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Pittsburgh Life Sciences Greenhouse company logo
Public-Private Partnership
BUSINESS PRODUCTS & SERVICES | Consulting & Outsourcing
plsg.com

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Investments

123

Portfolio Exits

9

Funds

2

Partners & Customers

2

About Pittsburgh Life Sciences Greenhouse

Pittsburgh Life Sciences Greenhouse (PLSG) was designed to be the Economic Development engine behind life sciences in Western Pennsylvania. Established in 2002 by funding from major foundations and the state of Pennsylvania, its charter was to leverage the intellectual capital of Pittsburgh's world-class universities and medical facilities to establish life sciences companies. PLSG has been a resource center; supporting life sciences start-ups, recruiting star university researchers and seasoned life science executives to the region. All with the goal of speeding up the routing of product from technology to commercialization.

Pittsburgh Life Sciences Greenhouse Headquarter Location

2425 Sidney Street

Pittsburgh, Pennsylvania, 15203,

United States

412-770-1628

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Latest Pittsburgh Life Sciences Greenhouse News

08:29 ET Pittsburgh Life Sciences Greenhouse Proudly Announces Portfolio Company Cernostics is Being Acquired by Castle Bioscien...

Oct 25, 2021

Cernostics was originally supported by PLSG seed funding News provided by Share this article Share this article PITTSBURGH, Oct. 25, 2021 /PRNewswire/ -- Pittsburgh Life Science Greenhouse  (PLSG) is proud to share that one of its portfolio companies, Cernostics, Inc., is being acquired by Castle Biosciences (Nasdaq: CSTL ). Cernostics specializes in spatial biology and artificial intelligence-driven image analysis of tissue biopsies. Its TissueCypher® Barrett's Esophagus Assay is the first precision medicine test designed to predict future development of high-grade dysplasia (HGD) and/or esophageal cancer in patients with Barrett's esophagus (BE). Under the terms of the definitive agreement, Cernostics will become a wholly owned subsidiary of Castle Biosciences. At closing, Castle will pay $30 million in initial consideration to Cernostics security holders, which may consist entirely of cash or $20 million in cash and $10 million in common stock of Castle, at Castle's sole discretion. The purchase price is subject to customary working capital and other adjustments. Further, up to an additional $50 million in cash and/or common stock, at Castle's sole discretion, is payable in connection with the achievement of certain milestones based on 2022 performance. The transaction is expected to close prior to year-end 2021. "We are excited about joining forces with Castle, a leader in the precision diagnostics space with a strong history of commercial success," said Mike Hoerres, Chief Executive Officer of Cernostics. "We are grateful for the PLSG's financial and executive management support of our technology. Cernostics could not have gotten to this point without the type of economic development support the PLSG provides." "PLSG identified early on the value of the assay and worked diligently to provide the support needed for success," said PLSG CEO Diana Cugliari. "We are so excited that this precision diagnostic will now reach more patients and bring early detection to prevent suffering from esophageal cancer. " The influx of capital PLSG expects to receive from Cernostics' acquisition will be reinvested back into the region to support the efforts of other life sciences startup companies, simultaneously cultivating scientific breakthroughs, strengthening our region's economy, and creating jobs. "The success of Cernostics once again underscores the mission of PLSG – perpetuating the cycle of life sciences startup companies from inception to commercialization and leveraging that success to grow the next generation of life sciences companies to enrich our region's economy as well as advance scientific discovery. This is another great economic development success story for the region and for the Commonwealth of Pennsylvania, who have steadfastly supported our efforts," said Ms. Cugliari. Cernostics' executive management team and other staff who are based in Pittsburgh are expected to stay with the company, and both laboratory and operations will remain in Pittsburgh. About Pittsburgh Life Sciences Greenhouse The Pittsburgh Life Sciences Greenhouse (PLSG) is a comprehensive life sciences economic development organization. We are dedicated to advancing life sciences in western Pennsylvania by building on the region's strengths in research, clinical care and life sciences entrepreneurship. We serve our community by providing knowledge, connection and capital to help companies grow, create jobs and improve the health of all humanity. For more information, please visit www.plsg.com . About Cernostics and TissueCypher® Barrett's Esophagus Assay Cernostics applies spatial biology and biologically-aware AI and machine learning (ML) to tissue diagnostics, delivering precision diagnostic testing to patients and gastroenterologists. This technology and platform are the core of the TissueCypher® Barrett's Esophagus Assay, the world's first precision medicine test that predicts future development of high-grade dysplasia (HGD) and/or esophageal cancer in patients with Barrett's esophagus (BE). TissueCypher is indicated for BE patients with confirmed intestinal metaplasia graded non-dysplastic (ND), indefinite for dysplasia (IND) or low-grade dysplasia (LGD). TissueCypher is a proprietary Laboratory Developed Test (LDT) with its own unique CPT PLA code (0108U), available only from Cernostics' CLIA-certified pathology laboratory. TissueCypher has been on the Medicare Clinical Laboratory Fee Schedule since January 2021. SOURCE Pittsburgh Life Sciences Greenhouse Related Links

