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SOURCE Pittsburgh Life Sciences Greenhouse
Updated Strategic Vision From Q2 Drives New Funding in Q3 Despite Uncertain Economic Challenges
PITTSBURGH, Oct. 8, 2013 /PRNewswire/ -- On the heels of an updated vision and mission in the firm's strategic focus at the end of the second quarter, Pittsburgh Life Sciences Greenhouse (PLSG), the region's only pure life sciences investment firm, and managing member of the PLSG Accelerator Fund, announced today the closing of $338,000 in new investments at the end of the third quarter.
"We have committed to working hard and staying focused on raising funds for both the PLSG and our portfolio companies," said John Manzetti, President and CEO of PLSG. "The redefined business structure put a laser focus on later stage investments and we are pleased that it has helped to deliver more opportunities for our growing life sciences region, even during times of the uncertain economy."
The most recent PLSG direct investment commitment includes $200,000 into Complexa, Inc., a biopharmaceutical company focused on treating inflammatory and metabolic disorders with nitrated unsaturated fatty acids, and $138,000 into Cognition Therapeutics, Inc. a drug discovery company focused on neurodegenerative disorders that uses proprietary and biologically-relevant screening technology. PLSG has invested multiple times in both of these companies. PLSG has invested into Complexa a total of $550,000 and into Cognition for $1.1 million, which is PLSG's largest investment to-date. In addition, the PLSG Accelerator Fund has also invested heavily into Cognition.
"Though we have recently received confirmation that PLSG would be getting funds from multiple commonwealth programs including state funding from the Tobacco Master Settlement Agreement arbitration panel, the State Small Business Credit Initiative and Innovate in PA, the government shutdown and various other economic factors have impacted if and when these new funds may arrive," said Manzetti. "While these dollars are tremendously impactful and appreciated in our region, operations at PLSG are running strong as many of our portfolio clients have completed significant fundraising rounds. PLSG's portfolio company ALung Technologies, Inc. experienced a recent raise of $15.8 million and Cognition experienced a raise of $3 million – which both included support from the PLSG Accelerator Fund.
Year-to-date for 2013, the PLSG has committed seven investments totaling more than $588,000 in follow-on investments. Since the PLSG's inception, the firm has committed 178 investments into 74 different companies for a total of more than $19.1 million.
For more information, or to receive news about life sciences in the Pittsburgh region, visit www.plsg.com or call 412-201-7370.
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 its inception in 2001, PLSG 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 more than $19 million in 74 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, 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 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.
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