Harrisburg, PA ̶ January 28, 2021. THE LIFE SCIENCES GREENHOUSE OF CENTRAL PA PUT MORE THAN $1.5 MILLION INTO CENTRAL PENNSYLVANIA STARTUPS IN 2020 Investments Catalyzed Nearly $19 Million in Follow-On Funding from Other, Private Sources.
The Life Sciences Greenhouse of Central Pennsylvania (www.LSGPA.com) invested over $1.5 million last year in three Pennsylvania companies with the potential to make a significant impact on the future of healthcare. In each case the investments were complemented by funds from other sources, bringing nearly $19 million of new investment into the region.
“LSGPA is proud of its reputation for identifying and investing in young companies with the potential to both advance human health and positively impact the Commonwealth’s economy,” said President and CEO, Dr. Mel Billingsley. “Among the lessons to be learned from the pandemic is the importance of ongoing investment in healthcare innovation,” he added.
The life sciences enjoyed robust investor interest in 2020, a trend that shows little sign of abating. According to DealForma, Pennsylvania attracted slightly more than $4 billion in private capital last year, and five companies held initial public offerings valued at more than $440 million. A little over $1.0 million of the funding deployed by LSGPA in 2020 went to MacuLogix, Inc., a medical device company based in Harrisburg that is working to eliminate blindness caused by age-related macular degeneration (AMD) by providing eye care professionals with the education and tools they need to detect and manage AMD. The funding helped to support the launch of the firm’s second-generation technology, the AdaptDxPro™.
Micro Interventional Devices, Inc. (MID) was the recipient of $500,000 in follow-on funding from LSGPA in 2020. The company is currently pursuing a CE mark, which will enable marketing in the EU, and FDA clearance for its percutaneous tricuspid valve repair technology. The technical dossier for the CE mark was filed in December of last year.
The third company, Respana Therapeutics, Inc., is a 2017 spin out of the Penn State Hershey College of Medicine developing therapeutic monoclonal antibodies for the treatment of complications from respiratory illnesses like influenza and COVID-19. LSGPA’s investment of $50,000 into the firm matched a grant from the Commonwealth’s COVID-19 Pennsylvania Discoveries: Responding to SARS-COV-2 Through Innovation & Commercialization program.
The Life Sciences Greenhouse of Central Pennsylvania speeds commercialization of life sciences technologies through early-stage investment and business development services. Since its inception in 2002 LSGPA has invested $32 million into 72companies and projects. Collectively, these entities have attracted $711 million in follow-on funding, for a leverage ratio of 22:1. To learn more about the organization’s investment philosophy or to download application guidelines visit www.LSGPA.com
Contact: Melissa Carroll, 717.512.7327, mcarroll@LSGPA.com