Crystalplex Receives $100,000 Investment Pittsburgh Life Sciences Greenhouse Provides Pre-Seed Investment Through Its

Pittsburgh Biomedical Development Corporation Affiliation



    PITTSBURGH, April 26 /PRNewswire/ -- Crystalplex, a Pittsburgh
 nanobiotechnology company and the Pittsburgh Life Sciences Greenhouse (PLSG),
 a partnership to put the region's life sciences industry on a fast track for
 growth, today announced that PLSG, through its affiliate the Pittsburgh
 Biomedical Development Corporation (PBDC), intends to invest $100,000 in pre-
 seed funds to Crystalplex, an early stage company that is developing a
 technology that aids in drug discovery and clinical diagnostics.
     The PBDC investment will be used to help the company further develop its
 technology which utilizes nano-sized plastic beads that label, or "bar code,"
 a large number of different molecules within a solution, combining multiple
 assays or experiments into a single operation.  With an exclusive worldwide
 license from Indiana University's Advanced Research & Technology Institute,
 Crystalplex expects to become the first to market with the new generation of
 nanosensor tests.  The company was created by LaunchCyte LLC and is located
 within the PLSG Incubator.
     "Biomolecular reagents have become so essential in the quest for good
 health that they regularly command prices in the many thousands of dollars per
 drop," said Doros Platika, M.D., President and Chief Executive Officer of the
 PLSG.  "Crystalplex's technology utilizes much simpler and less costly
 instrumentation than competing markers.  This leads to the need for smaller
 research samples, reduced labor, and improvements in diagnosis and analyses,
 indicating great potential for the company's future prospects."
     "Crystalplex is grateful for the confidence demonstrated by the Pittsburgh
 Life Sciences Greenhouse.  This investment helps us continue to build value
 for our investors and jobs in Southwestern Pennsylvania," said Alan Seadler
 Ph.D. CEO of Crystalplex.  This investment marks one of the first new
 investments made by the PBDC since 1999.  In November 2003, the PLSG approved
 a recapitalization of the PBDC to allow for pre-seed investments in individual
 start-ups and early stage companies.  The PBDC became affiliated with the PLSG
 in June 2003.
     Original financial support for the organization, which was incorporated in
 1988, came in the form of grants primarily from regional foundations and
 community development organizations totaling $1.2 million.  From 1991 through
 1999, the PBDC had invested in 11 regional companies, exhausting available
 funds for new investment.  By 2003, returns on those initial investments
 created the opportunity for PBDC to resume pre-seed investment in the region's
 life sciences.
 
     About Crystalplex
     Crystalplex Corp. is bringing nanotechnology to today's major challenges
 in drug discovery and clinical diagnostics.  Crystalplex offers drug and
 medical researchers unprecedented opportunity to collect multiple results from
 single samples.  The Crystalplex technology involves plastic beads smaller
 than human cells.  Each bead contains tiny semiconducting nanocrystals, which
 are easily excited to emit visible colors.  Varying colors and chemistries
 produce nanosensors with unique optical signatures, readily detected using
 commercially available equipment.  These nanosensors enable researchers to
 study a large number of different molecules within a solution, combining
 multiple assays or experiments into a single operation. With an exclusive
 worldwide license from Indiana University's Advanced Research & Technology
 Institute, Crystalplex expects to become the first to market with multiplexed
 nanosensors.  Crystalplex has received funding from LaunchCyte and Innovation
 Works, a Pennsylvania state-supported seed fund.
 
     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 our 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, medical devices and diagnostics, tissues
 engineering and regenerative medicine and therapeutic strategies for
 neurological and psychiatric disorders.
 
 

SOURCE Pittsburgh Life Sciences Greenhouse; Crystalplex Corp.

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