PITTSBURGH, Pa. (December 6, 2023) – AlphaLab Health, a joint program of Innovation Works (IW) and Allegheny Health Network (AHN) to accelerate the growth of healthcare and life sciences startups, today announced the fourth cohort of companies to participate in the program.
Six companies were competitively selected to participate in a six-month program that will help them navigate key risk points in the clinical and commercial development of their early-stage companies.
The startups are tackling some of the most complex issues facing patients and clinicians today, including metastatic cancer, obesity, personalized medicine, opioid use, sustainable and improved medical devices for individuals with disabilities, and complications from diabetes. The cohort companies are:
“The companies that have gone through the AlphaLab Health accelerator have been confronting some of medicine’s most complicated issues, including addressing difficult issues regarding specific diseases, and how hospitals operate, bill, and care for patients,” said Dr. Jeff Cohen, chief physician executive, community health and innovation for AHN. “No matter their target, they are all striving to improve the future of healthcare. This new cohort continues in this innovative vein, and we look forward to seeing how AlphaLab Health amplifies their outcomes.”
Each company in the fourth cohort will receive up to $100,000 in pre-seed investment, wet and dry lab space, one-on-one and group education sessions, and access to clinicians, hospital executives and other experts who can help these emerging companies succeed through the early stages of development.
“AlphaLab Health is central to our ongoing commitment to supporting life sciences companies in Southwest PA ” said Ven Raju, president and CEO of IW.
Ven continued, “AlphaLab Health supports life sciences companies with capital, deep domain expertise in conjunction with our partnership with Highmark-AHN and state-of-the-art facilities including wet lab space. The programming is designed to shepherd companies through the early stages of the business and development life cycle and provide companies with access to key networks such as investors, customers and mentors. The unique partnership between Highmark AHN and IW brings to bear the resources and know-how of a large integrated health system with that of a leading venture development organization to help early stage life sciences companies in the region. We are excited to welcome our 4th cohort of companies to the program."
To learn more about AlphaLab Health, visit https://www.alphalabhealth.org/.
CONTACT:
Jane Joseph, Director of Communications and Community Development
412-722-8474 (mobile)
Terri Glueck, VP Communications Innovation Works
412-818-8191 (mobile)
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About the Allegheny Health Network:
Allegheny Health Network (AHN.org) is an integrated healthcare delivery system serving the greater Western Pennsylvania region. The Network is composed of 14 hospitals, ambulatory surgery centers, Health + Wellness Pavilions, multiple employed physician organizations, home and community-based health services, a research institute, and a group purchasing organization. The Network provides patients with access to a complete spectrum of advanced medical services, including nationally recognized programs for primary and emergency care, trauma care, cardiovascular disease, organ transplantation, cancer care, orthopedic surgery, neurology and neurosurgery, women’s health, diabetes, autoimmune disease and more. AHN employs approximately 22,000 people, has more than 2,600 physicians on its medical staff, and serves as a clinical campus for Drexel University College of Medicine and the Lake Erie College of Osteopathic Medicine.
About AlphaLab Health
AlphaLab Health (www.alphalabhealth.org) is a program of Innovation Works (IW) in partnership with Allegheny Health Network (AHN). IW and AHN bring their resources and expertise together to deliver greater value to health and life science related companies in the Pittsburgh region, nurturing innovations that will change health care and create growth for the regional economy. AlphaLab Health gives entrepreneurs access to specialized clinicians, insurers, hospital administrators and domain experts that accelerate the new company’s growth. The program links emerging companies with early customers, corporate partners, potential investors and knowledgeable staff and mentors so entrepreneurs can bring to life the innovations that will change and improve patient care.
About Innovation Works
Innovation Works (IW) is the region’s most active pre- and seed-stage investor and one of the most active early-stage investors across the country. Since 1999, IW has invested more than $24 million in life sciences companies and our life sciences portfolio has raised over $1.3 Billion in follow-on funding. In addition to providing investment through the only seed fund exclusively focused on the greater Pittsburgh region, Innovation Works has numerous programs and accelerators to advance high-potential
startups in every type of technology: software, hardware, and life sciences. IW’s renowned AlphaLab accelerators (AlphaLab, AlphaLab Gear, and AlphaLab Heath) adapt to entrepreneurs’ time frames and educational needs with flexible start times, tailored programming, and entrepreneurially friendly investment terms. IW is the Southwestern PA Ben Franklin Technology Partner, a network of four
statewide centers to advance innovation in Pennsylvania and partially funded through and overseen by the commonwealth’s Department of Community and Economic Development. For more information, go to https://www.innovationworks.org/.
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