Some biotech stocks may have been on hot recently, but that hasn’t translated into more backing from venture capitalists. The number of biotech venture investments fell by nearly 50 percent in the second quarter, and the dollar amount invested fell by more than 40 percent from the first quarter, according to Thomson Financial data cited by Genetic Engineering & Biotechnology News.

In addition to the decrease in absolute dollars being invested in biotechs over the past year, the proportion of life science dollars going to these companies has shifted compared to medical devices and equipment as well as other healthcare ventures. Biotech’s share of investments made in the life science industry fell to below 40 percent from approximately 45 percent in 2007, the mag writes.

Why? One reason cited is the constriction in the public equity markets. In 2007 there were 31 initial public offerings of life science companies, 11 of them for biotechs. In the first half of 2008, four life science firms including one biotech, Bioheart, made IPOs. Still, the average amount invested in biotech remained high in the second quarter, at more than $10 million - investments have ranged from $8.4 to 11.8 million over the past six quarters.