Venture funding comes in for two Pa. life-sciences companies
Harrisburg-based Life Sciences Greenhouse Council of Central Pennsylvania has made substantial investments in two of its portfolio companies.
The organization made separate follow-on investments of $250,000 each in MacuLogix Inc. of Derry Township and Micro Interventional Devices Inc. in Newtown to help with ongoing production at the companies.
MacuLogix recently launched an FDA-approved device for early detection of age-related macular degeneration, a leading cause of blindness in adults. The local investment was part of a $5 million funding from Fisk Ventures LLC.
Micro Interventional Devices is a cardiovascular device company. The company will be using the funding to obtain regulatory approval for its products and begin commercial sales. The funding from LSGPA is part of a $1.5 million round of investment from Origin Ventures.
So far, LSGPA has invested $1.75 million in MacuLogix and $1.25 million in Micro Interventional Devices. Since the organization started in 2002 as a vehicle to stimulate creation and growth of new life science companies in Pennsylvania, it has invested $25 million in life-science companies.
LSGPA’s initial funding came from Pennsylvania’s tobacco settlement funds.