Two prominent business leaders have launched a new venture capital fund to help fuel the growth of the life sciences industry in the region.
Peter DeComo and Gary Glausser have joined forces with Corridor Venture Partners, a targeted $50 million fund that will assist early stage biomedical research in the region with gap funding, money to fuel established startups as they advance to the commercialization stage.
“This region is rich in medical device companies,” says an enthusiastic John Manzetti, president and CEO of
Pittsburgh Life Sciences Greenhouse. “It’s nice to have a strong life sciences based firm with local partners who know a lot about the community and life sciences in general, and these guys do.”
Both DeComo and Glausser will leave their current jobs by the end of this year to devote time to the enterprise.
DeComo is the CEO of
Renal Solutions, which was sold in November 2007 to Fresenius Medical Care of Germany. He will stay on as a consultant to Fresenius and will continue to serve on the boards of
ALung, Thermal Therapeutics,
ClearCount and PLSG.
Glausser will remain as a partner with
Birchmere Ventures but devote full-time to the new fund. He has more than 25 years of experience as a financial manager, investor and venture capitalist and has served on the boards of
Precision Therapeutics and Renal Solutions, to name a few.
There is investment money out there, says DeComo. “This will bring homegrown venture capital to the region, focus on life sciences and hopefully create successful companies that will stay here, employ more people and create wealth.”
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Writer:
Deb SmitSource: Peter DeComo and Gary Glausser, Corridor Venture Partners, John Manzetti, PLSG
Peter DeComo (left) courtesy of Renal Solutions and Gary Glausser courtesy of Birchmere Ventures