Tech Transfer eNews Blog

University of Pittsburgh Medical Center will invest $1 billion to fuel start-up activity

By Jesse Schwartz
Published: January 22nd, 2020

UPMC Enterprises, the commercialization arm of the University of Pittsburgh Medical Center (UPMC), will invest $1 billion over the next four years to support companies developing new drugs and medical devices.

UPMC Enterprises aims to address the lack of investment capital that has stunted start-up activity in Pittsburgh, despite its abundance of scientific research and entrepreneurial expertise. By drawing attention to life science start-ups, UPMC expects it will attract investment money worldwide.

“This is very exciting,” says Christian Manders, chief operating officer at Pittsburgh-based biotech company Promethean LifeSciences. “It’s a game changer and could be a game changer for Pennsylvania.”

Over the past two years, UPMC Enterprises has been ramping up its efforts and has launched five start-ups while investing in 30 internal research projects. With the new fund, UPMC will focus on bridging the gap where many research-based start-ups fail due to a lack of investment, between seed funding and maturity.

“It’s a really important point,” says UPMC vice president Jeanne Cunicelli. “A lot of companies end up in the valley of death. But we can fund companies from inception through maturity, and that’s a freedom that a lot of places don’t have.”

Source: Pittsburgh Post-Gazette

Posted under: Tech Transfer e-News

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