New York, January 20 (FinanceEnquiry.com) - The year 2011 witnessed an increase of 22 percent in venture capital investment in biotechnology companies, however there was a decline in the number of life-sciences firms that received their first funding, to a 16-year low. The National Venture Capital Association and PricewaterhouseCooper LLC reported that $4.73 billion was spent by venture firms on 446 biotechnology companies in 2011.

On the other hand, only 153 drug makers and device companies could obtain their first venture-capital funds, representing the smallest number since 1996. A venture capital firm representative said that venture capitals are increasingly being given to life sciences that provide later stage opportunities because they pose