BIOTEC is a narrower sector, I think, than what PGSE is looking at, in terms of the area. There is a lot of money in Canada, there's no question about it. A lot of our institutional funds are investing, but not in biotechnology, not in the cutting-edge technologies. A lot of it's going to oil and gas and natural resources that are out there.
We're seeing some good support in earlier-stage funding. Historically—through CFI, CHIR, granting councils, and whatnot—there have been good early-stage investments, and we'd like to see them continued. The challenge for a company is that once you have that early-stage development and turn it into a company you want to grow, you go after your angel investors and then go out to the venture capital market, but the venture capital market is not in biotechnology—not in our sector—significantly, and especially when it comes to later rounds of funding. So you get your first couple of million dollars, but by comparison, whereas Canada's first round of funding might be $1 million or $2 million, in other markets, such as the U.S., the first round of funding is $10 million to $15 million. Then, when we get to later rounds of funding, there is no source of capital for Canada. It doesn't invest in this technology because it's too long a development cycle to get product out there.