KALAMAZOO — Armune BioScience Inc.’s sale to Madison, Wis.-based Exact Sciences Corp. reinforces the reality that some West Michigan-based life sciences firms will have to move out of the region to grow.

The investment volume lifted the amount invested by the Holland-based angel group to $19.6 million since 2004, an increase of 20 percent from a year earlier. Two pending new investments that should close in the first quarter should elevate that total to more than $20 million, executives said.

The $62 million investment in an Ann Arbor drug developer, the largest-ever venture capital investment in Michigan, has the potential to drive momentum in the state’s investment capital industry going forward.