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The Pittsburgh Life Sciences Greenhouse Invests $725K in Portfolio Companies
Date:10/15/2009

PITTSBURGH, Oct. 15 /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 recently closed $725,000 in direct company investments.

PLSG's investment of $200,000 in NeuroInterventions, Inc. will support prototyping a family of patent-pending catheters for addressing deep vein thrombosis, carotid stenting, and traumatic brain injury, in addition to stroke. PLSG's investment of $150,000 in Blue Belt Technologies will be used to finalize development and prepare for FDA submission of their core product, the Precision Freehand Sculptor, and will provide the resources to help prepare for full market release of our Orthopaedic and Neurosurgical products. The PLSG's $150,000 investment in Vytrace, Inc., (formerly Glucose Sensing Technologies) will support the development of a system for use in hospital intensive care units (ICU's) to enable clinicians to continuously monitor the glucose levels of critically-ill patients aimed at maintaining "tight glycemic control" (TGC) of ICU patients while also enabling them to complete a pilot study and obtain the gap analysis of their development process needed to get them to the FDA pathway, and ready for additional financing. The investment of $125,000 in ThermalTherapeutic Systems will support the development of a portable hyperthermic perfusion system capable of delivering heated and unheated fluids at a variety of temperatures used to raise the temperature of the thoracic or peritoneal cavity during hyperthermic and normalthermic perfusion. PLSG's $100,000 investment in Almedtrac will assist them with marketing their licensed software, Study360, designed for clinical trials management; providing value-added services to all levels of participants in clinical research.

Since forming in 2002, the PLSG has committed $14.7 million into its Investment Portfolio of 60 life sciences companies which has leveraged almost $500 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 and sustainability of promising life sciences technologies.

"The PLSG continues to build investment momentum for our portfolio companies and the life sciences industry in our region, " says John W. Manzetti, PLSG president & CEO. "We are making a significant impact on life sciences commercialization in western Pennsylvania through our direct investments, business and domain expertise, talent attracted through our Executive Program and by bringing institutional and angel capital into the region."

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

SOURCE Pittsburgh Life Sciences Greenhouse


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SOURCE Pittsburgh Life Sciences Greenhouse
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