Pittsburgh Life Sciences Greenhouse Portfolio Client Medrobotics Receives FDA Market Clearance

Company Cleared to Sell Flex® Robotic System in the U.S.

Aug 04, 2015, 09:00 ET from Pittsburgh Life Sciences Greenhouse

PITTSBURGH, Aug. 4, 2015 /PRNewswire/ -- The Pittsburgh Life Sciences Greenhouse (PLSG), the region's only pure life sciences investment firm, announced today that one of its portfolio companies, Medrobotics Corporation, has received FDA market clearance to sell their Flex® Robotic System in the U.S. 

"I couldn't be more pleased or more proud of Medrobotics," said John W. Manzetti, president and CEO of PLSG. "They have come a very long way since spinning out of The Robotics Institute at Carnegie Mellon University and University of Pittsburgh's cardiology labs. They were founded by PLSG with their first investment back in 2007 and since then, have continued to advance their business and their patient-centric solutions in ways that will make a tremendous impact on our society."

The Flex® Robotic System gives physicians the ability to access anatomical locations that were previously difficult or impossible to reach minimally invasively. And because it is affordable and efficient, the Flex® Robotic System allows hospitals to expand the patient population that they serve and improve the productivity of their facilities.

"PLSG's guidance and expertise has helped us arrive where we are today," said Dr. Samuel Straface, president and CEO of Medrobotics Corporation. "They recognized not only the potential of our company, but also the Flex® Robotics System early-on and have been a key proponent in providing the resources we needed to help us deliver our innovative technology to the masses."

A significant amount of Medrobotics' capital is from local Pittsburgh investors, including the PLSG, which provided the first capital, and also the PLSG Accelerator Fund. In addition, Dr. Straface is a product of PLSG's Executive Program where he served as an Executive-in-Residence for more than two years, helping many other life sciences companies to success before stepping into the president and CEO position at Medrobotics.

"We have many other exciting technologies in the PLSG portfolio," said Manzetti. "But Medrobotics occupies a very special place in our portfolio, and in our hearts."

About the PLSG:
The PLSG Accelerator Fund I, which had its final closing in December 2012 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 has a portfolio of early-stage 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.

About Medrobotics:
Medrobotics Corporation (www.Medrobotics.com) is a privately-held company headquartered in Raynham, Massachusetts. It manufactures and markets the Flex® Robotic System that was pioneered at Carnegie Mellon University in Pittsburgh, Pennsylvania. This unique, robot-assist surgical platform provides surgeons with single-site access and visualization of hard-to-reach anatomical locations. The Company's vision is to provide more patients with access to minimally invasive surgery. Medrobotics received the CE mark for its Flex® Robotic System in March 2014. It has been available on a limited basis in Europe since June 2014. The Flex® Robotic System was cleared for sale in the U.S. by the FDA in July 2015.

Beth Thompson

SOURCE Pittsburgh Life Sciences Greenhouse