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Despite cash infusions, biotech could run into a rough patch

Even as capital markets were tightening in the aftermath of the subprime mortgage shipwreck, biotechnology companies were awash in newly raised cash in 2007, according to Ernst & Young's annual financial report card on the industry.

Financing from all sources topped $21.3 billion for U.S. biotech companies in 2007, and the $5.5 billion contributed by venture capital firms beat the record set in the heady year of 2000, when the Human Genome Project ignited interest in the sector.

But biotech companies may face some rough weather ahead, according to an analyst from Ernst & Young.

Full story from the San Francisco Chronicle