News: Novitas Capital

Pittsburgh Life Sciences Greenhouse Negotiating with PA Early Stage to Manage up to $20 Million in Initial Pre-Seed Funding

Pittsburgh, March 18, 2003 - The Pittsburgh Life Sciences Greenhouse (PLSG), a partnership to put the region's life sciences industry on a fast track for growth, announced today it has entered into exclusive negotiations with PA Early Stage to manage the PLSG's initial contribution of $15 million in pre-seed and seed funds for investment into start-up and early stage life sciences companies.

 

PA Early Stage, a family of venture funds that makes investments in emerging companies, will be responsible for identifying potential life sciences investments in the region and managing those investments. In addition, PA Early Stage anticipates that it will co-invest up to $5 million with the PLSG, creating a pool of $20 million dedicated to investment in promising life sciences ventures.