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Pittsburgh Life Sciences Greenhouse Invests $115,000 in Innovention Technologies, LLC


10/24/2007 12:51:47 PM

PITTSBURGH, Oct. 24 /PRNewswire/ -- The Pittsburgh Life Sciences Greenhouse (PLSG), the private/public partnership putting the region's life sciences industry on a fast track for growth, announced that the PLSG has invested $115,000 in Innovention Technologies, LLC, a developmental-stage medical device company, whose goal is to develop and commercialize a highly-maneuverable surgical probe that will alleviate the existing limitations of endoscopic devices used in minimally invasive surgery (MIS).

Innovention Technologies is a spin-out from Carnegie Mellon University and it is led by an interdisciplinary team of experts in robotics, robotic surgery and minimally-invasive cardiac surgery (MICS).

Innovention Technologies is developing advanced robotic technologies for use in a wide range of applications, including: medical, industrial, military and law enforcement. The company's highly articulated robotic probes have unlimited degrees of freedom, are teleoperated, and are able to steer a self-supported, non-linear path. Innoventions' first product is a highly-articulated robotic probe (HARP) with feeder (the "HARP Product"). The HARP Product is highly maneuverable and once entered through a natural orifice or small incision, is designed to steer around organs to reach anatomical targets not normally accessible by conventional endoscopic tools. The HARP mechanical features include its ability to alternate between being rigid and flexible, and "remember" its previous configurations. This allows the HARP to reach very small cavities within the body and remain in a desired shape and orientation while the doctor performs surgery without having to hold the device anymore.

"The PLSG is excited to support Innoventions' continued commercialization efforts. Innoventions' core technology promises to combine advanced, yet simple methodologies in robotic surgery to more effectively deliver intended surgical benefits for increased patient care," said John W. Manzetti, PLSG's President and CEO. Mr. Manzetti continued, "The experienced management team has combined MIS and an emerging robotics technology to strategically and competitively position Innoventions in a large medical device market."

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 Innovention Technologies, LLC

Innovention Technologies LLC is developing advanced robotic technologies for use in a wide range of applications, including: medical, industrial, military and law enforcement. The Company's highly articulated robotic probes have unlimited degrees of freedom, are teleoperated, and are able to steer a self-supported, non-linear path. Within the medical field, the Company plans to serve a number of different specialist areas, including: minimally-invasive cardiac surgery, electrophysiology, laparoscopy, colonoscopy and arthroscopy. www.innoventllc.com

CONTACT: Lynn Banaszak Brusco of Pittsburgh Life Sciences Greenhouse,
+1-412-770-1353

Web site: http://www.plsg.com/
http://www.innoventllc.com/



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