Navigation Links
Pittsburgh Life Sciences Greenhouse Makes Significant Reductions Due to Uncertain Funding
Date:6/14/2013

PITTSBURGH, June 14, 2013 /PRNewswire/ -- The Pittsburgh Life Sciences Greenhouse (PLSG) today announced a reduction in staff and levels of investment that were necessitated by delays in portfolio company exits caused primarily by the current overall investment climate and the uncertainty of state funding.

PLSG President and CEO, John W. Manzetti said, "As the region's only pure life sciences investment firm, the actions taken this week, which were approved by the PLSG Board of Directors, were necessary to protect the future of both our base economic development activities and our investments in both the PLSG and PLSG Accelerator Fund companies.

"These actions will remove expenses related to community and company support and services but still enable us to focus on investments. As our strong portfolio of companies achieve their awaited exits, the PLSG will return to historic levels of annual investment. We have centered our focus on the PLSG's premier Executive Program and have protected our ability to invest modestly until these returns are realized.  Our experienced and highly-focused investment team remains passionate and committed to the growth of the region's important life sciences sector."

About Pittsburgh Life Sciences Greenhouse (PLSG) (www.plsg.com)
The PLSG invests in and supports the growth of biosciences companies in western Pennsylvania. PLSG has a track record of excellence when it comes to attracting and growing life sciences companies in the region. Since its inception in 2001, PLSG has assisted more than 400 life sciences companies and has helped create or retain nearly 6,000 jobs in western Pennsylvania. Thirty-four companies have been provided with office or laboratory space and 13 have been relocated to Pittsburgh from outside of the region. In addition, the PLSG has invested $18.9 million in 76 companies which has leveraged nearly $900 million in additional capital to the region.

About PLSG Accelerator Fund (www.acceleratorfund.com )
The PLSG Accelerator Fund I, which had its final closing in December, 2012 at $8.1 million, currently is fully invested in eight portfolio companies.  The Accelerator Fund provides regional life sciences companies with venture capital financing, which is the next step beyond capital provided by economic development organizations; friends and family; and angel investors.  The Accelerator Fund is building a portfolio of early-stage life sciences investments, primarily located in western Pennsylvania and spread across several life sciences investments, primarily located in western Pennsylvania and spread across several life sciences sectors including medical devices, diagnostics, therapeutics, healthcare information technology and biotechnology tools.  The value proposition of the Fund is at least two-fold: (1) PLSG executive manage the Fund, affording investors with quality of personnel that likely would be otherwise available only through significantly larger funds; (2) only companies that have already performed successfully using PLSG investments and programs are considered for Fund investment.


'/>"/>
SOURCE Pittsburgh Life Sciences Greenhouse
Copyright©2012 PR Newswire.
All rights reserved

Related biology technology :

1. Pittsburgh Based ParentPlus Enters Collaboration with Vitrolife
2. The Pittsburgh Life Sciences Greenhouse Congratulates Dr. Paul L. Kornblith, M.D., on Being Named the 2013 recipient of the Schoemaker Award
3. Pittcon Announces the 2013 Pittsburgh Conference Memorial National College Grant Awardees
4. Pittsburghs Positive Investment Growth Bucks National Trends According to Ernst & Young and Innovation Works Report
5. Allegheny General Hospital Cardiovascular Institute Becomes Exclusive Pittsburgh Site for Study of Novel Coronary Artery Disease Device
6. Garage Start-ups Now Possible in Life Sciences Industry
7. Ambit Biosciences Names Michael A. Martino President and Chief Executive Officer
8. DiaTech Life Sciences Announces Medical Advisory Board
9. The Law Firm of Levi & Korsinsky, LLP Launches an Investigation Into Possible Securities Laws Violations by Pacific Biosciences of California, Inc.
10. Coronado Biosciences to Present at the Oppenheimer 22nd Annual Healthcare Conference
11. Coronado Biosciences Announces Phase 1 Results of CNDO-109 in AML to be Presented at the American Society of Hematology
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/10/2017)... ... 10, 2017 , ... USDM Life Sciences , the ... sciences and healthcare industries, announces a presentation by Subbu Viswanathan and Jennifer Jaye ... GxP Validation for Agile Cloud Platforms,” will present a revolutionary approach to achieving ...
(Date:10/9/2017)... N.C. (PRWEB) , ... October 09, 2017 , ... At ... announced Dr. Christopher Stubbs, a professor in Harvard University’s Departments of Physics and Astronomy, ... Stubbs was a member of the winning team for the 2015 Breakthrough Prize in ...
(Date:10/7/2017)... Seattle, WA (PRWEB) , ... ... ... the industry leader in Hi-C-based genomic technologies, launched its ProxiMeta™ Hi-C metagenome ... the ProxiMeta Hi-C kit and accompanying cloud-based bioinformatics software to perform Hi-C ...
(Date:10/5/2017)... ... ... LabRoots , the leading provider of educational and interactive virtual events ... cancer research with a month-long promotion supporting the advancement of breast cancer research with ... promo code PinkRibbon to get 10 percent off their purchase of every the “Cancer ...
Breaking Biology Technology:
(Date:5/16/2017)... 16, 2017  Veratad Technologies, LLC ( www.veratad.com ), ... and identity verification solutions, announced today they will participate ... May 15 thru May 17, 2017, in ... Trade Center. Identity impacts the lives ... today,s quickly evolving digital world, defining identity is critical ...
(Date:5/6/2017)... SINGAPORE , May 5, 2017 ... has just announced a new breakthrough in biometric ... that exploits quantum mechanical properties to perform ... new smart semiconductor material created by Ram Group ... across finance, entertainment, transportation, supply chains and security. ...
(Date:4/19/2017)... , April 19, 2017 ... its vendor landscape is marked by the presence of ... is however held by five major players - 3M ... these companies accounted for nearly 61% of the global ... leading companies in the global military biometrics market boast ...
Breaking Biology News(10 mins):