PITTSBURGH, Nov. 13 /PRNewswire/ -- The Pittsburgh Life Sciences Greenhouse (PLSG), a partnership to put the region’s life sciences industry on a fast track for growth, today announced strong industry growth in the Pittsburgh’s life sciences industry cluster from June 2002 through June 2003.
The PLSG performs annual analyses on the performance of the cluster and how its activities compare to competing regions for its annual scorecard report to the Pennsylvania Department of Community and Economic Development (DCED) each year. This first annual scorecard report covers metrics for cluster job growth in private companies as well as faculty and research growth in universities. It establishes baseline measures for new start-up company formation, company attractions to the region, venture capital invested into the region, liquidity transactions, and institutional and industry facility expansion space added. These indicators present a snapshot of how well the industry is doing.
Two sets of job metrics are gathered. The first centers on core life sciences companies with major business activity based on core medical device and diagnostics, drug discovery tools and targets, tissue and organ engineering and regenerative medicine, and therapeutic strategies for neurological and psychiatric disorders. The second set of metrics looks at the broader cluster growth, which includes all of the service provider firms and such as manufacturers and suppliers to the core companies.
Pittsburgh’s life sciences region has been able to not only maintain, but grow its job base.
- In June 2001 the core life sciences industry consisted of 44 companies employing 3,402 jobs. - In June 2002 the core life sciences industry consisted of 50 companies employing 3, 576 jobs, an increase of 174 jobs. - In June 2003, the core life sciences industry consisted of 63 companies employing 3, 856 jobs, an increase of 280 jobs. - Total 2001 industry cluster employment was 10,328 with wages totaling $545,224,814. - Total 2002 industry cluster employment was 10,490 with wages totaling $578,885,944. Company Formation and Relocations - Since its inception in November 2001, PLSG has brought three core technology relocations to Pittsburgh: Renal Solutions, CrystalPlex and Revivicor. - Since inception PLSG has seen a total of 20 new life sciences start- ups. - In the period June 2002 through June 2003 Pittsburgh has seen 11 new start-up companies formed, a huge increase in the rate of company formation. Patents - Industry patent filings have increased 23% with an overall regional life sciences patent filing increase of 2% for industry, individual and university. - The top assignees included the University of Pittsburgh, Carnegie Mellon University, Medrad and Respironics. Facilities - Fifty companies reported total space of 1,326,858 square feet, of which, 42 companies reported that 84,634 square feet of that was dedicated lab space. - PLSG added to that a total 15,000 square feet of which 6,000 is lab space dedicated to startup companies Funding and Capital - 41 companies reported total revenues of $86,478,724 for 2002. - Pittsburgh has had a total of $79.81 million of venture capital invested into its life sciences industry from 2002 and through June 2003. - Total life sciences venture investments into Pittsburgh have been greater than the following life sciences regions: Atlanta, GA; Houston, TX; Buffalo-Niagara Falls, NY; Cleveland, OH; Denver, CO; and Baltimore, MD. 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. The PLSG is focused on developing a portfolio of companies in the following industry sectors: drug discovery tools and targets, biomedical devices, tissues engineering and neurological/psychiatric strategy companies.
Pittsburgh Life Sciences Greenhouse
CONTACT: Tim O’Brien of O’Brien Communications, +1-412-854-8845; orCharlotte Rapkin of Pittsburgh Life Sciences Greenhouse, +1-412-201-7483