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With investors keeping their money in their pockets, and the IPO window nailed shut, the 33 year-old model of biotech funding is outdated, says a new report.

It’s no great revelation that the biotech funding model is broken, yet the market for the industry’s drugs has never been greater. So where is the fix, asks Nuala Moran.

Whatever its shortcomings, FP7 has attracted a good response from researchers, says a progress report on its first two years.

The EU has made a call for greater transparency and accountability in running the Internet when the current system comes to an end in September.

Sanofi-aventis has opened its BIOLAUNCH project in France, where it plans to invest €200 million to develop biotech expertise.

The business angels network Oxford Investment Opportunity Network has enjoyed a record breaking time, investing £3.15 million in 15 companies.

The German research foundation (DFG) is to extend funding for its collaborative research Excellence Initiative institutions in Bremen, Karlsruhe and Würzburg.