Fierce Biotech published comments from Sir Chris Evans, one of the original investors in BioVex in the UK, decrying the state of VC investment their. BioVex pulled up stakes as a result to raise millions in Cambridge (sounds like it is in UK) in the US before it sold out to Amgen for $1 B in cash and milestones last week.
"BioVex were never going to raise the millions they needed in the UK. They were better off in the States where they raised 60 M pounds. We don't put enough money into these firms in the long term. There is too much pressure that they will pull off sensational results quickly." said Sir Chris.
He added that this type of weak investment environment is hitting home in places like Scotland. All the more reason for President Obama and the Congress to get behind calls to feature the biotechnology industry for more investment in the US to further push our leadership position.
Meanwhile with regard to Sir Chris' quest, he likely can keep talking till he's blue in the face.........
Posted by Bruce Lehr Jan 31st 2011.