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As venture investing nationally continues in a downward spiral, three St. Louis startup funds are bucking the trend.
Biotech and medical venture funds Prolog Ventures, RiverVest Venture Partners and Oakwood Medical Investors have risked $36.1 million in 25 companies in the last 18 months. Fourteen of the investments are in St. Louis.
The funding comes as local and state economic development groups have pushed efforts to jump-start a life science industry in St. Louis. Meantime, deals flowing from the region's more established venture firms have slowed during 2002.
Still, it is way too early to declare a biotech investment success, executives from those funds said. "We're still in the first quarter of the game, and we're really more at the kickoff," said Dr. Raul Perez, one of three partners at Oakwood.
St. Louis companies received $77 million in venture capital in the third quarter of 2002. That compares with $41.6 million in the second quarter of 2002 and $9.2 million in...