[Probably] because of the recession and since clean tech investments are still sizzling hot these days, Oncolin Therapeutics is having a big makeover from being a drug development company to becoming a renewable energy producer through its subsidiary New EnerSource.
"This move will also allow Intertech Bio to be classified as a private entity and pursue grants and also traditional venture capital of which it has already identified several potential sources of capital." - Oncolin TherapeuticsThe company announced today that it will instead focus on acquiring and developing assets associated with mature renewable energy projects such as wind and solar developments as well as traditional energy resources such as oil and gas assets in order to obtain revenues in the near term.
"Renewable energy will be a major focus for America for the foreseeable future as it tries to gain energy independence and the U.S. government has made it a priority to develop these renewable energy sources by committing approximately $20 billion to this sector as part of the new Stimulus Package. In addition, with the recent significant drop in oil & gas prices the company will also evaluate acquiring traditional oil & gas assets that are revenue producing."With investment funding tight these days, looks like the biotech industry is losing ground to clean tech. According to New York Times' Bits blog, investment in life sciences start-ups fell 15% to $8 billion, even though biotech and medical device start-ups were the top investment sector for 2008, accounting for 28% of all venture dollars invested.
Investors, meanwhile, put $4.1 billion into 277 clean-tech start-ups in 2008, 52% more than 2007. Clean tech is said to be the only bright investment spot last year.
I once read a New York Times article on how some scientists from biotech drug companies are jumping ships to renewable and clean tech firms since some of the green tech developments are utilizing the same biotech tools. Unfortunately, I had a hard time googling that article. Anybody who came across that article and send the link to me, I'm much obliged.