|The Pittsburgh Life Sciences Greenhouse Attracts $4M Series A Funding to Regionís Life Sciences Comm|
The Pittsburgh Life Sciences Greenhouse Attracts $4M Series A Funding to Region’s Life Sciences Community
Pittsburgh, September 27, 2006 – The Pittsburgh Life Sciences Greenhouse (PLSG), the private/public partnership focused on putting the region's life sciences industry on a fast track for growth, today announced that its portfolio company, RedPath Integrated Pathology, Inc., a Pittsburgh-based firm involved in the development of advanced molecular technologies for cancer diagnosis, has secured its Series A financing led by NewSpring Capital via its dedicated healthcare fund, Commerce Health Ventures, L.P. NewSpring Capital and the PLSG agreed to a strategic relationship in 2005 to identify compelling investment opportunities in Western Pennsylvania.
RedPath announced it closed on its Series A round of equity financing led by NewSpring Capital of King of Prussia, Pennsylvania, CID Capital of Columbus, Ohio, and other investors.
“It is important that the PLSG create relationships that facilitate additional private equity investments in the region,” said John W. Manzetti, Chief Operating Officer of the PLSG.
“NewSpring Capital’s commitment to RedPath is a great win for the region and represents the first of many investments the PLSG and NewSpring plan to allocate to the region.”
“Our investments have to meet stringent criteria of providing strong financial returns, while focusing on developing and commercializing novel science and healthcare technologies emerging in the region,” said Brian G. Murphy, Partner of NewSpring Capital . “Working actively with the PLSG, we are seeking to identify the best possible candidates in Western Pennsylvania, and RedPath quickly emerged as a good example of this investment strategy.”
About the PLSG
About NewSpring Capital
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