Perhaps as few as 28 life sciences companies in North America and the U.K. raised at least $5 million in a first-time financing in 2012, writes Luke Timmerman. Of the companies he identified, seven were based in Boston and five in San Francisco. "Any way you choose to look at it, there is so little money now being put into biotech startups that any rational person has to wonder where the new drugs, medical devices, and diagnostics are going to come from in the 2020s and beyond," he writes.

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