Biotechnology commercialization company LaunchCyte has raised nearly $1.1 million in equity, according to a regulatory filing.
The Pittsburgh-based company’s business model is similar to that of an incubator in that it helps start and grow life science companies with the goal of commercializing new technologies. LaunchCyte has six portfolio companies, all of which are based in Pennsylvania.
Like a venture capital firm, LaunchCyte also invests capital into its companies and helps them recruit management talent, but the Pittsburgh firm gets involved with portfolio companies when they’re at a much earlier stage than most venture firms do.
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The latest funding, $1.055 million, comes in the form of equity and is anticipated to be part of a $1.575 million fundraise. It was sourced from six investors, according to the regulatory document.
LaunchCyte’s portfolio companies include Immunetrics, which develops software for clinical trials; Celsense, which offers real-time imaging of transplanted cells; and Proteopure, which has developed a lab research kit.
Its most promising portfolio company may be Knopp Neurosciences, which is developing a drug to treat Lou Gehrig’s disease. Last year, Biogen Idec (NASDAQ: BIIB) struck a licensing deal with Knopp for the drug. The deal could be worth up to $345 million if the drug hits all its regulatory and sales milestones.
LaunchCyte began in 2000 and has previously received funding from the University of Pittsburgh.
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Tom Petzinger, a former editor with the Wall Street Journal, is LaunchCyte’s CEO and co-founder. A company official didn’t immediately return a call.