Pittsburgh Life Sciences Greenhouse Investments

123 Investments

Pittsburgh Life Sciences Greenhouse has made 123 investments. Their latest investment was in MindTrace as part of their Incubator/Accelerator - III on June 6, 2021.

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Pittsburgh Life Sciences Greenhouse Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

6/3/2021

Incubator/Accelerator - III

MindTrace

$0.5M

Yes

2

2/10/2021

Unattributed

Piestro

$0.1M

Yes

1

2/9/2018

Seed VC

Clinical Platform

$0.05M

Yes

2

5/8/2017

Option/Warrant

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$99M

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10

3/31/2017

Unattributed VC

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$99M

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10

Date

6/3/2021

2/10/2021

2/9/2018

5/8/2017

3/31/2017

Round

Incubator/Accelerator - III

Unattributed

Seed VC

Option/Warrant

Unattributed VC

Company

MindTrace

Piestro

Clinical Platform

Subscribe to see more

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Amount

$0.5M

$0.1M

$0.05M

$99M

$99M

New?

Yes

Yes

Yes

Subscribe to see more

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Co-Investors

Sources

2

1

2

10

10

Pittsburgh Life Sciences Greenhouse Portfolio Exits

9 Portfolio Exits

Pittsburgh Life Sciences Greenhouse has 9 portfolio exits. Their latest portfolio exit was ALung Technologies on May 05, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

5/5/2022

Acquired

$99M

2

10/8/2021

IPO

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$99M

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10

10/10/2019

Acquired

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$99M

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10

1/1/2014

Acquired

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$99M

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10

12/7/2011

Acq - Fin

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$99M

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0

Date

5/5/2022

10/8/2021

10/10/2019

1/1/2014

12/7/2011

Exit

Acquired

IPO

Acquired

Acquired

Acq - Fin

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

2

10

10

10

0

Pittsburgh Life Sciences Greenhouse Fund History

2 Fund Histories

Pittsburgh Life Sciences Greenhouse has 2 funds, including Accelerator Fund II.

Closing Date

Fund

Fund Type

Status

Amount

Sources

5/1/2017

Accelerator Fund II

$5.2M

2

12/31/2011

PLSG Accelerator Fund LLC

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$99M

10

Closing Date

5/1/2017

12/31/2011

Fund

Accelerator Fund II

PLSG Accelerator Fund LLC

Fund Type

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Status

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Amount

$5.2M

$99M

Sources

2

10

Pittsburgh Life Sciences Greenhouse Partners & Customers

2 Partners and customers

Pittsburgh Life Sciences Greenhouse has 2 strategic partners and customers. Pittsburgh Life Sciences Greenhouse recently partnered with LifeX Ventures on June 6, 2021.

Date

Type

Business Partner

Country

News Snippet

Sources

6/30/2021

Partner

United States

1

8/16/2009

Partner

Israel

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10

Date

6/30/2021

8/16/2009

Type

Partner

Partner

Business Partner

Country

United States

Israel

News Snippet

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Sources

1

10

Pittsburgh Life Sciences Greenhouse Team

6 Team Members

Pittsburgh Life Sciences Greenhouse has 6 team members, including former Chief Executive Officer, President, James F Jordan.

Name

Work History

Title

Status

James F Jordan

Chief Executive Officer, President

Former

Doros Platika

Chief Executive Officer, President

Former

Donald F Smith

Chief Executive Officer

Former

Dennis Yablonsky

President

Former

Philip G Petraglia

Chief Financial Officer

Former

Name

James F Jordan

Doros Platika

Donald F Smith

Dennis Yablonsky

Philip G Petraglia

Work History

Title

Chief Executive Officer, President

Chief Executive Officer, President

Chief Executive Officer

President

Chief Financial Officer

Status

Former

Former

Former

Former

Former

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