The recession hits science. MIT report reveals biotechnology funding troubles

The lagging economy is hurting Massachusetts’ vaunted life-sciences industry, and might especially hinder the development of new drugs, according to a report released today by MIT researchers.

While the federal stimulus bill gave a temporary boost to academic scientists in 2009, the recession is taking a major toll on investors in science — including the venture capitalists whose dollars help move promising ideas from universities into the commercial sector. That means start-up biotech firms are now struggling to find funding.

Peter Dizikes, MIT News Office

Full Story: http://web.mit.edu/newsoffice/2010/recession-science.html

(Many thanks to The Lipper Current http://www.lippercurrent.com/dcn/lc.nsf/index.html for bringing this to our attention.)