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PLSG's return on investment from this acquisition will be used for newinvestments into early-stage life sciences technologies and companies throughthe PLSG Concept to Commercialization(TM) investment model.
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"Renal Solutions is the perfect example of a complete success story forthe Pittsburgh Life Sciences Greenhouse model of taking technologies fromConcept to Commercialization(TM)," said John W Manzetti, PLSG President & CEO.Mr. Manzetti continued, "Not only were they the first company to receive aninvestment from the PLSG, in 2002, they were the first of ten companies thatthe PLSG has helped relocate to southwestern Pennsylvania."
Mr. Manzetti added, "Pete DeComo has built a successful company, asevidenced by the acquisition by Fresenius Medical Care. We are very proud tohave watched Renal grow and to have helped with their product developmentstrategy and market positioning through the efforts of our Executive-in-Residence program. We look forward to the continued impact that RenalSolutions' revolutionary products will have on global patient care and qualityof life as part of the Fresenius Medical Care platform."
Dennis Yablonsky, Pennsylvania's Secretary of the Department of Communityand Economic Development (DCED) was President & CEO when the PLSG attractedRenal Solutions into the region. "When the Pennsylvania Life SciencesGreenhouse Initiative was created to capitalize on existing strengths andtransform Pennsylvania into a global leader for life sciences, we were betterable to leverage the potency of southwestern Pennsylvania's life sciencesresearch, development and business infrastructure," said Secretary Yablonsky."It was these regional strengths and the PLSG's dedication to providing early-stage companies with the funds and resources necessary for success thatconvinced Renal Solutions to move to the region." Secretary Yablonskycontinued, "The relocation of Renal Solutions to southwestern Pennsylvania wasone of the first steps that the PLSG made toward growing a thriving lifesciences industry in the region. Today's news about its successful exit isproof that the life sciences are thriving in southwestern Pennsylvania andthat the PLSG is well-poised for the continued commercialization of innovativelife sciences technologies and ensuing job and wealth creation for theregion."
About the Pittsburgh Life Sciences Greenhouse (PLSG)
The PLSG invests in and supports the growth of biosciences companies insouthwestern Pennsylvania. The PLSG has investment and business growthprograms to increase the linkage between research, technology andcommercialization; nurture and develop entrepreneurial biosciencesenterprises; grow the region's talent pool in the life sciences; and helpbiosciences firms locate, expand or start-up in the Greater Pittsburgh region.http://www.plsg.com
About the Pennsylvania Life Sciences Greenhouse Initiative
To capitalize on existing strengths and transform Pennsylvania into theworld's center for the life sciences, the Pennsylvania Life SciencesGreenhouse Initiative was created through Act 77 of 2001 as part of a largerplan to ensure continued growth in the life sciences in Pennsylvania. The one-time investment of $100 million from the Tobacco Settlement into thisinitiative represents one of the largest technology-based economic developmentinvestments in Pennsylvania's history.
The Pennsylvania Life Sciences Greenhouse Initiative has established anational reputation-it is cited by the Battelle Technology Partnership
