
MASSDEVICE ON CALL — Medical device startups in New England appear to be enjoying a venture capital renaissance as their peers around the nation are forced to tighten their belts and look for alternative funding.
Local companies raked in more than $500 million through 46 listed deals last year, setting a new 10-year high, and 2013 is on track to match, the Boston Business Journal reported.
The average size of deals has also increased for New England, from about $8.2 million in 2007 to $11 million in 2012 and $15 million so far in 2013, according to the report.
Elsewhere in the U.S., medical device startups are facing a severe drop in VC availability compared with 5 years ago. Annual VC dollars have been less and less available year after year, and the latest projections put 2013’s total value at about $2.1 billion, down some 40% since 2007.
That means medtech startups are searching for unorthodox ways to fill their coffers, including by asking family members and local celebrities to kick in some cash
The dearth of funding has sent medtech startups in search of buyers earlier and earlier in their growth, and some of the industry’s biggest players are happy to comply. Boston Scientific (NYSE:BSX) corporate business development vice president Charlie Attlan has said that the giant is forming relationships with ever-younger companies.
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