A new report from PricewaterhouseCoopers and the National Venture Capital Association shows the number of companies receiving first-time venture investments has fallen to lows not seen in nearly two decades.

The data compiled by PwC and NVCA on venture investing do not paint a pretty picture. By their count, only 55 life science companies, including just 22 biotechs, received first-time VC dollars in 1H13 - the lowest number since 1995.