Is 2009 the year for life sciences in Pittsburgh?
Apparently so, according to local investors and experts. Besides the dynamic likes of Vivisimo
and Industry Weapon
, the companies most people are talking about are developers of medical devices, healthcare IT and diagnostics.
The region was truly recognized as a hub for life sciences startups this past year, says John Manzetti, president and CEO of Pittsburgh Life Sciences Greenhouse
, an instrumental force in bringing about the development. A new homegrown venture capital firm emerged, Corridor Venture Partners, a designated $50 million fund.
"CardioRobotics, ClearCount and Cohera all have the potential to be game-changers in their markets and will provide the users of their products an unfair advantage over the competition.” Manzetti adds. “The region can expect more like them each and every year as the PLSG continues to form companies, create jobs and move innovation through our commercialization pipeline.”
With that, here’s the Life Science Companies to Watch in 2009:Cohera Medical
is preparing to commercialize its TissueGlu for application in plastic surgery. With nine employees and $1.6 billion market size, the company is moving into Series C financing.ClearCount Medical Solutions
and its RFID-tagged surgical sponges, in the early stages of commercialization, is moving into Series B financing, has 17 employees and a $1 billion market size.CardioRobotics
, formerly Innovention Technologies, is developing robotic probes that perform a variety of minimally invasive, single-entry surgical procedures. The company has a $1.3 billion market size, employs seven and is closing on Series A financing.ALung Technologies
is refocusing its energy around an artificial lung device to provide respiratory support to people with acute breathing problems. The company employs nine and has a $2.3 billion market size.Net Health Systems
provides integrated software for chronic wound management and celebrates its 15th year of operation. The company recently hired 10 bringing the total employees to 35. Blue Belt Technologies
is developing compact, handheld, robotic tools for surgeons that enables them to make precise cuts. The first target procedure is a spinal laminectomy and tools for joint replacement. The company is in the early seed stage, employs six and has a $1.5 billion market size.MedRespond
is a Carnegie Mellon University patented search technology with an exclusive algorithm for use within the healthcare industry. The company has a $6 billion market size, employs 7 and is presently generating revenue.CarMell
, a new company, is developing biomaterials made from blood plasma, resulting in ideal biomaterial that reduces the need to add costly additives. The seed stage company employs two and has a $1 billion market size.MedSage Technologies’s
patient management system provides crucial business benefits by helping to improve patient follow up. The company has 25 employees and a market size of $200 million.Thermal Therapeutics
is another newly formed, seed company, established to commercialize emerging cancer therapies, including a device designed to pump cold or heated chemotherapy agents directly into a patient’s peritoneal cavity and bathe the affected tissue in the solution. The company has a $500 million market size.
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Writer: Deb Smit
Source: John Manzetti, PLSG, Matt Harbaugh, Innovation Works and othersPhoto courtesy of Flickr.com