38 Pittsburgh medical companies looking to raise money

PITTSBURGH, Pennsylvania — The Pittsburgh Life Sciences Greenhouse (PLSG) replenished the coffers of three medical startups, included in $725,000 worth of direct investment. But the group isn’t close to being finished and neither are health-care startups in Pittsburgh.

The PLSG has invested in at least five businesses in recent months, including participating in a $2.4 million round for Blue Belt Technologies and a $2.75 million round for ThermalTherapeutic Systems.

Greenhouse President and CEO John W. Manzetti said in all 38 of the group’s portfolio companies are trying to raise capital to complete products in the next three to five years. Companies looking for investment include the bladder therapy business Lipella as well as Knopp NeuroSciences, which is developing a treatment for Lou Gherig’s disease.

Manzetti expects the PLSG to re-invest in about 15 of the 38. “The PLSG continues to build investment momentum for our portfolio companies and the life sciences industry in our region, ” he stated in a press release on Thursday.

The PLSG’s Tuesday investments were:

• $200,000 to NeuroInterventions, to create a prototype of catheters that address stroke, brain injuries and other afflictions.
• $150,000 to Vytrace to develop and prepare for Food and Drug Administration approval a product that continuously monitors the glucose level of critically ill patients in intensive care units.
• $100,000 to Almedtrac to market clinical trials management software.

Manzetti said these three companies are still in the process of fund-raising.

Tuesday’s announcement also stated the company contributed $125,000 in the ThermalTherapeutic round and $150,000 during the Blue Belt Technologies raise.