The Pittsburgh Life Sciences Greenhouse crossed the $10.1 million investment threshold this month with its most recent investment of $235,000 in Lipella Pharmaceuticals, a University of Pittsburgh spinout in pre-clinical development for the treatment of bladder dysfunction.
“Our mission is to form companies and grow companies here and make Pittsburgh a global life sciences player,” says John Manzetti, president and CEO. “The more successful the companies are coming out of Pittsburgh, the more capital is attracted here. Clearly our vision is to put Pittsburgh on the map. It’s about world domination, a place you think about when you think of life sciences.”
Since forming in 2002, the PLSG has committed $10.1 million into its portfolio of 48 life sciences companies, leveraging more than $300 million in additional capital for these emerging businesses.
“There’s no other program like this in the country for economic development,” Manzetti adds, crediting the PLSG Executive-in-Residence program, which attracts highly experienced executives to the region who help early seed companies hit the ground running. “It’s a superior model that’s unmatched anywhere.”
Other accomplishments to date include:
- Leveraging $2.4 million in federal grant money to help provide core and customized life sciences specific workforce training to over 5,000 trainees.
- The regional life sciences company formation rate has increased from 2-3 per year to 15-20 new companies per year.
- The PLSG has invested $15.2 million in venture capital funds to help leverage an additional $110 million in total funding.
Writer: Debra Smit
Source: John Mansetti, PLSG