Immunetrics, Inc., a computer simulation company that has a modeling platform used in the drug development process, and the Pittsburgh Life Sciences Greenhouse (PLSG), a partnership to put the region's life sciences industry on a fast track for growth, today announced that PLSG, through its affiliate, the Pittsburgh Biomedical Development Corporation (PBDC), has invested $100,000 in pre-seed funds to Immunetrics. The life sciences company has developed software that bridges the gap between the drug development processes of preclinical testing and human clinical trials.

Immunetrics' core technology, which is exclusively licensed from the University of Pittsburgh, is a software modeling system that targets inflammatory diseases. The company's first application of its technology is in the ICU which includes sepsis, trauma and shock. Intensive care costs are estimated to be 1.5% of the US GDP.

"We are excited to have the financial backing of the Pittsburgh Life Sciences Greenhouse. It provides added recognition of our market potential as we extend our inflammatory response model beyond acute indications and into more chronic conditions such as cancer. The Greenhouse's commitment to assist early stage companies will be an excellent catalyst for growth and success for our region," said Steven Chang, President and CEO of Immunetrics.

"Immunetrics uses computer-simulated preclinical and clinical trials to assist drug companies in prioritizing their drug development pipeline, providing valuable insights into which compounds to move into clinical trials and how to do so most effectively," said Doros Platika, M.D., President and Chief Executive Officer of the PLSG. "While such modeling has been used to address other diseases, none have successfully modeled the inflammatory response system. We feel very confident that by helping to support Immunetrics, the PLSG is supporting a breakthrough development with unimagined potential."

Source: Pittsburgh Life Sciences Greenhouse

medSage Technologies, LLC, has developed and currently sells a hosted Patient Management System and is developing a proprietary Therapy Management and Monitoring Device. The company recently announced that the Pittsburgh Life Sciences Greenhouse (PLSG), a partnership to put the region’s life sciences industry on a fast track for growth, through its affiliate, the Pittsburgh Biomedical Development Corporation (PBDC), and Idea Foundry (IF), a non profit organization that helps entrepreneurs transform their ideas into sustainable businesses have committed to invest $200,000 in pre-seed funds to medSage. medSage’s product is marketed to homecare pharmacies and home healthcare equipment providers to monitor a patient’s therapy and identify patients needing new supplies or replenishment of existing supplies. Such monitoring is required by most healthcare payers for reimbursement, and is currently a labor-and paper-intensive process that is both costly and ineffective.

The PBDC and IF investments will be used to help medSage ramp up its operations over the next year as it works to expand its market presence, bring additional patient and pharmacy applications to the market and build out the company infrastructure to support the company growth.  In addition, as part of the IF investment offering, medSage will receive business development and mentoring support services through the IF TechMentor™ Program.

medSage has initially targeted the pulmonary management and obstructive sleep apnea markets in the United States which affects approximately 44 million patients.  The company’s Patient Management System is a combination of a proprietary voice response/recognition technology that medSage designed specifically for the diverse needs of the homecare patients and a hosted software application for the homecare pharmacies to efficiently and cost effectively manage their daily patient needs.  The Patient Management System provides the patient and pharmacy with instant, secure, and HIPAA-compliant access to all of their patient information.

”medSage is honored that the Pittsburgh Lifesciences Greenhouse and Idea Foundry have chosen to partner with our Company. We are convinced that, together, we are poised to significantly impact the home healthcare industry,” said Bill Kaigler, President & CEO of medSage.

“medSage has been able to develop a clear understanding of the customer pain points and translate those needs into their product,” said Patrick Stewart, Managing Director of IF.  “We believe that the combination of the joint $200,000 investment and the IF business development support can accelerate medSage’s product rollout and customer adoption.”

“medSage has developed a practical solution for patients and the homecare industry in more efficiently managing the home treatment process,” said Doros Platika, M.D., President and Chief Executive Officer of the PLSG. “The improvements in productivity and accuracy in the treatment process will lead to a growing number of opportunities for medSage. While PLSG’s investment will help the company navigate through this critical period of development, we believe that market demand will soon propel the company to a prominent position in the regional life sciences economy.”

medSage was founded by Bill Kaigler, who leveraged more than 18 years experience in product management, project management and engineering with experience in both the home healthcare and software industries.

This investment marks one of the first new investments made by the PBDC since 1999.  In November 2003, the PLSG approved a recapitalization of the PBDC to allow for pre-seed investments in individual start-ups and early stage companies.  The PBDC became affiliated with the PLSG in June 2003.  In addition, the PLSG entered into a partnership agreement with IF to co-fund medical device ideas that were being developed within the IF TechMentor™ Program.  medSage represents the first company to utilize the partnership program thereby leveraging IF’s and PLSG’s complimentary skills and capital.

Source: Pittsburgh Life Sciences Greenhouse

Seven southeastern Pennsylvania technology companies have been awarded $1,675,000 for prototype and product development by Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP). Company profiles and investment information are outlined below. These companies now join Ben Franklin's portfolio of approximately 130 companies, representing more than $19 million currently invested in southeastern Pennsylvania.

Life sciences company recipients include:

Protez Pharmaceuticals, Inc., Chester County - $300,000
Protez Pharmaceuticals develops novel antibacterial drugs to treat infections. The company is developing intravenous and small oral antibacterial molecules for specific medical needs in the hospital market. BFTP/SEP's investment will support the compound optimization activities of the program.

TheraQuest Biosciences, LLC, Montgomery County - $250,000
TheraQuest Biosciences, LLC develops specialty pharmaceuticals concentrating on analgesic pain medications. Ben Franklin funding will be used for pharmaceutical development of an abuse resistant, sustained release formulation of TQ-1015, a once-a-day oral sustained release opioid for the treatment of chronic pain, and complete a Phase I pilot bioavailability study.
www.theraquestinc.com

Source: Ben Franklin Technology Partners, S.E.

State College, the home of Penn State's University Park campus, is the only Pennsylvania location to make the grade in the top 10 of Forbes magazine's latest 'Best Smaller Metros for Business' list. State College is number nine on the list, which is part of the nationwide 'Best Places for Business' rankings released by the magazine.

According to information on the magazine's Web site, 'The best metro areas to launch a business or a career often revolve around universities that offer a diverse, educated work force and, especially when they are far from big cities, relatively low costs. Such regions -- Raleigh, Austin and Ann Arbor among them -- are also attractive places to live, judging by the patterns of migration.'

Penn State officials say that State College's appeal to business can partially be attributed to the $545 million in annual research expenditures stemming from Penn State. Research at the University generates 14,000 jobs annually, and research partnerships are maintained with more than 400 companies. Furthermore, direct and indirect spending by students, faculty and staff at the University Park campus exceeds $600 million in the surrounding community each year.

The only other Pennsylvania town to make the top 100 in the 'Best Smaller Metros for Business' list was Sharon, which is home to the Penn State Shenango campus and ranked 98th. The 'Best Metros for Business' list of larger locations includes Pittsburgh (46), Allentown (50), Philadelphia (54) and Harrisburg (83) in the top 100.

Source: Pennsylvania State University