The Accelerator Fund supports the capitalization and growth of life-saving and life-sustaining technologies and companies in western Pennsylvania. The fund is being managed by the PLSG and invests in the incubator's portfolio companies, which have been vetted through due diligence and mentoring from the PLSG's Executive Program, says John W. Manzetta, managing director.
In other life science investment news, Pittsburgh-based Cohera Medical
has received clearance to begin the FDA clinical trial process for its TissuGlu surgical adhesive in the U.S. Cohera previously received CE Mark approval in the EU to begin selling the product to hospitals and surgeons in Germany. The company has plans to expand commercialization into additional European markets in early 2012.
Cohera's TissuGlu would be the first approved FDA synthetic adhesive on the market for large flap surgeries, helping to accelerate healing and reduce the pain associated with cosmetic tummy tuck surgeries, one of the common cosmetic surgeries performed in the U.S.
., developer of surgical snake robotic technology that allows surgeons to perform heart surgery through a single port of entry, closed on a $11.7 million Series C round this month. The round was led by current shareholders, angel investors and the PLSG. The company, formerly known as Cardiorobotics, moved its headquarters to Newport, R.I., last year and maintains a research facility in Oakland.
South Side-based ALung Technologies
closed on $10 million fundraising round this month with the help of previous investors and Pittsburgh Birchmere Ventures, who led the Series B funding with a $2 million investment. The money will fund operations, support commercialization of its artificial lung, the Hemolung System, and provide for hiring. ALung hopes to begin generating revenue second quarter 2012. ALung is also preparing to begin selling its artificial lung in Germany this year.
Intimate Bridge 2 Conception
closed on a $4.3 million round last December with help from the PLSG Accelerator fund, as well as a private investment firm. IB2C's first product in supported conception, the Stork, is an over-the-counter product that helps couples on the path to conceiving in the privacy of their home, a less expensive and less invasive alternative to procedures historically done in a doctor's office. The company hopes to launch the Stork this year.
Source: John Manzetti and Lynn Brusco, PLSG