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Pittsburgh Life Sciences Greenhouse Tops $10M in Company Investments A Significant Accomplishment for the PLSG and the Life Sciences Industry in Western Pennsylvania


4/30/2008 8:16:11 AM

PITTSBURGH, April 30 /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, announced that the PLSG has reached a significant milestone with over $10 million in direct company investments. PLSG's investment of $235,000 in Lipella Pharmaceuticals for the support of pre-clinical testing and manufacturing of their therapy for the treatment of bladder dysfunction pushed them over the $10 million mark.

Since forming in 2002, the PLSG has committed $10.1 million into its Investment Portfolio of 48 life sciences companies which has leveraged over $300 million in additional capital for these emerging businesses. The PLSG continues to propel the growth of western Pennsylvania's life sciences economy by investing in the commercialization of promising life sciences technologies.

"Hitting the $10 million mark is a significant accomplishment for the PLSG and the life sciences industry in our region," said John W. Manzetti, PLSG president & CEO. "We are making a significant impact on life sciences commercialization in western Pennsylvania: new company formation is up, new wealth is being created, and new products -- with important, positive ramifications for human health and quality of life -- are beginning to reach the marketplace."

As western Pennsylvania's only organization solely focused on the biosciences industry, the PLSG has brought the required energy, domain-specific expertise and efficiency to the task of establishing a critical mass of life sciences awareness, research, development and commercialization in the region. The task moving forward is to expand those efforts and increase the successful commercialization of viable life sciences ventures.

Mr. Manzetti continued, "in addition to our direct investments into companies, we are working with over 250 companies to guide them through the difficult challenges they face in the early stages of company development. We also fuel the expansion of life sciences companies in the growth and maturity stages by supporting new product and market developments and through our Venture Capital Partnerships program to guide investment firms or individual investors to emerging life sciences opportunities in western Pennsylvania."

Mr. Manzetti concluded, "the PLSG team is committed to serving our clients by providing executive talent, business and domain experience and capital to bring our region's concepts to the market. Our combined domain and business experience is unmatched, and we are bringing more technologies into our "Concept to Commercialization(TM)" pipeline each and every day. Our work is attracting talent, technology and capital to the region to make the mission a success."

About the Pittsburgh Life Sciences Greenhouse (PLSG)

The PLSG invests in and supports the growth of biosciences companies in western 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 region. www.plsg.com

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

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


Read at BioSpace.com

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