A Significant Accomplishment for the PLSG and the Life Sciences Industry in
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."
Summary of PLSG Accomplishments to Date:
-- The PLSG has invested $10.1 million directly into 48 companies to help
leverage over $300 million in additional capital.
-- The PLSG has assisted over 250 clients/companies through its Executive-
-- The PLSG has invested $15.2 million in venture capital funds to help
leverage an additional $110 million in total funding.
-- The PLSG's SBIR Advance program has assisted nearly 100 companies with
their federal grant strategies. To date, these companies have received
over $13 million in federal grant funding.
-- The PLSG has provided 27 early stage companies and venture capital and
life sciences organizations with office and laboratory space in our
-- The PLSG has assisted 10 life sciences companies with relocating to our
region and is working with other companies who would like to establish
operations in southwestern Pennsylvania.
-- The PLSG has leveraged $2.4 million in federal grant money to help
provide core and customized life sciences specific workforce training
to over 5,000 trainees since September, 2005.
-- The PLSG has helped create 5,000 jobs directly/indirectly including
university faculty and facilities. (300+ jobs created in invested
companies and 1,000+ jobs in PLSG active companies/clients)
-- 25 executives have participated in the PLSG EIR program: 7 are
currently active at PLSG and 16 former EIRs remain in the region.
-- The regional life sciences company formation rate has increased from 2-
3 per year to 15-20 new companies per year.
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. http://www.plsg.com
|SOURCE The Pittsburgh Life Sciences Greenhouse|
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