Accounting and consulting group BDO USA has released a report based on information from publicly traded companies’ 10K U.S. Securities and Exchange Commission forms showing that research and development (R&D) spending in the biotechnology sector grew 5 percent in 2011, with biotech companies spending, on average, $50 million in 2011, an increase of $3 million invested in R&D in 2010. Other BDO USA findings include (i) biotech companies have shown an increase in their employee base, with larger companies growing their workforce 16 percent and smaller companies increasing payrolls by 3 percent; (ii) the increasing reliance on innovative business models, including virtual participation by outside specialized contractors and consultants to address specific needs; (iii) decreased spending per employee; (iv) an increase among larger companies spending cash generated from operations to fund R&D, with smaller companies turning to capital markets for funding; and (v) across-the-board losses for 2011, but steady financial liquidity as firms “continued to show signs of prudence in fiscal policy and cash management.” See BDO USA Press Release, September 19, 2012.