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Incubator LaunchCyte Announces Deals to Develop Technologies

NEW YORK, June 7 – LaunchCyte, a Pittsburgh-based life sciences incubator, announced Thursday two deals to develop and commercialize technologies developed at area universities.

Under the terms of one of the deals, LaunchCyte said that it had created a new company, Morewood Molecular, which has garnered the exclusive rights to commercialize a new proteomics technology from the University of Pennsylvania.

LaunchCyte is providing seed capital of an undisclosed amount and the management services to Morewood, which will continue to develop a tool designed to rapidly measure enzyme activity in biological samples.

“After a period of startup activities, we expect to drive Morewood Molecular to the marketplace with great speed,” Tom Petzinger, CEO of LaunchCyte, said in a statement.

Scott Diamond, director of the University of Pennsylvania’s Biotechnology Program, developed the technology. He will continue to work with Morewood on a consulting basis.

In a separate announcement, LaunchCyte said that it had penned a deal for an option agreement and sponsored research contract with the University of Pittsburgh to further develop and commercialize a software technology for the management of inflammation.

Under the terms of the deal, LaunchCyte will help fund continued development of the technology while building a new corporation to commercialize the University of Pittsburgh discovery.

The technology is being applied first to sepsis, or severe systemic infection.

LaunchCyte expects to create more than 25 companies within the next several years. In October, the company said it raised $2 million.

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