Spending on R&D by midmarket biotech companies increased 18 percent from 2015 to 2016, from an average of $65.9 million to an average of $80.6 million, according to the 2017 BDO Biotech Briefing, a report from BDO USA LLP analyzing the 10-K SEC filings from companies in the Nasdaq Biotechnology Index (NBI) with revenue of less than $300 million.