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Life sciences firms get creative as funds dry up

INDIANAPOLIS – Indiana life sciences companies are finding partners or taking other creative approaches to keep their products moving forward amid a lingering funding drought.

The Indianapolis Business Journal reports (http://bit.ly/K2Uuco ) Indiana firms raised $21 million in the first nine months of 2013. That's the lowest level since 2003.

Venture capital investments in life sciences firm were down 30 percent from 2008 nationally.

David Mann of Carmel-based Spring Mill Venture Partners says the funding slowdown has increased the time it takes to get a product to market and become profitable. It's also left many startup companies struggling to find the money to move forward.

David Johnson of life sciences development group BioCrossroads says the funding environment will be challenging for the foreseeable future.

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Information from: Indianapolis Business Journal, http://www.ibj.com

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