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Pittsburgh Life Sciences Greenhouse Congratulates Diamyd Medical AB on Its Agreement with Ortho-McNeil-Janssen Pharmaceuticals, Inc. to Develop Diabetes Therapy



6/23/2010 11:08:58 AM

PITTSBURGH, June 22 /PRNewswire/ -- The Pittsburgh Life Sciences Greenhouse (PLSG), the organization providing capital investments and customized company formation and business growth programs to the region's life sciences enterprises, issued this statement through its President and Chief Executive Officer, John W. Manzetti regarding the PLSG's incubator company, Diamyd, signing an agreement with Ortho-McNeil-Janssen Pharmaceuticals, a Johnson & Johnson Company to commercialize a type-1 diabetes drug.

"Diamyd is a great example of a success story for the region and for the Pittsburgh Life Sciences Greenhouse model of taking technologies from Concept to Commercialization," said John W. Manzetti, PLSG President & CEO. Mr. Manzetti continued, "Diamyd Inc., has U.S. Research and Development headquarters in our incubator, and was formed from the merger of Pittsburgh's Nurel Therapeutics and Diamyd Medical in 2005. The PLSG has made direct investment in and supported the growth of this company and its commercialization efforts through our business growth programs since 2003. It is a pleasure to celebrate with them as they develop and commercialize their therapy and become a player in the global specialty pharma arena."

Darren Wolfe, CEO, Diamyd Inc., USA added, "We will utilize the support of the PLSG and the region's strengths as we build upon our global presence and commitment to the treatment and prevention of Diabetes." Dr. Wolfe continued, "We will continue to drive R&D from our lab in the PLSG incubator and are expecting to expand in the region."

About the Pittsburgh Life Sciences Greenhouse (PLSG)

The Pittsburgh Life Sciences Greenhouse (PLSG) provides capital investments and customized company formation and business growth services to western Pennsylvania's life sciences enterprises. The PLSG supports biosciences companies with promising innovations in the following concentrations: Biotechnology Tools, Diagnostics, Healthcare IT, Medical Devices and Therapeutics. The PLSG is propelling the sustainable growth of the region's life sciences economy by accelerating research and technology commercialization with seed and early-stage companies; connecting investors with their Investment Portfolio companies; expanding established life sciences ventures and relocating biomedical companies to Pennsylvania. For more information, visit www.plsg.com.

SOURCE Pittsburgh Life Sciences Greenhouse


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