With weak pharmaceutical pipelines and demand increasing for tailored medical approaches, adult and embryonic stem cell therapies are gaining ground as a therapeutic focus. Numerous companies are now active in this research and some observers estimate that the stem cell market could reach between $8.5 and $10 billion within the next ten years.

The 56th Annual American College of Cardiology conference provided the expected clinical trial updates on a variety of interventional devices. But the most anticipated and surprising news of the meeting came from the COURAGE study, whose results broke against the tide of using interventional procedures and stents as primary therapy for stable coronary artery disease.

Because of the heterogeneity of heart failure patients and causes, new drugs to treat heart failure haven't been a huge area of research or business development. Few heart failure drugs are likely to be blockbusters, and there are very few deals around truly novel targets. Biotech start-ups build on known approaches and innovate incrementally, in this market.

A venture-backed Canadian biotechnology industry is in its infancy, but faced with hostile capital markets, start-ups need clear exit plans. Consolidation's already started.