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PITTSBURGH, Sept. 23 /PRNewswire/ -- As the world converges on Pittsburgh and Western Pennsylvania, the first thing the international visitors notice are clear skies and the lack of the traditional, stereotypical images of smokestacks lining the city's three rivers. Instead, they are greeted by a region that for the past two decades has successfully transformed itself from a manufacturing economy to a service economy centered on the development and commercialization of advanced technologies, energy and the life sciences.
A cornerstone to this evolutionary process and visible evidence of the region's economic makeover has been the Pittsburgh Life Sciences Greenhouse (PLSG), which in a brief few years has worked with nearly 300 companies and has committed 121 direct investments in 60 companies, totaling $14.7 million. But the larger story is that those direct investments have already been leveraged into $500 million in additional capital fueling regional economic growth. In the past year alone, 10 percent of PLSG portfolio companies have raised $50 million, and another 10 percent are actively seeking a collective $20 million.
"One of the major reasons President Obama selected Pittsburgh to host the G-20 was to showcase to world leaders a strong example of the new economy," said John W. Manzetti, PLSG President & Chief Executive Officer. "Pittsburgh's story is all about possibilities. And a critical component to the story of the region's economic resurgence has been the role the life sciences and biotechnology have played in driving capital investment and employment growth."
Since its formation in 2002, the PLSG has existed to provide capital investments and customized company formation and business growth programs to western Pennsylvania's life sciences enterprises. The organization has propelled the growth of western Pennsylvania's life sciences economy with a focus on i
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| SOURCE Pittsburgh Life Sciences Greenhouse Copyright©2009 PR Newswire. All rights reserved |
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