News: Novitas Capital

NEWS RELEASE

Contact:

Tim O'Brien, O'Brien

Communications,

(voice) 412-854-8845

 

Charlotte Rapkin,

Pittsburgh Life Sciences Greenhouse,

(voice) 412-201-7483

 

PLSG Seed and Pre-Seed Investment Programs to Boost Investment In Region's Life Sciences:

PA Early Stage to Manage Up To $20 Million in Capital for Seed and Early Stage Funding

 

Pittsburgh, November 13, 2003 – The Pittsburgh Life Sciences Greenhouse (PLSG) announced today it is moving forward with two programs aimed at stimulating investment in early stage life science companies in the following categories: drug

discovery tools and targets; medical devices and diagnostics; therapeutics strategies for neurological and psychiatric disorders; and tissue and organ engineering and regenerative medicine. The first program will be focused on providing pre-seed capital to companies in the earliest stages of development, and the other centered on providing seed and early stage funding for emerging companies that are ready to take their growth to the next level.

 

The PLSG has completed an agreement with PA Early Stage to manage the PLSG's initial contribution of $15 million in funding for investment into Pittsburgh seed and early stage life sciences companies. PA Early Stage, a family of venture funds that makes investments in emerging companies, will be responsible for identifying and managing life sciences investments. As part of the agreement, PA Early Stage will co-invest up to $5 million with the PLSG, creating a pool of $20 million dedicated to life sciences investment in the region. The agreement also calls for PA Early Stage to open a Pittsburgh office staffed with a full-time principal.

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