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New Fundings Continue to Drop in May

NEW YORK, June 1 - The number of new funding deals continued to drop in May as the IPO market continued to weaken, venture capitalists remained weary, and private placements waned, a report released Friday by Facts Online said.

During May the number of fundings fell to 309, down from 325 in April and 370 in March.

"It's no secret to anybody based on what's happening in the capital market that venture capitalists have been pulling back," said Harry Henry, chief operating officer of Facts Online, which tracks funding trends. "The other thing is that last year you had an average of 30 IPOs a month and now that's under 10. Everybody has pulled back."

The survey includes all funding deals stemming from venture capital, investments by other companies, initial public offerings, private placements, new bond issues and increases in lines of credit.

Fundings for companies in the pharmaceutical, biotech, and health devices category represented 13.5 percent of the total deals. Software companies dominated the fundings, representing 37.1 percent of the deals.

In May, Aptus Genomics, Beyond Genomics, and Molecular Reflections were the genomics companies that raised new funds.

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