PITTSBURGH, Sept. 6, 2017 /PRNewswire/ -- The Pittsburgh Life Sciences Greenhouse (PLSG), today announced a $100,000 investment in stroke treatment innovator Forest Devices to assist in its commercialization, following a previous investment of $50,000 in the Carnegie Mellon University (CMU) spinoff.
Medical professionals believe that when stroke occurs, "time is brain," meaning that rapid response is critical for preserving function and quality of life. Using this as a foundation, Forest Devices' lead product, AlphaStroke, enables first responders to quickly detect stroke, so they can route patients directly to stroke treatment centers.
According to Forest Devices CEO Matt Kesinger, AlphaStroke could help up to 400,000 patients avoid delay in treatment, discharge 25,000 patients without the need for extensive rehabilitation, and save up to 16,000 lives. It also could help avert more than 2 million unnecessary emergency room CT scans. AlphaStroke is poised to become the new standard of care for stroke victims.
"Matt is the perfect example of what happens when you blend education and entrepreneurship," said Jackie Speedy, Associate Dean, School of Public Policy and Management at CMU's H. John Heinz College. "We encouraged Matt to connect with the PLSG's commercialization expertise early, and this remains a beneficial collaboration."
Alan West, PLSG Resident Entrepreneur, commended Kesinger for effectively utilizing the many resources available across the Pittsburgh region's life sciences industry, primarily PLSG. West added that Forest Devices has been capital efficient and has achieved significant milestones following PLSG's first investment last year.
"This second PLSG investment further validates our progress and strategy and will help enormously in moving Forest Devices forward in our commercialization efforts for AlphaStroke," said Kesinger. "We appreciate PLSG's ongoing support of our continuing evolution."
Forest Devices has earned recognition nationwide, winning honors as top startup company and nearly $700,000 of investments through the 2017 Rice University Business Plan Competition.
About the Pittsburgh Life Sciences Greenhouse
The PLSG is Western Pennsylvania's only economic development organization dedicated to life sciences. PLSG has invested directly and indirectly more than $22 million in nearly 80 companies, leveraging nearly $1.8 billion in additional capital to the region. For more information, please contact: Matt Kesinger, Forest Devices, [email protected], 214-394-8860 or James F. Jordan, PLSG, [email protected], 412‐201‐7370.
Sources: Pittsburgh Life Sciences Greenhouse, Forest Devices, Rice University
SOURCE Pittsburgh Life Sciences Greenhouse