Pittsburgh Life Sciences Greenhouse Invests $100,000 In Diamyd, Inc. For The Treatment Of Chronic Pain And Neuropathies
PITTSBURGH, March 21 /PRNewswire/ -- Dr. Doros Platika, M.D., President and Chief Executive Officer of The Pittsburgh Life Sciences Greenhouse (PLSG), the private/public partnership putting the region's life sciences industry on a fast track for growth, today announced PLSG has invested $100,000 in Diamyd Inc. to develop treatments for chronic pain and peripheral neuropathies associated with diabetes. The investment is provided under the PLSG's Pre- Seed Fund program.
Diamyd Inc., with U.S. headquarters in Pittsburgh, was formed from the merger of Pittsburgh's Nurel Therapeutics and Diamyd Medical, a publicly traded firm based in Sweden. The company is developing a gene-based therapy that selectively targets neurons for the treatment of chronic pain due to diabetes, spinal cord injuries and cancer. Diamyd Medical is currently engaged in three ongoing clinical trials in Europe using GAD 65, a protein to treat Types 1 and 2 diabetes. The company's development programs work together to treat diabetes as well as the peripheral nerve pain and nerve damage.
"Chronic pain, especially that which is related to complications from diabetes, is a very common health problem in our society and one that has begged for new treatment options for many years," said Michael Christini President of Diamyd Inc. USA. "The work Diamyd is doing will provide hope for millions of sufferers of diabetes and other conditions where chronic pain is present. We are very excited about the difference we know that Diamyd will make in peoples' lives in the years ahead."
About the Pre-Seed Fund
The Pre-Seed Fund is a competitive funding program designed to increase the commercialization potential of life science technologies developed by the region's scientists and entrepreneurs. The intent is to provide financial support to increase the likelihood that the company's technology will be successfully commercialized.
About the PLSG
The Pittsburgh Life Sciences Greenhouse is a public/private partnership, founded by the University of Pittsburgh, Carnegie Mellon University, UPMC Health System, the Commonwealth of Pennsylvania and its regional foundation community. Together with private industry and advanced research and healthcare capabilities of our institutional partners, PLSG invests in and supports the growth of regional life sciences companies in the areas of: bioinformatics; bionanotechnology; diagnostics; medical devices; medical robotics; therapeutics; and tools and services.
Pittsburgh Life Sciences Greenhouse
CONTACT: Tim O'Brien of O'Brien Communications, +1-412-854-8845, or LynnBanaszak Brusco of Pittsburgh Life Sciences Greenhouse, +1-412-770-1353
Web site: http://www.plsg.com/