 million with a Japanese drug company that wants to use the New Haven company's genome databases. Science Park's Alexion is looking for 120,000 square feet of space. It has raised $170 million within a year for drug development. Another Science Park company,Genaissance Pharmaceuticals raised $89.7 million in an initial public offering of its stock last month. The need for additional laboratory space already has attracted one Massachusetts high-tech real estate developer who is converting the former SNET building at 300 George St. Science Park is currently negotiating with a second Massachusetts company to take over the park's management and growth. The biotech boom here has been largely fueled by the presence of Yale and its basic research programs. The university ranks fifth in funding from the National Institutes of Health. Most of the NIH money goes to Yale's School of Medicine. Earlier this year, the university announced that it planned to spend more than $500 million over the next 10 years to expand and improve the school's facilities. Laboratory space will increase by 25 percent. Construction has begun on a $176 million research and teaching building at Congress and Howard avenues. The investment in the medical school was preceded by Yale's decision to invest another half billion dollars in the science and engineering buildings on its main campus. An increased willingness of venture capitalists and established companies to invest here is beginning to match Yale's own commitment to basic research. These investments already reach into the billions. They are certain to grow as national and international interest increases in New Haven's biotech companies. ©New Haven Register 2000 zwire.com Jim

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next