PITTSBURGH, Jan. 7, 2011 /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, issued this statement through its President and Chief Executive Officer, John W. Manzetti announcing the first close of the PLSG Accelerator Fund, LLC (Accelerator Fund) at $5 million.
The Accelerator Fund is being managed by the PLSG to make venture investments in life sciences companies located in western Pennsylvania. The Fund is targeting total capital commitments of $10 million which will be committed during an investment period of up to five years. It is expected that investments will represent life sciences companies from several sectors including medical devices, diagnostics, therapeutics, healthcare information technology and biotechnology tools. The Accelerator Fund will invest in companies that already have been vetted by the PLSG, through investment due diligence and mentoring from the PLSG's Executive Program.
"The region needs a life sciences venture investor, and the PLSG Accelerator Fund is the only pure life sciences venture fund in the region," said John W. Manzetti, PLSG President & CEO. "We have formed this fund as part of our commitment to create long term sustainability for our portfolio companies and provide needed capital for growing companies while offering fund investors the best opportunity for returns."
About the Pittsburgh Life Sciences Greenhouse (PLSG)
The Pittsburgh Life Sciences Greenhouse (PLSG) provides capital investments and customized company formation and business growth services to western Pennsylvania's life sciences enterprises; connects investors with their Investment Portfolio companies; expands established life sciences ventures; and relocates biomedical companies to Pennsylvania. The PLSG supports biosciences companies with promising innovations in: Biotechnology Tools, Diagnostics, Healthcare IT, Medical Devices and Therapeutics. Since 2002, PLSG has worked with 320 companies and has made direct investments of $16.3 M in 60 companies which has leveraged over $500M in additional capital to the region. In addition, PLSG has invested $15.2M as a limited partner in two Pennsylvania venture capital firms which in turn invest in technology companies in the Commonwealth. To see the full portfolio and more information about PLSG visit www.plsg.com.
Traditional VC Model
LLC Management Member (PLSG)
SOURCE Pittsburgh Life Sciences Greenhouse