PITTSBURGH, Nov. 29 /PRNewswire/ -- The Pittsburgh Life Sciences Greenhouse (PLSG), the private/public partnership putting the region's life sciences industry on a fast track for growth, issued this statement through its President and Chief Executive Officer, John W. Manzetti regarding the PLSG's first portfolio company, Renal Solutions, Inc. being acquired by Fresenius Medical Care.
PLSG's return on investment from this acquisition will be used for new investments into early-stage life sciences technologies and companies through the PLSG Concept to Commercialization(TM) investment model.
"Renal Solutions is the perfect example of a complete success story for the Pittsburgh Life Sciences Greenhouse model of taking technologies from Concept to Commercialization(TM)," said John W Manzetti, PLSG President & CEO. Mr. Manzetti continued, "Not only were they the first company to receive an investment from the PLSG, in 2002, they were the first of ten companies that the PLSG has helped relocate to southwestern Pennsylvania."
Mr. Manzetti added, "Pete DeComo has built a successful company, as evidenced by the acquisition by Fresenius Medical Care. We are very proud to have watched Renal grow and to have helped with their product development strategy and market positioning through the efforts of our Executive-in- Residence program. We look forward to the continued impact that Renal Solutions' revolutionary products will have on global patient care and quality of life as part of the Fresenius Medical Care platform."
Dennis Yablonsky, Pennsylvania's Secretary of the Department of Community and Economic Development (DCED) was President & CEO when the PLSG attracted Renal Solutions into the region. "When the Pennsylvania Life Sciences Greenhouse Initiative was created to capitalize on existing strengths and transform Pennsylvania into a global leader for life sciences, we were better able to leverage the potency of southwestern Pennsylvania's life sciences research, development and business infrastructure," said Secretary Yablonsky. "It was these regional strengths and the PLSG's dedication to providing early- stage companies with the funds and resources necessary for success that convinced Renal Solutions to move to the region." Secretary Yablonsky continued, "The relocation of Renal Solutions to southwestern Pennsylvania was one of the first steps that the PLSG made toward growing a thriving life sciences industry in the region. Today's news about its successful exit is proof that the life sciences are thriving in southwestern Pennsylvania and that the PLSG is well-poised for the continued commercialization of innovative life sciences technologies and ensuing job and wealth creation for the region."
About the Pittsburgh Life Sciences Greenhouse (PLSG)
The PLSG invests in and supports the growth of biosciences companies in southwestern Pennsylvania. The PLSG has investment and business growth programs to increase the linkage between research, technology and commercialization; nurture and develop entrepreneurial biosciences enterprises; grow the region's talent pool in the life sciences; and help biosciences firms locate, expand or start-up in the Greater Pittsburgh region. http://www.plsg.com
About the Pennsylvania Life Sciences Greenhouse Initiative
To capitalize on existing strengths and transform Pennsylvania into the world's center for the life sciences, the Pennsylvania Life Sciences Greenhouse Initiative was created through Act 77 of 2001 as part of a larger plan to ensure continued growth in the life sciences in Pennsylvania. The one- time investment of $100 million from the Tobacco Settlement into this initiative represents one of the largest technology-based economic development investments in Pennsylvania's history.
The Pennsylvania Life Sciences Greenhouse Initiative has established a national reputation-it is cited by the Battelle Technology Partnership as one of only two university/industry funding programs focused solely on the life sciences in the U.S., and it has become a national model for state funding of early stage risk capital in the life sciences. http://www.newpa.com
About Renal Solutions
Renal Solutions, Inc. is an integrated medical device and healthcare service company dedicated to transforming the clinical care model for patients affected by chronic and acute kidney failure. The Company was founded August 1, 2000 and is the leading provider of sorbent-based hemodialysis products and services. The Renal Solutions Allient(R) Sorbent Hemodialysis System was FDA- cleared in June of 2005 & June of 2006 for the treatment of acute and chronic renal failure. http://www.renalsolutionsinc.com
CONTACT: Lynn Banaszak Brusco of the Pittsburgh Life Sciences Greenhouse,
Web site: http://www.plsg.com/