Public biotechs valued below $1 billion raised $10.6 billion in 2012, up 28% from $8.3 billion in 2011. However, investors deployed that capital to almost the same number of companies - 309 in 2011 vs. 317 in 2012. In 2011 the average funding per company in this group was $26.8 million vs. $33.4 million in 2012.

The total raised by public biotechs in 2012 fell 33% to $29.6 billion from $44.2 billion, as the 2011 figure was significantly inflated by several big debt deals by large cap companies, including Amgen Inc. (NASDAQ:AMGN), Gilead Sciences Inc. (NASDAQ:GILD) and Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA).

Debt financings include convertible note deals. Equity financings include IPOs, follow-ons, PIPEs, rights offerings, preferred stock placements and warrant exercises. Market cap tiers defined at the start of each period analyzed. Source: BCIQ: BioCentury Online Intelligence