PITTSBURGH, June 1, 2017 /PRNewswire/ -- Helomics® Corporation (Helomics), a privately-held, healthcare company providing personalized medicine solutions for clients in the pharmaceutical, diagnostic, and biotechnology industries, and the Pittsburgh Life Sciences Greenhouse (PLSG), Western Pennsylvania's only economic development firm dedicated to life sciences, today announced a joint agreement to form an incubator dedicated to diagnostics and precision medicine. The facility will be housed at Helomics' headquarters in Lawrenceville.
"A start-up process begins with validating that the technology works," said James F. Jordan, President & CEO of the PLSG. "Technology is critical: however, it is only the beginning of the process which successfully ends with a commercialized product obtaining revenue and profit. The process is aided by the ecosystem, which frequently is composed of a progression through incubator funding and angel capital funding followed by venture capital. Helomics, as a recognized leader in clinical laboratory medicine and precision medicine, is an excellent partner for the PSLG in this initiative."
"We are very excited about this strategic collaboration with the PLSG because Helomics is in a position to help at both the very beginning of the process, by validating the technology, and the end of the process, with commercialization," said Gerald J. Vardzel Jr., President and CEO of Helomics. He added, "Our missing piece was a business partner who could both fund and assist companies in developing the infrastructure towards commercialization. The PLSG provides that missing component."
Paul Kornblith, M.D., who is a medical advisor to both Helomics and PLSG commented, "I was delighted when Helomics announced an agreement with the University of Pittsburgh's Innovation Institute to collaborate on the validation of university technology. This partnership, between Helomics and the PSLG, completes the ecosystem to move innovative technologies and start-up companies from technology validation to commercialization."
About Helomics® Corporation
Helomics® is an integrated clinical contract research organization whose mission is to improve patient care by partnering with pharmaceutical, diagnostic, and academic organizations to bring innovative clinical products and technologies to the marketplace. Helomics offers advanced clinical laboratory diagnostic tests as well as scientific and non-scientific product enhancement services to provide a customized solution to our client's specific product development needs.
Helomics® is headquartered in Pittsburgh, Pennsylvania where the company maintains state-of-the-art, CLIA-certified, clinical and research laboratories. For more information, please visit: www.helomics.com
About the Pittsburgh Life Sciences Greenhouse
The PLSG is Western Pennsylvania's only economic development and investment firm dedicated to life sciences. By investing and supporting the growth of only bioscience companies, PLSG has developed a process to identify 'winning ideas.' Success is measured by the ability to attract and grow life sciences companies in the region. Since its inception in 2002, PLSG has assisted more than 450 life sciences companies and has helped create more than 2,300 jobs and has positively impacted another 14,300 jobs in Western Pennsylvania. Forty companies have been provided with office or laboratory space, and now 14 companies and 15 C-level executives have been relocated to Pittsburgh from outside of region. In addition, the PLSG has invested directly and indirectly more than $22 million in nearly 80 companies, which has leveraged nearly $1.8 billion in additional capital to the region. For more information, please visit: www.plsg.com
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain forward-looking information within the meaning of Section 27A Of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes", "expects", "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements.
SOURCE Pittsburgh Life Sciences Greenhouse (PLSG)