PITTSBURGH, Nov. 13 /PRNewswire/ -- The Pittsburgh Life Sciences Greenhouse (PLSG) announced today it is moving forward with two programs aimed at stimulating investment in early stage life science companies in the following categories: drug discovery tools and targets; medical devices and diagnostics; therapeutics strategies for neurological and psychiatric disorders; and tissue and organ engineering and regenerative medicine. The first program will be focused on providing pre-seed capital to companies in the earliest stages of development, and the other centered on providing seed and early stage funding for emerging companies that are ready to take their growth to the next level.
The PLSG has completed an agreement with PA Early Stage to manage the PLSG’s initial contribution of $15 million in funding for investment into Pittsburgh seed and early stage life sciences companies. PA Early Stage, a family of venture funds that makes investments in emerging companies, will be responsible for identifying and managing life sciences investments. As part of the agreement, PA Early Stage will co-invest up to $5 million with the PLSG, creating a pool of $20 million dedicated to life sciences investment in the region. The agreement also calls for PA Early Stage to open a Pittsburgh office staffed with a full-time principal.
Separately, the PLSG has approved a recapitalization of its affiliate, the Pittsburgh Biomedical Development Corporation (PBDC), to allow for pre-seed investments of up to $100,000 in individual start-ups and early stage companies. The PBDC became affiliated with the PLSG in June 2003 and is now in a position to begin making its first investments since June 1999.
“These pre-seed, seed and early stage funding programs enable the PLSG to have a direct impact on the growth of the life sciences sector in the Pittsburgh region,” said Donald F. Smith, Jr., Ph.D., interim Chief Executive Officer of the PLSG. “These funding components are two of the most exciting programs we have initiated at the PLSG, giving the organization the opportunity to make investments as well as promote the region and nurture our life sciences companies.”
Under the direction of Managing Director Paul Schmitt, PA Early Stage will seek out, evaluate and recommend seed and early stage investment candidates.
“We are excited to expand our seed and early stage venture investment franchise to Pittsburgh,” said Schmitt. “The combination of world class universities, medical centers and life sciences research expertise should yield a prolific number of venture opportunities in the region.”
Candidates for the seed and early stage funding should visit the PA Early Stage web site at http://www.paearlystage.com/ for more information.
Candidates for pre-seed funding should visit the PLSG’s web site http://www.pittsburghlifesciences.org/ to obtain an application. Applications will be reviewed by the PLSG, its advisory committee and an investment sub- committee before making final investment decisions.
About PA Early Stage
PA Early Stage, headquartered in Wayne, Pennsylvania and founded in 1997, is a family of venture funds that makes investment in early stage life sciences and information technology companies. With over $200 million under management, PA Early Stage invests in companies that are primarily based in the Mid-Atlantic region, with a focus on Pennsylvania. The fund can be found on the Internet at http://www.paearlystage.com/ .
About the PBDC
The PBDC is an independent, non-profit organization that was incorporated in 1988 and was affiliated with the Pittsburgh Technology Council until June 2003, when it became affiliated with the PLSG. The PBDC’s original mission was to assist in the development, promotion and advancement of biomedical research and biomedical technology in southwestern Pennsylvania. The organization has provided seed capital grants and mentoring to several of the region’s emerging biomedical and biotechnology companies, including NOMOS Corp., Precision Therapeutics, and Tissue Informatics, Inc.
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