News: Novitas Capital

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

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Separately, the PLSG has approved a recapitalization of its affiliate, the Pittsburgh Biomedical Development Corporation (PBDC), to allow for pre-seed investments of up to $100,000 in individual start-ups and early stage companies. The PBDC became affiliated with the PLSG in June 2003 and is now in a position to begin making its first investments since June 1999.

 

"These pre-seed, seed and early stage funding programs enable the PLSG to have a direct impact on the growth of the life sciences sector in the Pittsburgh region," said Donald F. Smith, Jr., Ph.D., interim Chief Executive Officer of the PLSG. "These funding components are two of the most exciting programs we have initiated at the PLSG, giving the organization the opportunity to make investments as well as promote the region and nurture our life sciences companies."

 

 

Under the direction of Managing Director Paul Schmitt, PA Early Stage will seek out, evaluate and recommend seed and early stage investment candidates.

 

"We are excited to expand our seed and early stage venture investment franchise to Pittsburgh," said Schmitt. "The combination of world class universities, medical centers and life sciences research expertise should yield a prolific number of venture opportunities in the region."

 

Candidates for the seed and early stage funding should visit the PA Early Stage web site at www.paearlystage.com for more information.

 

Candidates for pre-seed funding should visit the PLSG's web site www.pittsburghlifesciences.org to obtain an application. Applications will be reviewed by the PLSG, its advisory committee and an investment sub-committee before making final investment decisions.

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