Life sciences startups are popping up — and looking for money — in the Research Triangle Park section of North Carolina, says an article from today’s The News & Observer. “At least 10 life-science companies, most of them based in the Triangle, have started to look for their first round of investment, making them what is considered early-stage companies,” reports the paper, adding, “That’s more entrepreneurial activity than in any of the past eight years.”
In particular, the area has seen an increase in the number of medical device firms because they often produce a quicker return on investment than pharmaceutical and biotech companies that make drugs. “New drugs beckon with millions in potential sales, but the time and money it takes to nurture a drug development company has driven many investors to look for quicker payoffs in medical devices,” says the Observer.
The article mentions Oncoscope, which reportedly is looking to raise about $2 million to develop its fiberoptic probe for reducing the number of biopsies required to detect esophagus and bladder cancer. The other company mentioned is TheraSim, also looking for $2 million, to hire more reps to sell its physician software that codes medical guidelines, drugs interactions and clinical citations.