Pittsburgh Life Sciences Greenhouse Makes Strategic Adjustment To Put Laser Focus On 2013 Goals

PITTSBURGH, July 17, 2013 /PRNewswire/ -- The Pittsburgh Life Sciences Greenhouse (PLSG), the region's only pure life sciences investment firm, and managing member of the PLSG Accelerator Fund, announced today an updated vision and mission that puts a laser focus on 2013 goals.

"Despite the challenging economy, PLSG remains strong and committed to working towards propelling our life sciences sector forward through continued investments in our region," said John Manzetti, President and CEO, Pittsburgh Life Sciences Greenhouse (PLSG). "Our agile business philosophy has enabled us to ignite a new purposeful and intentional focus on later stage investments. We will continue to be involved in the business community so the region can benefit from our unique and unmatched programs that bring the highest quality investment and business advice."

As part of the new focus, PLSG will prioritize efforts to provide continued support and resources to the programs that set the organization apart from others. PLSG's Executive Program, anchored by the Executive-in-Residence program, has brought nearly 30 C-level executives to Western Pennsylvanian life sciences and technology companies. In addition, PLSG will continue to dedicate its PLSG Accelerator Fund to life science investments in the region. PLSG is the only state-funded organization that runs a life sciences-focused venture capital firm.

PLSG's unique programs have played part in a recent closing announcement of $315,000 in half-year investments from companies including: ALung Technologies Inc., ATRP Solutions, MS2 Array LLC, NewCare Solutions, PHRQL Inc., Quantum Ops, Wellbridge Health. To help incubate the small companies in Healthcare Information Technology (HIT), the PLSG has also created the Think-Q-Beta™ within the PLSG campus to provide full office space and services at a discount for the companies to utilize for a short time before moving into a larger space.

"To demonstrate that we are as strong as ever, and to help share the story on the progress we are making in the region, we recently launched a redesigned website," said Manzetti. "We are still very much involved in serving our community. The website, with a vibrant and more business-centric look, will help us share news on the progress we are making."

The new website features information about the PLSG capital investment and business growth programs as well as information about life sciences in Western Pennsylvania, while integrating social media as a news aggregator on the site.

To visit the new website, please visit www.plsg.com or call 412-201-7370 for more information.

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 PLSG began operations in 2002, it 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 nearly $19 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, 2011 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. 

SOURCE Pittsburgh Life Sciences Greenhouse